Cyber Security Market by Component (Hardware, Software, and Services), Security (Network Security, Endpoint Security, Application Security, Cloud Security, and Others) Deployment Mode (Cloud and On-Premise), Organization Size (Small & Medium-Sized Enterprises and Large Enterprises), Vertical (BFSI, IT & Telecommunication, Healthcare, Retail, Manufacturing, Energy & Utilities, Government, Travel & Transportation, and Others)- Global Opportunity Analysis and Industry Forecast 2022–2030

Market Overview:

Cyber Security Market size was valued at USD 197.4 billion in 2021, and is predicted to reach USD 657.02 billion by 2030, with a CAGR of 12.8% from 2022 to 2030.

The technique of protecting networks, computers, servers, mobile devices, electronic systems, and data from cybercrimes, cyberattacks, and cyber terrorism is known as cyber security. The phrase "cyber security" has become a catch-all for the process of preventing every type of cybercrime, from identity theft to the deployment of international digital weapons.

Cyber security aims to reduce the risk of cyber-attacks and protect against unauthorized exploitation of systems, networks, and technologies. These cyberattacks usually aim to access, change, or destroy sensitive information, extort money from users, or interrupt normal business processes. Cybersecurity plays a crucial role in safeguarding all types of data including sensitive data, protected health information (PHI), personally identifiable information (PII), intellectual property, personal information, data, and government & business information systems.

Rise in threats of phishing and malware among businesses propels market growth

Malware including viruses and trojan horses has significantly increased the capacity of cybercrimes to infiltrate, take over, and damage entire electronic information networks. Cybercriminals employ malware to take control of equipment or devices to destroy sensitive information, extort money from users, or for performing illegal or fraudulent activities. All these factors drive the cyber security insurance growth.  

According to a report published by The Federal Bureau of Investigation (FBI), damages caused by ransomware amounted to more than USD 29.1 million in 2020, and one of the most widely used forms of malware spreading was via email.

Increase in adoption of the Internet of things, AI, and BYOD trend by various e-commerce platforms

Internet security solutions have been enhanced in linked network infrastructure as a result of increase in e-commerce platforms and technological breakthroughs in fields including artificial intelligence, cloud computing, and blockchain. Adoption of network security solutions in their IT and electronic security systems propels growth of the cyber security market trends.

For instance, in September 2020, Askul Corp. adopted advanced network security solution Shadankun, developed by Cyber Security Cloud, Inc., in their business unit to secure their assets from cyber threats. Growth in adoption of these technologies to eliminate cyber threats propels demand for network security solutions. Moreover, rise in trend of bring your own device (BYOD), which means employees use personal devices to connect to an organization’s network and access work-related systems, in turn increases the risk of cyber-attacks further drives growth of the market. 

However, due to BYOD trend devices including laptops, desktop and mobile phones are commonly infected by malware, and in most cases, and the users are not aware that their device is being infected by a virus, which drives cyber security industry.

High cost for SMEs and lack of cybersecurity experts restrains the market growth.

Attackers use advanced techniques to access data of a company, organization, or government. Lack of professional knowledge about sophisticated cyber threats is leading to low investments in security infrastructures by various organizations, which causes enormous loss and hinders the cybersecurity market growth. In addition, high cost of implementing and updating internet security solutions and services impedes adoption among small & medium enterprises (SMEs), which in turn restrains growth of the cyber security insurance industry.

Introduction of Blockchain Cybersecurity creates an opportunity for upcoming years

Blockchain technology works on the basis of identification between two transaction parties, hence this type of security works on the basis of peer-to-peer fundamentals and thus, provides ample growth opportunities for market. With the help of blockchain technology, a security system used in a company can leverage a distributed public key infrastructure for authenticating devices and users. Use of blockchain technology with AI can set up a robust authenticated verification system to keep potential cyber threats at bay.  

North America is projected to hold the largest share of Cyber Security Market

North America holds the highest cyber security market share and is expected to continue its dominance during the forecast period. The increase in usage of cloud-based solutions by various industries including defense and healthcare, owing to technological advancements and high expenditure of governments drive growth of the market. 

In addition, high adoption of cyber security solutions owing to surging cases of cyber-attacks in North America, especially in government and education sectors propel growth of the market. For instance, In June 2019, the IT system of the University of California was involved in a ransomware attack by a hacking group known as Netwalker.

In addition, presence of various global manufacturers of cyber security systems such as Microsoft, Amazon Web Services (AWS), and Norton Lifelock in North America that are adopting various strategies including product launches to increase their market presence and dominance across the world boost growth of the market. For instance, in August 2021, Norton Lifelock merged with Avast, a leader in digital security and privacy for $8.1 billion to create a global consumer security powerhouse. 

Moreover, growing R&D activities in the region to ensure proper functioning of enterprises of cybersecurity networks by delivering latest antivirus and antimalware protection propels growth of the market. For instance, in May 2022, Nokia announced the launch of its Advanced Security Testing and Research (ASTaR) facility in Dallas, Texas. ASTaR will also concentrate on the broader context of network use and abuse scenarios as part of its comprehensive approach to investigating and evaluating safe solutions and potential network threat mitigations.

Asia Pacific witnessed substantial growth in the global Cyber Security Market.

Asia Pacific is expected to show a steady rise in the cyber security owing to rise in external threats including malware activities and phishing from various neighboring countries. The high demand for cyber security in China to maintain national as well as state sovereignty and to shorten the gap with international counterparts in the U.S. and the European Union to improve the its overall security and defense capabilities drives the growth of the cyber security market growth.

For instance, in July 2022, China launched a campaign to maintain the security of cyberspace and also to detect illegal cyber-crimes across the country. The campaign announced to maintain security of cyberspace by implementing plans including the detection of online chaos and continuously purifying the internet ecology in various departments of private & public departments.

Also, the rapidly gaining interest from the government and enterprises, owing to increase in cyberattacks on organizations both public and private, prompting the government to establish new legislation, strategies, and facilities, which in turn drives the growth of the market. For instance, in September 2022, Tokyo announced the establishment of a cyber ministry to oversee and defend the nation’s cybersecurity infrastructure against cyberattacks and cybercrimes from both external and internal attacks.

Competitive Landscape

The Cyber security industry includes various market players such as IBM, Cisco Systems Ltd. Norton Lifelock, Fortinet Inc., Check Point Software Technologies Ltd., Trend Micro, Amazon Web Services, Microsoft, Proofpoint Inc., Trellix and Palo Alto Networks. These market players are adopting several strategies such as product launches, acquisition and partnership across various regions to maintain their dominance in the Cyber Security Market. 

For instance, in June 2022 Fortinet Inc launched FortiRecon, a complete Digital Risk Protection Service (DRPS) offering which uses a powerful combination of machine learning, automation capabilities. It also uses FortiGuard Labs cybersecurity experts to manage a company’s risk posture and advise meaningful action to protect their brand reputation, enterprise assets, and data. 

Also, in June 2022, IBM acquired cybersecurity platform Randori, as Randori helps in identify external-facing assets, both on-premise or in the cloud, that are visible to attackers. The company also announced that by this acquisition the company will strengthens its portfolio of AI-powered cybersecurity products and services, which in turn will drive the growth of cyber security market.

In addition, June 2022 Microsoft partnered with EY to launch new cyber center in New Zealand. The new centres, will be supported by Microsoft Azure Sentinel, and it will also provide customers with a protection through access to the knowledge and experience of a large international network.

KEY MARKET SEGMENTS

By Component

• Hardware

• Software

• Services

By Security

• Network Security

• Endpoint Security

• Application Security

• Cloud Security

• Others

By Deployment Mode

• Cloud

• On-Premise

By Organization Size

• Small & Medium-Sized Enterprises

• Large Enterprises

By Vertical

• BFSI

• IT & Telecommunication

• Healthcare

• Retail

• Manufacturing

• Energy & Utilities

• Government

• Travel & Transportation

• Others

By Region

• North America

  • U.S

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Spain

  • Italy

  • Netherlands

  • Denmark

  • Finland

  • Norway

  • Sweden

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Thailand

  • Singapore

  • Rest of Asia-Pacific

• RoW

  • America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION: