The growth of the cyber security sector is being fuelled by the IoT adoption and the BYOD trend, as well as a rise in phishing and malicious software threats among organisations.
Covid-19 Impact & Market Status
The COVID-19 outbreak is anticipated to help the growth of the cyber security industry. Businesses will be able to manage security issues and promote protected information access while working remotely as a result of the COVID-19 outbreak by using cyber security services. Additionally, since internet traffic has grown, many firms now face a much higher risk of cyberattacks, requiring the implementation of cyber security measures.
Technological Advancement like IoT to boost the market
Devices and apps are becoming more vulnerable to advanced persistent attacks as a result of the growing IoT among businesses (APTs). Furthermore, as the number of mobile devices inside firms rises, IT staff members will find it increasingly challenging to monitor and trace data flow in multiple systems. Because of this, businesses are using cybersecurity solutions to safeguard sensitive data by monitoring, classifying, and addressing a variety of hazards, which is fuelling market growth. Far businesses are aware that there are many more benefits to BYOD than drawbacks. Such security issues may usually be removed. Due to the many advantages of implementing a BYOD policy, such as better productivity, increased employee satisfaction, and lower corporate expenses, the use of cybersecurity is growing.
North America to dominate the market
Due to the high number of vendors providing cyber security solutions, North America had a leading position in the worldwide cyber security market in 2022 and is anticipated to maintain it over the projected period. However, the Asia-Pacific Region is anticipated to develop significantly throughout the projection period as a result of an increase in technological investments in sectors like cloud and digital technologies.
Additionally, due to the surge in need for cloud-based cyber security solutions, the market is growing positively. Organizational financial constraints and the sensitivity of device security limit the market's growth.
On the other hand, it is anticipated that throughout the course of the projection period, the use of mobile devices and applications, the need for secure authentication methods, and the transition of the traditional antivirus software business will provide enticing chances for market development.
From 2022 to 2030, the size of the global cyber security market, which is expected to be $ 197.38 billion in 2020, is expected to increase at a CAGR of 9.7%, reaching $ 478.69 billion. Cybersecurity is the practise of protecting devices that are linked to the internet from various online dangers. Businesses need cybersecurity to safeguard their resources, systems, and trade secrets. Even if protecting copyright is less important and there is a larger chance of losing important material, such family photos, people still need it for the same reasons. Thanks to cybersecurity, the public may continue to depend on government institutions and public services.
The cyber security market is driven by the solutions segment in terms of components. Software-based cyber security solutions, which also help organisations manage accurate log-in network traffic roadmaps that describe what flows into and out of the network, are a necessary component of today's corporate IT infrastructure. However, the services sector is anticipated to expand at the fastest rate over the course of the anticipated year because to the COVID-19 pandemic, which increased demand for support in enabling distant workers to connect to their company network more easily and securely.
Improved internet security solutions have been made possible by growing e-commerce platforms and technological developments in blockchain, cloud computing, and artificial intelligence in a linked network architecture. Another area of attention for e-commerce businesses is the integration of network security solutions into IT and electronic security systems.
To protect their massive amounts of personal information, governments in nations like France, Israel, India, Germany, Brazil, and others are investing in internet security solutions.
A lack of professionals is limiting the market's expansion. Another significant problem is the limited resources of SMEs. Modern solutions are increasingly in demand as threats to internet security increase. Traditional network security solutions for organisations are inadequate against endpoint, modern network, cloud, and security threats. One of the biggest challenges is the shortage of personnel and knowledge in establishing and updating security systems. Small and medium-sized businesses find it difficult to install and maintain internet security solutions and services because of the high expenses involved (SMEs).
Broadcom, F5 Accenture, Networks, Cognizant, FireEye, Capgemini Infosys Limited, IBM Corporation, HCL Technologies Limited, L&T Technology Services Limited, PwC International Limited, Tata Consultancy Services, Tech Mahindra Limited, Broadcom, and Wipro Limited are a few of the major companies operating in the global cyber security market analysis.
Latest Innovations in the Global Cybersecurity Market: A Snapshot
- In May 2022, Cisco unveiled a brand-new item named Cloud Controls Framework. (CCF). The Cisco CCF is a thorough framework that gathers compliance and certification requirements for both domestic and global security. It assists teams in ensuring that cloud products and services adhere to security and privacy standards while saving a considerable amount of money by using a simplified and rationalised compliance and risk management approach.
- Okyo Garde Enterprise Edition was a new product released by Palo Alto Networks in April 2022. By shielding the corporate network from the employee's domestic personal network, it lowers the likelihood of lateral movement.
Cyber Security Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 478.69 billion.|
|Growth Rate||CAGR of 9.7 % during 2021-2030|
|Segment Covered||Component, Solution, Deployment Model, Enterprise Size, Industry Vertical, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Broadcom, F5 Accenture, Networks, Cognizant, FireEye, Capgemini Infosys Limited, IBM Corporation, HCL Technologies Limited, L&T Technology Services Limited|
Key Segments of the Global Cybersecurity Market
Component Overview, 2019-2029 (USD Billion)
Solution Overview, 2019-2029 (USD Billion)
- Identity & Access Management
- Infrastructure Security
- Governance Risk & Compliance
- Unified Vulnerability Management Service Offering
- Data Security & Privacy Service Offering
Deployment Model Overview, 2019-2029 (USD Billion)
Enterprise Size Overview, 2019-2029 (USD Billion)
- Large Enterprises
Industry Vertical Overview, 2019-2029 (USD Billion)
- Public Sector
- Energy & Utilities
Regional Overview, 2019-2029 (USD Billion)
- The U.S
- The UK
- Rest of Europe
The Asia Pacific
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa