Global Cybersecurity Market Size to Reach USD 645.77 Billion in 2032 | Emergen Research

Vancouver, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global cybersecurity market size was USD 203.80 Billion in 2022 and is expected to register a revenue CAGR of 12.2% during the forecast period, according to the latest analysis by Emergen Research. Increasing number of new tools for cyber-attacks and rapid adoption of Cybersecurity Mesh Architecture (CSMA) by organizations are key factors driving revenue growth of the market.

The purpose of CSMA is to divide security tasks into modules and allow them to communicate via a number of supporting layers, increasing security's composability and scalability. A company can accomplish greater security with fewer resources due to CSMA's ability to make security more unified and collaborative. These factors are expected to drive revenue growth of the market over the forecast period.

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The prime objective of CSMA is to offer a framework with better scalability and interoperability among different security solutions. CSMA defines the fundamental security objectives and capabilities that can be accomplished by a collaboration among different security solutions. This benefits organization to deploy a robust security architecture and achieve consistent security. This is expected to drive revenue growth of the market.

However, shortage of skilled cybersecurity professionals and lack of adequate budget among Small and Medium Enterprises (SMEs) to install robust security solutions could restrain revenue growth of the market.

Scope of Research

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Major Companies and Competitive Landscape

The global cybersecurity market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major companies are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new hardware, software and services. Some major players included in the global cybersecurity market report are:

• Cisco Systems, Inc.
• The International Business Machines Corporation (IBM)
• Fortinet, Inc.
• NortonLifeLock Inc.
• Palo Alto Networks
• Intel Corporation
• Broadcom
• Trend Micro Incorporated
• CrowdStrike
• Check Point Software Technologies Ltd.

Strategic Development

• On 13 December 2022, Fortinet and Rockwell Automation Inc partnered to provide superior networking and security skills to offer powerful cybersecurity protection to consumers worldwide. In addition to lowering their susceptibility to cyber risks and assisting them in centralizing visibility and administration of their security architecture, the partnership with Rockwell will promote safe linked businesses.
• On 12 September 2022, NortonLifeLock announced its successful acquisition of Avast. The acquisition will allow the company to scale up its robust Cyber Security Platform and trust-based solution for consumers across the globe.

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Some Key Highlights From the Report

• The software segment accounted for significantly large revenue share in the global cybersecurity market in 2022. Increase in cyberattacks in recent times has led to rising demand for cyber security tools and software to detect possible threats to network and application. This is expected to drive revenue growth of the segment.
• The infrastructure protection segment accounted for largest revenue share in 2022. Rising digitalization has led to increase in the number of targeted cyberattacks on vital cyber infrastructure and Information Technology (IT) systems. Implementing infrastructure security enables early threat detection, response, and defense against a wide range of cyber threats that can impact critical infrastructure environments.
• The Identity Access and Management (IAM) segment is expected to account for largest revenue share over the forecast period, which can be attributed to increasing use of IAM solutions by IT and security organizations to manage user identities and restrict access to corporate resources.
• The defense & government segment is expected to account for largest revenue share over the forecast period. This can be attributed to increasing number of cyber-attacks aimed at government agencies and public organizations, which has led to rising demand for cybersecurity solutions.

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Emergen Research has segmented the global cybersecurity market on the basis of component, security type, solution, application, and region:

• Component Outlook (Revenue, USD Billion; 2019-2032)

• Security Type Outlook (Revenue, USD Billion; 2019-2032)
  • Endpoint Security
  • Cloud Security
  • Network Security
  • Application Security
  • Infrastructure Protection
  • Data Security
  • Others
• Solution Outlook (Revenue, USD Billion; 2019-2032)
  • UTM
  • IDS/IPS
  • DLP
  • IAM
  • DDoS
  • Others
• • Hardware
  • Solution
  • Service

• Application Outlook (Revenue, USD Billion, 2019 - 2032)

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. U.A.E.
    3. South Africa
    4. Turkey
    5. Rest of MEA
• • IT & Telecom
  • Retail
  • BFSI
  • Healthcare
  • Defense & Government
  • Manufacturing
  • Energy
  • Others

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