Global Cybersecurity Market Size By Deployment Model (Cloud-based, On-premise), By Service Type (Infrastructure Protection, Wireless security), By Organization Size (Large Companies, Small and Medium Businesses), By Application (Government, IT and Telecommunications), By Geographic Scope And Forecast

Cybersecurity Market Size And Forecast

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Cybersecurity Market size was valued at USD 218.2 Billion in 2021 and is projected to reach USD 431.5 Billion by 2030, growing at a CAGR of 11.50% from 2022 to 2030.

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Cybersecurity is a method of protecting critical systems and sensitive data from digital threats. Cybersecurity measures, also known as information technology (IT) security, are designed to keep networked systems and applications safe from attacks from both within and outside a firm. The Global Cybersecurity Market is expected to rise due to the increasing number of cyber threats and cyber-terrorism, and the adoption of IoT connections. The Global Cybersecurity Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

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Global Cybersecurity Market Definition

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Cybersecurity is the collection of approaches, policies, and technologies used to safeguard data, programs, computers, and networks against unauthorized access, damage, or assault. According to the Gartner Board of Directors Survey for 2022, 88 percent of board members consider cybersecurity a business risk, while just 12 percent consider it a technological risk. Despite this, 85 percent of firms held the CIO, the chief information security officer (CISO), or their equivalents responsible for cybersecurity, according to a poll conducted in 2021. Because digital information and technology are now so deeply intertwined in day-to-day work, organizations have become significantly more exposed to cyber threats.

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However, the assaults themselves are becoming significantly more sophisticated, targeting both information and essential infrastructure. In terms of operational, financial, reputational, and strategic consequences, cyber-risk incidents may cost a company a lot of money. As a result, traditional security solutions have become less effective, and most businesses now need to step up their cybersecurity game. Information technology security is another term for cybersecurity. These systems’ security might take the shape of both physical and cybersecurity measures.

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There are various benefits to having a cybersecurity system in place, including increased overall cyber speed, computer protection against viruses, spyware, worms, and malware, and network and resource protection. Cybersecurity is a sector that is always evolving, with new technology opening up new paths for attackers. Furthermore, even though well-publicized security breaches are the ones that get noticed, small businesses must be vigilant about security breach prevention since they might be targets of malware and phishing. Today, enforcing effective cybersecurity standards is extremely difficult because there are more gadgets than humans, and critics praise the more imaginative.

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Global Cybersecurity Market Overview

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The Global Cybersecurity Market is principally driven by the rising number of cyber threats and cyber-terrorism. The increasing need for companies to decrease risks and strict compliance with the regulatory requirements is also encouraging the growth of the Cybersecurity Market. Moreover, the adoption of M2M/IoT connections demands increased cybersecurity in businesses. This is also driving the market, as the emerging business models and applications are linked with reducing device costs, which have been more effective in driving the adoption of IoT, and consequently, the number of connected devices, including connected cars, machines, meters, wearables, and consumer electronics. Furthermore, the penetration of smartphones and increasing demand for enterprise mobility are expected to foster market growth during the forecast period.

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The emerging threat landscape is recognized with an improved number of cybercrime activities in the global digital era. Despite having numerous advantages of cybersecurity, some factors restrain the market growth. The lack of IT resources and in-house expertise is the major factor hampering the market growth. Additionally, a lack of knowledge about IAM solutions and a limited security budget among SMEs is limiting the market growth. Moreover, high reliance on traditional authentication methods and low preparedness are challenging the market growth. Furthermore, increasing strict government regulations regarding data protection is offering huge opportunities to market vendors to expand in the market.

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Global Cybersecurity Market: Segmentation Analysis

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The Global Cybersecurity Market is segmented on the basis of Deployment Model, Service Type, Organization Size, Application, And Geography.

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Cybersecurity Market, By Deployment Model

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• Cloud-based
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• On-premise

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Based on Deployment Model, The market is bifurcated into Cloud-based and On-premise. The Cloud-based segment is projected to rise the most during to forecasted period due to the increasing adoption of cybersecurity by several enterprises, as crucial data is stored on the cloud across various verticals, is cost-efficient, and does not need installation & maintenance.

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Cybersecurity Market, By Service Type

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• Infrastructure Protection
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• Wireless security
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• Application security
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• Network security
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• Endpoint security
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• Infrastructure security
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• Others

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Based on Service Type, The market is bifurcated into Infrastructure Protection, Wireless security, Application security, Network security, Endpoint security, Infrastructure security, and Others. Infrastructure Protection is projected to rise the most during to forecasted period due to the rising number of online attacks, and rising adoption of connected systems.

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Cybersecurity Market, By Organization Size

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• Large Companies
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• Small and Medium Businesses

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Based on Organization Size, The market is bifurcated into Large Companies and Small and Medium Businesses. Large Companies are projected to rise the most during to forecasted period due to the rising regulatory compliance, and increasing adoption of cloud-based services to conduct business.

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Cybersecurity Market, By Application

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• Government
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• IT and Telecommunication
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• Banking, Financial Services, and Insurance (BFSI)
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• Retail
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• Healthcare
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• Aerospace and Defense
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• Manufacturing
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• Others

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Based on Application, The market is bifurcated into Government, IT and Telecommunications, Banking, Financial Services, and Insurance (BFSI), Retail, Healthcare, Aerospace and Defense, Manufacturing, and Others. The Government segment is projected to rise the most during to forecasted period due to the rising adoption of BYOD and IoT trends and the growing number of security breaches targeting endpoints.

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Cybersecurity Market, By Geography

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• North America
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• Europe
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• Asia Pacific
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• Rest of the World

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On the basis of Regional Analysis, The Global Cybersecurity Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Global Cybersecurity Market in the Asia Pacific region is expected to increase the most compared to other regions during the projected period due to the high deployment of cloud technologies, the proliferation of IoT devices, the increasing number of data center constructions, and the active support by the companies and governments to implement data security and IoT security frameworks.

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Key Players

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The “Global Cybersecurity Market” study report will provide valuable insight with an emphasis on the global market including some of the major players are Symantec Corporation, Cisco Systems Inc., Trend Micro, Juniper Networks, Inc., IBM Corporation, Microfocus, Fortinet, Microsoft Corporation, Check Point Software Technologies, NortonLifeLock Inc.

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Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Key Developments

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• In April 2022, Imperva launched Imperva Serverless Protection, a new product designed to protect organizations in serverless computing environments from vulnerabilities caused by misconfigured apps and code-level security risks.

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• In April 2022, CrowdStrike and Mandiant collaborated to help joint customers investigate, remediate, and defend against increasingly sophisticated cybersecurity events.

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Report Scope

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Reasons to Purchase this Report

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Provision of market value (USD Billion) data for each segment and sub-segment
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• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
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• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
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• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
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• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
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• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis
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• Provides insight into the market through Value Chain
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• Market dynamics scenario, along with growth opportunities of the market in the years to come
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