Cyber Security Services Market Size, Share, Growth Analysis, By Component(Solution, Service), By Application(Network Security, Endpoint Security, Application Security, Cloud), By Organization Size(SMEs, Large Enterprises), By Vertical(Banking, Financial Services, Insurance, Government), By Region - Industry Forecast 2024-2031

Cyber Security Services Market size was valued at USD 135.02 billion in 2019 and is poised to grow from USD 153.65 billion in 2023 to USD 424.97 billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).

The market is fragmented in nature. Palo Alto Networks, Trend Micro Incorporated, VMware, Inc., Broadcom, McAfee, Inc., and others are among the key market players in the global market in 2021. The presence of several players in the market is characterized by the presence of differentiated security solutions with advanced features. Players in the cyber security space are engaged in introducing products with artificial intelligence and machine learning capabilities, which help organizations automate their IT security. Palo Alto Networks, for example, will release an updated version of its Cortex XDR platform in August 2021. The new version is expected to expand investigation, monitoring, and detection capabilities, providing security operation center (SOC) teams with broader and enhanced protection. Furthermore, companies are pursuing inorganic growth strategies such as forming alliances, acquiring smaller players to leverage their technology, and reducing market competitors. 'IBM Corporation', 'Cisco Systems, Inc.', 'Symantec Corporation', 'McAfee, LLC', 'Palo Alto Networks, Inc.', 'FireEye, Inc.', 'Fortinet, Inc.', 'Check Point Software Technologies Ltd.', 'Sophos Group plc', 'Rapid7, Inc.', 'F-Secure Corporation', 'Trend Micro, Inc.', 'Trustwave Holdings, Inc.', 'Secureworks Corp.', 'Kaspersky Lab ZAO', 'Proofpoint, Inc.', 'Cybereason, Inc.', 'Cylance Inc.', 'Carbon Black, Inc.', 'CrowdStrike, Inc.'

As a result of the growing IoT and BYOD trend in businesses, devices and applications have become more vulnerable to advanced persistent threats (APTs). Furthermore, as the number of mobile devices in enterprises grows, IT staff will find it more difficult to control and trace data flow across multiple systems. As a result, businesses are increasingly relying on cybersecurity systems to protect sensitive data by monitoring, classifying, and resolving various types of threats, thereby fueling market growth. For example, according to a 2021 report, cyber criminals used the COVID-19 crisis to launch 667% more phishing attacks and are actively attempting to exploit security vulnerabilities, which boosts market growth. Furthermore, in 2020, more than 15% of employees accessed sensitive data from non-work devices. Furthermore, many businesses recognize that the benefits of BYOD in the workplace far outweigh any potential risks. In most cases, potential security threats can be mitigated. There are numerous advantages to having a BYOD policy, including increased productivity, employee satisfaction, and lower company costs, which increases the adoption of cybersecurity.

Key players in this market are implementing core technologies such as machine learning, the internet of things (IoT), cloud, and big data in their business security units. They are also implementing a signature-less IoT and machine learning security system. This adoption would aid players in understanding uncertain activities and trials, as well as identifying and detecting uncertain threats.

Asia Pacific is expected to grow at the fastest rate, at a CAGR of more than 15% over the forecast period. The high deployment of cloud technologies, the proliferation of IoT devices, and the increasing number of data center constructions can all be attributed to the region's growth. Furthermore, the region's massive working population owns a large number of endpoint devices and generates a large volume of data, prompting several organizations to deploy cyber security solutions. Furthermore, rising government and defense spending in countries such as China, India, Japan, South Korea, and others to protect themselves from cyber warfare is expected to drive market growth.