Cyber Security Market Size, Share, Growth Analysis, By Component(Hardware, Software, and Services), By Organization Outlook(Large Enterprises, and SMEs), By Type Outlook(Network Security, Endpoint Security, Application Security, Cloud Security), By Region - Industry Forecast 2024-2031

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.