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
- Published date: March 2024
- Report ID: 21477
- Number of Pages: 288
- Format:
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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 a crucial aspect of our digital world that focuses on protecting our sensitive information and digital assets from cyber threats. It encompasses various measures, technologies, and practices designed to ensure the confidentiality, integrity, and availability of data. With the increasing reliance on technology and the internet, the need for robust cyber security solutions has become paramount.
The cyber security market refers to the industry that provides products and services to address these security concerns. It has experienced significant growth in recent years due to the escalating number and sophistication of cyber attacks. Businesses, governments, and individuals are recognizing the importance of safeguarding their digital infrastructure and sensitive data.
Key Takeaways
- The global Cyber Security Market is expected to reach approximately USD 533.9 billion by 2032, growing at a CAGR of 11% between 2022 and 2032.
- By 2025, the global cost of cybercrime is expected to hit ~$10.5 trillion annually.
- In 2024, cybercrime costs are predicted to reach $9.5 trillion USD.
- Cybercrime damage costs are expected to grow by 15% per year, reaching $10.5 trillion USD annually by 2025.
- Ransomware attacks are expected to cost organizations over $20 billion in 2023, a 30% increase from 2022.
- More than 60% of organizations are projected to implement a zero-trust security model by the end of 2023.
- The United States has the highest data breach cost, averaging $5.09 million in 2023.
- 75% of security professionals observed an increase in cyberattacks over the past year.
- Cyber insurance premiums in the US jumped 50% in 2022, reaching $7.2 billion.
- Cyber attacks targeting critical infrastructure are estimated to increase by 25% in 2023.
- Over 70% of organizations are expected to have implemented multi-factor authentication (MFA) for remote access by the end of 2023.
- The average global cost of a data breach is expected to exceed $4.5 million in 2023.
- By 2024, over 80% of organizations will have adopted AI or ML for cybersecurity purposes.
- Adoption of blockchain technology for cybersecurity is expected to grow by 40% in 2023.
- 72.7% of all organizations were hit by a ransomware attack in 2023.
- Ransomware costs could reach around $265 billion USD annually by 2031.
- Nearly 47% of companies now have a policy to pay ransoms associated with cybersecurity threats.
- The average cost of recovering from a ransomware attack in 2023 was $1.82 million, not including the ransom payment.
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
Driver
Increased Target-Based Cyber-Attacks to Draw Operational Disruptions
In recent years, the cyber security market has seen a significant push driven by the rise in targeted cyber-attacks aimed at causing operational disruptions. These attacks, meticulously planned and executed against specific organizations, often seek to destabilize critical infrastructure or extract valuable data.
As the digital footprint of companies grows, so does the attack surface, making them more vulnerable to such targeted threats. This situation necessitates enhanced cyber defense mechanisms, pushing organizations to invest heavily in advanced cyber security solutions. The intent behind these attacks ranges from financial gain to geopolitical motives, underscoring the need for robust security protocols and systems to safeguard sensitive information and maintain operational continuity.
Restraint
Lack of Skilled Cybersecurity Professionals
A significant restraint hampering the growth of the cyber security market is the acute shortage of skilled cybersecurity professionals. As cyber threats evolve in complexity and sophistication, the demand for experienced cybersecurity talent surpasses the supply. Many organizations find it challenging to fill positions with qualified individuals who can effectively manage and counter these threats.
This skills gap not only affects the ability to defend against cyber-attacks but also slows the adoption of innovative cyber security technologies and practices. Efforts to address this issue include increased educational programs, training, and certifications in cyber security disciplines, aiming to cultivate a more robust workforce equipped to handle the cyber challenges of tomorrow.
Opportunity
Adoption of Cloud-Based Cybersecurity Solutions Among SMEs
Small and Medium-sized Enterprises (SMEs) are increasingly recognizing the benefits of adopting cloud-based cybersecurity solutions. These cloud services offer a cost-effective, scalable, and flexible approach to securing their digital assets. Given that SMEs often operate with limited budgets and IT resources, cloud-based solutions provide an attractive alternative to more traditional and expensive security infrastructures.
Moreover, the ability to access sophisticated security capabilities without the need for extensive in-house expertise is particularly appealing. This trend presents a significant opportunity for providers of cloud-based security services to expand their market reach, offering tailored solutions that meet the unique needs of SMEs.
Challenge
Deployment and Implementation Challenges
One of the main challenges facing the cyber security market is the complexity associated with the deployment and implementation of security solutions. Integrating new security technologies into existing IT systems can be a daunting task, especially for organizations with legacy infrastructure. Compatibility issues, downtime, and the need for employee training are common hurdles that can complicate the implementation process.
Additionally, the fast-paced evolution of cyber threats requires continuous updates and adjustments to security measures, further complicating deployment efforts. Organizations must navigate these challenges effectively to ensure that their cyber defenses remain robust and capable of thwarting potential security breaches
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
- In September 2023, Cisco made an exciting announcement about its plan to acquire Splunk, a leading company in cybersecurity and observability. This deal is valued at a whopping ~$28 billion in equity value. To acquire Splunk, Cisco will pay ~$157 per share in cash, showcasing their commitment to investing in cybersecurity and expanding their capabilities in this field.
- In July 2023, Thales, a French multinational company, successfully completed the acquisition of Imperva, a cybersecurity company specializing in data and application security. The acquisition was valued at an impressive ~$3.6 billion. This strategic move by Thales aims to expand its presence in the cybersecurity market and reinforce its capabilities in digital identity and security. With this acquisition, Thales can offer enhanced cybersecurity solutions to its customers, ensuring stronger protection for data and applications.
- In September 2023, CrowdStrike, a leading cybersecurity company, announced its plans to acquire Bionic, a pioneer in Application Security Posture Management (ASPM). This strategic acquisition is expected to bolster CrowdStrike’s Cloud Native Application Protection Platform (CNAPP) by integrating Bionic’s ASPM capabilities. By combining forces, CrowdStrike aims to enhance its ability to secure cloud-native applications and provide robust protection against emerging threats.
Report Scope
Report Features Description Market Value (2022) USD 193 Bn Forecast Revenue (2032) USD 533.9 Bn CAGR (2023-2032) 11% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Component: Solutions and Services; By Deployment Mode: Cloud-Based, and On-premise; By Enterprise Size: Large Enterprises and SMEs; and By Industry Vertical: Telecom, Automotive, BFSI, Retail, Healthcare, IT, Energy and Utilities, Manufacturing, and Others Regional Analysis North America – The US, Canada, and Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, and Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, and Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia and New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, and Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, and Rest of Latin America; the Middle East and Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, and Rest of MEA Competitive Landscape Accenture, Broadcom Inc., Capgemini, 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., and Other Key Players. Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the projected CAGR at which the Cyber Security Market is expected to grow at?The Cyber Security Market is expected to grow at a CAGR of 11% (2023-2032).
What is the size of the Cyber Security Market in 2023?The Cyber Security Market size is USD 193 Billion in 2023.
Which region is more appealing for vendors employed in the Cyber Security Market?North America dominates the growth of the 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.
Name the key business areas for the Cyber Security Market.The US, Canada, China, India, Brazil, South Africa, Singapore, Indonesia, Portugal, etc., are leading key areas of operation for the Cyber Security Market.
List the segments encompassed in this report on the Cyber Security Market?Market.US has segmented the Cyber Security Market by geography (North America, Europe, APAC, South America, And Middle East and South Africa). The market has been segmented Based on Component Solutions and Services. Based on the Deployment Mode Cloud-Based, and On-premises. Based on Enterprise Size Large Enterprises, and SMEs. Based on Industry Vertical Telecom, Automotive, BFSI, Retail, Healthcare, IT, Energy & Utilities, Manufacturing, and Others.
- Accenture plc Company Profile
- Broadcom Inc.
- Capgemini SE Company Profile
- Cognizant
- F5 Networks Inc.
- FireEye Inc.
- HCL Technologies Limited
- IBM Corporation
- Infosys Limited
- L&T Technology Services Limited
- PwC International Limited Broadcom Inc.
- Tata Consultancy Services
- Tech Mahindra Limited
- Wipro Limited
- Bishop Fox Inc.
- Fortinet, Inc.
- Other Key Players
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