New York, March 23, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the Global Cyber Security Market is anticipated to surpass around USD 534 billion by 2032 from USD 193 billion in 2022 and it is poised to reach a CAGR of 11% from 2023 to 2032. Emerging online e-commerce platforms and the emergence of core technologies like the IoT (Internet of Things), cloud security, AI, and others are the primary drivers of Cyber security. The major market players are focused on the development of internet security solutions that uses AI.
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Key Takeaway:
- By component, the services segment generated the highest revenue in the global cyber security market share in 2022.
- By Deployment Mode, the Cloud-Based segment is dominating the market, and it is growing at a significant rate over the forecast period 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 36%.
- APAC region held the second position in revenue share in 2022.
- APAC will grow at a significant rate from 2023-2032.
With the cumulative investment from France, Germany, Spain, India, Italy, South Korea, Qatar, Canada, etc., and increased adoption of enterprise security solutions in banking, manufacturing, and insurance (BFSI), the demand for cybersecurity solutions is anticipated to increase. Cybersecurity companies are working on AI and ML-based security solutions that will help businesses automate IT security. IT companies can reduce the time consumed and the effort required to track malicious activities, tactics, and strategies through automated threat detection, which has made it possible by such security solutions.
Factors affecting the growth of Cyber Security industry?
There are several factors that can affect the growth of the Cyber Security industry. Some of these factors include:
- Advancement in Technologies: The advancements in technologies such as cloud, artificial intelligence, and blockchain and the rise in the number of e-commerce platforms, are the main factors for the adoption of cyber security solutions by companies.
- Rise in Cloud Computing Concept: The rise in the concept of cloud computing gives access to customers and makes data storage simple. Which results in the rise in the adoption of Cloud-based Cybersecurity Solutions.
- Increase in penetration of connected devices & systems: Increase in the need for cybersecurity measures to protect which is led by increasing penetration of devices & systems which are connected, rising vulnerabilities in systems & networks are driving the demand for cybersecurity as cyber-attacks become more severe and frequent.
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Top Trends in Cyber Security Market
Major players in this cyber security market are including fundamental technologies like the internet of things (IoT), machine learning, the cloud, and big data, in their business security departments. The players would acquire a better understanding of uncertain trials, activities, and threats with this adoption. An IoT and machine learning which is based on a signature-less security system is being further implemented. Big data and cloud computing also help businesses learn and investigate potential threats. As the internet of things (IoT) market expands, IOT solutions will become increasingly popular in a variety of information security applications. As a result, one of the rapidly developing market trends is the use of advanced internet security technologies.
Market Growth
In the past few years, many businesses have implemented cloud-based technology solutions that enable customers to obtain storage systems, software, and other resources via an internet network. Which resulted in the rise of cyberattacks and crimes. The demand for cyber security solutions is expected to grow during the forecasted period due to the increasing use of cloud storage services by small and large companies.
Regional Analysis
North America dominates the growth of the market, over the past years the early adoption of new technologies has driven the growth of the region globally. North America holds a market revenue share of 36%. Furthermore, the high number of IT markets and their diversified businesses, and the highest number of capital are the main key factor for the growth of this market. APAC region is the second dominating region for the Cyber Security Market growth globally. APAC region is expected to register the highest CAGR during the forecasted period. Countries like China, India, Japan, South Korea, and others have increased their spending from the government and defense sectors to save themselves from cyber warfare, which is expected to drive market growth.
Competitive Landscape
Major key players in the overall market have been focused on advancing the capabilities of their networks by adopting advanced technologies, such as advanced analytics and machine learning, in their organizations. A wide range of internet security solutions which are based on areas related to the networks, is offered by Cisco systems. Threat protection, unified threat management, web, access and policy, network and data center security, advisory, integration, email security, and managed services are all the services that are provided by Cisco systems.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 193 Billion |
| Market Size (2032) | USD 534 Billion |
| CAGR (from 2023 to 2032) | 11% |
| North Revenue Share | 36% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Companies in the e-commerce sector are focusing on the adoption of network security solutions in their electronic security and IT systems. The augmentation of internet security solutions in connected network infrastructure has been seen due to the advancements in technologies such as cloud, artificial intelligence, and blockchain and the rise in the number of e-commerce platforms. For example, in September 2020, the adoption of the advanced network security solution Shadankun which was developed by Cyber Security Cloud, Inc., was done by Askul Corp. in their business unit to secure their assets from cyber threats.
Investment in internet security solutions is growing day by day; for example, in 2020, the government in the U.K. financed around USD 2.43 billion to execute various internet and network security projects in research and defense, according to the European Cyber Security Organization report.
Investment in internet security solutions is done by the governments of countries such as Germany, India, Israel, France, and Brazil, among others, to secure their huge volume of information and confidential data. This investment would drive the overall adoption rate for IT security solutions across the globe and the industries that will favor the global cyber security market growth for the forecast period. The growing demand for these technologies to eliminate cyber threats is driving the demand for the market globally.
Market Restraints
The need for advanced solutions is rising at an exponential rate due to the increase in the number of threats to online security. Enterprises are not protected enough from the advanced cloud, network, and end-point security threats by the outmoded network security solutions. Key restraining factors such as a lack of professionals and experts in the field of advanced security solutions restrain the growth of the market. Small and medium enterprises (SMEs) are struggling to adopt internet security services and solutions due to their high costs.
Market Opportunities
Cloud solutions are becoming popular with businesses worldwide because they make data storage simple and give access to users with unlimited computing capacity via internet-accessible remote servers. Due to its dependable and adjustable architecture, cloud computing is a popular concept. For example, Amazon Web Services is the largest cloud computing company in the world according to industry share. A subsidiary of Amazon called Amazon Web Services (AWS), currently holds 31.5% of the market share, which is then followed by Microsoft Azure (20%) and then Google Cloud (7%). Because of the ability to manage all the apps because cloud-based models provide challenging analytics that runs in the background.
The validation of legislation and specific recommendations for cloud platform security by governments in a variety of nations fuels the growth of the market. Businesses can combine additional infrastructure technologies, when using the cloud solution, such as software-defined perimeters, which create platforms that are stable and highly secure. By moving to cloud-based platforms like Infrastructure-as-a-Service, and, Software-as-a-Service which is also called SaaS, small and medium-sized enterprises (SMEs) are constantly trying to modernize their infrastructure and applications.
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Report Segmentation of the Cyber Security Market
Component Insights
The market is divided into services and services according to the component segment. End-point security, network security, cloud application security, application security, secure web gateway, and others are the sub-segments for the solution segment. The segment's growth is expected to be aided by the rising use of hardware, access management software, and end-point security software in IT and telecom, financial institutions, and other sectors. Due to the rise in the demand from large and medium-sized businesses for updating, consulting, and maintenance services, the service segment is expected to grow at a higher CAGR over the forecast period.
Deployment Insights
The market is divided into cloud-based and on-premises according to the deployment mode segment. The demand for applications that store and protect the data using improved security measures is the cause of the expansion. The cloud segment is said to register the highest CAGR for the forecasted period. Additionally, the market participants are developing advanced cloud-based security solutions in the conjunction with other key players. The rising demand for managed security services is expected to drive the on-premise segment market.
Enterprise Size Insights
The market can be divided into small and medium enterprises which are also called SMEs and Large enterprises based on their enterprise size. It is expected that the SME segments will expand at the highest CAGR. The rising demand for end-point security solutions in a variety of e-commerce startups, including those in the retail and financial sectors, is the reason for the expansion of the market growth. Due to the rising demand for application security services, it is expected that large enterprises will experience significant growth.
Industrial Vertical Insights
The market is divided into IT and telecommunications, BFSI, manufacturing, retail, government, travel and transportation, energy and utilities, healthcare, and others according to the industrial vertical. Digital privacy and security systems are high in demand across insurance, banking, and financial institutions, driving the growth of the market. Among all the verticals the BFSI segment is expected to grow at a significant rate for the forecasted period. With real-time intelligence and cloud applications banks, security solutions, insurance companies, and other financial institutions can protect highly sensitive data from cyberattacks.
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Market Segmentation
By Component
- Solutions
- Services
By Deployment Mode
- Cloud-Based
- On-premises
By Enterprise Size
- Large Enterprises
- SMEs
By Industrial Vertical
- Telecom
- Automotive
- BFSI
- Retail
- Healthcare
- IT
- Energy & Utilities
- Manufacturing
- Others
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- Accenture plc
- Broadcom Inc.
- Capgemini SE
- Cognizant
- F5 Networks Inc.
- FireEye Inc.
- HCL Technologies Limited
- IBM Corporation
- Infosys Limited
- L&T Technology Services Limited
- PwC International Limited Broadcom Inc.
- Tata Consultancy Services
- Tech Mahindra Limited
- Wipro Limited
- Bishop Fox Inc.
- Fortinet, Inc.
- Other Key Players
Recent Development of the Cyber Security Market
- Bishop Fox Inc. raised $75 million in funding in July 2022 as the company was preparing for global expansion via channels in the coming years. This round of capital was led by Carrick Capital Partners. Cosmos is a platform, that the company Bishop Fox uses to simulate cyberattacks in order to find various vulnerabilities in the IT systems of its customers. The enhancement of Bishop Fox's fundamental technology platform will receive the preceding funding.
- Security incident response and training investments were made in February 2022 for organizations across APAC. A component of IBM's global network, the new Security Operations Center (SOC) assists customers worldwide in responding to cyberattacks. According to the IBM Security X-Force Threat Intelligence Index, which was just released, Asia was the most frequently targeted region for cyberattacks in 2021.
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- Cyber Insurance Market size is expected to be worth around USD 88,560.07 million by 2032 from USD 8,642.60 Billion in 2022, growing at a CAGR of 26.20% during the forecast period from 2022 to 2032.
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