USD 150.02 Billion
Report ID:
SQMIG45D2087 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
132
|Figures:
77
Cyber Security Market size was valued at USD 150.02 Billion in 2022 poised to grow from USD 168.04 Billion in 2023 to USD 452.08 Billion by 2031, growing at a CAGR of 13.38% in the forecast period (2024-2031).
The cybersecurity market is driven by the increased complexity and frequency of cyberattacks, the necessity to comply with data protection regulations as well as the rising popularity of digital technologies such as cloud computing or Internet-of-Things. Moreover, another reason for which the market has grown is as both end-users and businesses have become more conscious of cyber dangers while demanding robust levels of security amid continued increase in mobile working setups and online transactions. With the rapidly increasing frequency of cyberattacks and growing demand for complex security solutions, the field of cybersecurity is experiencing huge growth. As a result, sections offering opportunities are emerging, including IoT device’s cybersecurity, cloud security services owing to cloud computing migration and AI plus ML as applied in threat detection and response.
With rising market proclivity to MSS and the need for trained cyber security experts, there are enormous pros for service providers and job hunters in cyber security sector. The security cyber industry has proven to be strong in the times of economic decline. The issue of cyber security remains one of the leading corporate themes despite the general budget constraints. This is brought on by both the persistent lack of cybertalent and the rise in cyberthreats. Businesses still place a high priority on cybersecurity as they understand its vital value.
Global Market Size
USD 150.02 Billion
Largest Segment
Cloud Based
Fastest Growth
On Premise & Hybrid
Growth Rate
13.38% CAGR
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The global cyber security market is segmented based on Component, Organization Outlook, Type Outlook and Region. Based on Component, the market is segmented into Hardware, Software and Services. Based on Organization Outlook, the market is segmented into Large Enterprises and SMEs. Based on Type Outlook, the market is segmented into Network Security, Endpoint Security, Application Security, Cloud Security and Others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Central & South America and Middle East & Africa.
Cyber Security Market Analysis by Component
As per categorization by component, the market is classified as hardware, software and services. Among these, services earned the largest share and continue to dominate the market. As they can provide customized solutions, proactive monitoring, and quick incident response, services including consultancy, managed security services, and training are essential components of the global cybersecurity market. They can handle various security needs effectively, adapt their expertise and adjust to ever-changing threats, which makes them excellent in dealing with any cyber security situation.
Due to the necessity of dependable and specific security appliances such as firewalls, intruder detection systems and encryption equipment rising quickly, the global cyber security hardware segment is projected to grow rapidly. Enterprises wishing to strengthen their digital infrastructures against advanced attacks need hardware solutions as the cyber threat escalates, thereby necessitating stronger defenses.
Cyber Security Market Analysis by Organization Outlook
As they make large investments in cloud security, compliance solutions, and advanced threat detection, large organizations control most of the worldwide cybersecurity market. There large budgetary allocations facilitate such cutting-edge initiatives as total security solutions including AI-driven threat intelligence. What reinforces their market dominance is their top-tier status that makes sure proactive protection against complex cyber threats is offered.
Due to rising levels of digitization and cyberattacks aimed at smaller companies, the forecast for SMEs organizations in the global cybersecurity industry is one of rapid growth. Adoption rates are increasing since SME needs may be catered for in managed services and inexpensive cloud-based security solutions. The need for affordable, reliable cybersecurity defences against changing threats is what's driving this development.
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Due to several important variables, North America dominates the global cybersecurity market. The place benefits greatly from many cybersecurity firms, internet goliaths, and government schemes promoting online safety. Continuous investments in research and development encourage invention in conformity, information shielding and the identification of hazards among other things. What is more, very severe laws stipulating strict safety measures, including the CCPA and GDPR, has resulted in an increased call for advanced security technologies. The region’s proactive approach to cybersecurity and widespread adoption of cloud services and IoT further strengthen North America’s role as the leader in safeguarding digital assets across sectors.
For several reasons, Europe has the fastest-growing cybersecurity industry globally. In the wake of strict regulations such as GPDR, organizations now have to put more money into cybersecurity solutions if they intend to remain compliant and protect their confidential information. This is increasingly necessary in Europe than in any other part of the world due to increased digitization levels across various sectors such as government health services banking among others. Furthermore, increased awareness and investment in cutting-edge security technology have resulted from an increase in cyber threat and data breach events. The increasing startups and initiatives to innovate in cyber-security in Europe indicates that it will still be able to maintain its rapid progress in protecting its digital infrastructure from fast-paced attacks over the internet.
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Cyber Security Market Drivers
Increased Use of Target-Based Cyberattacks
Cloud-Based Cybersecurity Solutions' Uptake by SMEs
Cyber Security Market Restraints
Absence of Knowledgeable Cybersecurity Experts
Challenges in Deployment and Implementation
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One of the most important business strategies used by manufacturers in the Cyber Security sector to benefit customers and expand the market is local manufacturing to reduce operating costs. The industry has provided some of the biggest medical benefits in recent years are trying to increase market demand by making investments in R&D operations.
Top Players in the Cyber Security Market
Cyber Security Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, strong data protection laws, an increase in the sophistication and frequency of cyberattacks, and the growing adoption of digital technologies like cloud computing and the Internet of Things are all contributing to the cybersecurity market's amazing rise. An increased consciousness about cybersecurity among consumers and corporations has led to a surge in the preference for enhanced security given the rise in remote work and e-commerce.
This growth allows for opportunities in cloud security services, IoT cybersecurity and AI and ML for threat detection and response. The cybersecurity sector is strong despite economic issues mainly due to the abundance of malware alongside the requirement for competent professionals. Cybersecurity is the most important thing for companies, they understand why it matters.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 150.02 Billion |
Market size value in 2031 | USD 452.08 Billion |
Growth Rate | 13.38% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Cyber Security Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cyber Security Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cyber Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cyber Security Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45D2087
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