Global Cyber Security Market By Component (Solutions and Services), By Deployment Mode, By Enterprise Size, By Industry Vertical, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Cyber Security Market size is expected to be worth around USD 533.9 Billion by 2032 from USD 193 Billion in 2023, growing at a CAGR of 11% during the forecast period from 2022 to 2032.

Cyber security is primarily driven by emerging online e-commerce platforms and the emergence of core technologies like the IoT (Internet of Things), Cloud Security, AI, and others. The major market players are focused on the development of internet security solutions that uses AI. With the cumulative investment from France, Germany, Spain, India, Italy, South Korea, Qatar, Canada, etc., and increased adoption of enterprise security solutions in banking, manufacturing, and insurance (BFSI), the demand for cybersecurity solutions is anticipated to increase.

Companies of cyber security are working on AI and ML-based security solutions that will help businesses automate IT security. IT companies can reduce the time consumed and the effort required to track malicious activities, tactics, and strategies, which is done through automated threat detection, which has made it possible by such security solutions.

Note: Actual Numbers Might Vary in the final report

Key Takeaways

• Growth Projection: The global Cyber Security Market is expected to reach approximately USD 534 billion by 2032, growing at a CAGR of 11% between 2022 and 2032.
• Technological Impact: Increasing adoption of IoT, Cloud Security, and AI is driving the market, with online e-commerce platforms playing a significant role.
• Government Investments: Countries like Germany, India, Israel, France, and Brazil are investing heavily in internet security solutions, influencing the global adoption of IT security solutions.
• Workforce Challenges: The market is currently faced with workforce limitations caused by an acute lack of professionals and experts specializing in advanced security solutions, with associated high costs impacting SMEs in particular.
• Service Segment Development: The service segment is projected to expand as businesses increase demand for updating, consulting and maintenance services from large and midsized entities.
• Deployment Dominance: Cloud-based deployment is dominating the market, with a growing demand for applications that ensure data security through enhanced measures.
• SMEs Driving Growth: Small and medium-sized enterprises (SMEs) are expected to dominate the market, with the BFSI sector leading among various industry verticals.
• Regional Insights: North America currently holds the largest share, while the Asia-Pacific region is expected to show the highest growth during the forecast period.
• Key Market Players: Accenture plc, Broadcom Inc., Capgemini SE, F5 Networks Inc., and IBM Corporation are some of the key players contributing to the market through the adoption of advanced technologies like analytics and machine learning.

Driving Factors

The Advancements in the Technologies Drive the Growth of the Market Globally

The augmentation of internet security solutions in connected network infrastructure has been seen due to the advancements in technologies such as cloud, artificial intelligence, and blockchain and the rise in the number of e-commerce platforms. Companies in the e-commerce sector are focusing on the adoption of network security solutions in their electronic security and IT systems.

For example, in September 2020, the adoption of the advanced network security solution Shadankun which was developed by Cyber Security Cloud, Inc., was done by Askul Corp. in their business unit to secure their assets from cyber threats. Investment in internet security solutions is growing day by day. For example, in 2020, the government in the UK financed around USD 2.43 billion to execute various internet and network security projects in research and defense, according to the European Cyber Security Organization report.

Investments in internet security solutions are made by the governments of countries such as Germany, India, Israel, France, and Brazil, among others, to secure their huge volume of information and confidential data.

This investment would drive the overall adoption rate for IT security solutions across the globe and the industries that will favor the global cyber security market growth for the forecast period. The growing demand for these technologies to eliminate cyber threats is driving the demand for the market globally.

Restraining Factors

Lack Of Professionals And Experts In The Field Of Advance Security Solution To Restraint The Market Growth.

The need for advanced solutions is rising at an exponential rate due to the increase in the number of threats to online security. Enterprises are not protected enough from the advanced cloud, network, and end-point security threats by the outmoded network security solutions.

One of the major restraining factors is the lack of professionals and experts in the field of advanced security solutions. Small and medium enterprises (SMEs) are struggling to adopt internet security services and solutions due to their high costs.

Component Analysis

Rise In The Demand For The Service Segment To Drive The Growth Of The Market.

The market is divided into services and solutions according to the component segment. Due to the rise in the demand from large and medium-sized businesses for updating, consulting, and maintenance services, the service segment is expected to grow at a higher CAGR during the forecast period.

End-point security, network security, cloud application security, application security, secure web gateway, and others are the sub-segments for the solution segment. The segment’s growth is expected to be aided by the rising use of hardware, access management software, and end-point security software in IT and telecom, financial institutions, and other sectors.

Deployment Mode Analysis

The Cloud-Based Segment Dominating The Market

The cyber security Market is divided into cloud-based and on-premises according to the deployment mode segment. The cloud segment is said to register the highest CAGR over the forecast period. The demand for applications that store and protect the data using improved security measures is the cause of the expansion.

Additionally, the market participants are developing advanced cloud-based security solutions in conjunction with other key players. The rising demand for managed security services is expected to drive the on-premise segment market.

Note: Actual Numbers Might Vary in the final report

Enterprise Size Analysis

The SMEs Expected to Dominate the Market Growth During the Forecast Period

The cyber security Market can be divided into small and medium enterprises (SMEs) and Large enterprises based on their size. It is expected that the SME segment will expand at the highest CAGR.

The rising demand for end-point security solutions in a variety of e-commerce startups, including those in the retail and financial sectors, is the reason for the expansion. Due to the rising demand for application security services, the large enterprise segment is anticipated to experience significant growth.

Industrial Vertical Analysis

The BFSI Segment Dominating The Market Growth Globally

The market is divided into IT and telecommunications, BFSI, manufacturing, retail, government, travel and transportation, energy and utilities, healthcare, and others, according to the industrial vertical. Among all the verticals, the BFSI segment is expected to grow at a significant rate for the forecast period.

Digital privacy and security systems are in high demand across insurance, banking, and financial institutions, driving the growth of the cyber security Market. Banks, financial, and insurance organizations are helped by cloud application security solutions in securing confidential data associated with real-time intelligence against cyber-attacks.

Key Market Segments

Based on Component

• Solutions
• Services

Based on the Deployment Mode

• Cloud-Based
• On-premises

Based on Enterprise Size

• Large Enterprises
• SMEs

Based on Industry Vertical

• Telecom
• Automotive
• BFSI
• Retail
• Healthcare
• IT
• Energy and Utilities
• Manufacturing
• Others

Growth Opportunity

The Rise in Need for Cloud-based Cybersecurity Solutions

Due to its dependable and adjustable architecture, cloud computing is a popular concept. Cloud solutions are becoming popular with businesses worldwide because they make data storage simple and give access to users with unlimited computing capacity via internet-accessible remote servers.

For example, a subsidiary of Amazon called Amazon Web Services is the largest cloud computing company in the world according to industry share. Amazon Web Services (AWS) currently holds 31.5% of the market share, which is then followed by Microsoft Azure (20%) and then Google Cloud (7%). They can manage all the apps because cloud-based models provide challenging analytics that runs in the background.

Businesses can combine additional infrastructure technologies when using the cloud solution, such as software-defined perimeters, which creates platforms that are stable and highly secure. The validation of legislation and specific recommendations for cloud platform security by governments in a variety of nations fuels the growth of the cyber security Market. By moving to cloud-based platforms like Software-as-a-Service, which is also called SaaS, and Infrastructure-as-a-Service, small and medium-sized enterprises (SMEs) are constantly trying to modernize their infrastructure and applications.

Latest Trends

The Use of Advanced Internet Security Technologies

Major players in this market include fundamental technologies like the internet of things (IoT), machine learning, the cloud, and big data, in their business security departments. IoT and machine learning which is based on a signature-less security system, are being further implemented. The players would acquire a better understanding of uncertain trials, activities, and threats with this adoption.

As the internet of things (IoT) market expands, IoT solutions will become increasingly popular in a variety of information security applications. Big data and cloud computing also help businesses learn about and investigate potential threats. As a result, one of the rapidly developing market trends is the use of advanced internet security technologies.

Regional Analysis

North America dominates the growth of the cyber security Market with a market revenue share of 36%. Over the past years, the early adoption of new technologies has driven the growth of the region globally. Furthermore, the high number of IT markets and their diversified businesses, and the highest number of capital are the main key factor for the growth of this market.

APAC region is expected to register the highest CAGR during the forecast period. APAC region is the second dominating region for the global cyber security market growth globally. Countries like China, India, Japan, South Korea, and others have increased spending from the government and defense sectors to save themselves from cyber warfare, which is expected to drive cyber security Market growth.

Note: Actual Numbers Might Vary in the final report

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia and New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East and Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Major key players in the overall market globally have been focused on advancing the capabilities of their networks by adopting advanced technologies, such as advanced analytics and machine learning, in their organizations. Cisco systems is an organization that offers a wide range of internet security solutions which are based on areas related to the networks.

Threat protection, unified threat management, web, access and policy, network and data center security, advisory, integration, email security, and managed services are all the services that are provided by Cisco systems.

Top Key Players in Cyber Security Market

• Accenture plc
• Broadcom Inc.
• Capgemini SE
• Cognizant
• F5 Networks Inc.
• FireEye Inc.
• HCL Technologies Limited
• IBM Corporation
• Infosys Limited
• LandT Technology Services Limited
• PwC International Limited Broadcom Inc.
• Tata Consultancy Services
• Tech Mahindra Limited
• Wipro Limited
• Bishop Fox Inc.
• Fortinet, Inc.
• Other Key Players

Recent Developments

• Bishop Fox Inc. raised $75 million in funding in July 2022 as the company prepared for global expansion via channels in the coming years. Carrick Capital Partners led this round of capital. Cosmos is a platform Bishop Fox Inc. uses to simulate cyberattacks to find various vulnerabilities in the IT systems of its customers. The enhancement of Bishop Fox’s fundamental technology platform will receive the preceding funding.
• Security incident response and training investments were made in February 2022 for organizations across APAC. A component of IBM’s global network, the new Security Operations Center (SOC) assists customers worldwide in responding to cyberattacks. According to the IBM Security X-Force Threat Intelligence Index, which was just released, Asia was the most frequently targeted region for cyberattacks in 2021.
• FortiXDR, an AI-enabled, fully automatic online detection of cyber threat systems, was launched by Fortinet, Inc., in January 2021.

Report Scope