Pune, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Cybersecurity Market Size Analysis:
“According to the SNS Insider report, the global Cybersecurity Market was valued at USD 195.1 billion in 2023. It is projected to expand to USD 542.3 billion by 2032, growing at a CAGR of 12.05% during the forecast period of 2024–2032.”
The cybersecurity market is experiencing substantial growth, fueled by the increasing adoption of digital technologies, a surge in cyber threats, and stricter regulatory requirements. With the rapid expansion of IoT devices, cloud computing, and 5G networks, the attack surface available to cybercriminals has grown exponentially. This has prompted organizations to adopt sophisticated cybersecurity solutions to mitigate risks. Notably, ransomware incidents rose by over 93% globally in 2023, affecting businesses across sectors. Moreover, IBM's 2023 report highlighted that the average cost of a data breach has escalated to USD 4.45 million, underscoring the financial and operational imperatives for stronger defenses. Artificial intelligence (AI) and machine learning (ML) have emerged as critical drivers of growth in the cybersecurity domain. These technologies enhance threat detection and enable rapid responses by analyzing large data volumes, identifying patterns, and predicting vulnerabilities. For example, AI-powered threat intelligence systems can reduce breach detection times by as much as 90%, providing businesses with effective tools to counter emerging threats.
Compliance with stringent regulations such as the GDPR, CCPA, and India's forthcoming Data Protection Bill is also a key market driver. These laws require robust security protocols, including encryption, secure access controls, and endpoint protection, to safeguard sensitive data and maintain consumer trust. The shift to hybrid work models has further intensified the need for endpoint security and secure network access solutions. Remote work environments have broadened the cyberattack surface, making zero-trust architectures and multi-factor authentication essential to maintaining secure operations.
The cybersecurity market is set for sustained growth due to escalating cyber risks and regulatory demands. Innovations in AI-based threat mitigation, zero-trust strategies, and cloud security solutions represent significant opportunities for vendors. As businesses increasingly prioritize digital security in a connected world, demand for scalable, efficient cybersecurity technologies will continue to expand, shaping a competitive and dynamic market landscape.
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Major Players Analysis Listed in this Report are:
- Cisco Systems - Cisco SecureX
- Palo Alto Networks - Prisma Cloud
- Check Point Software - Quantum Security Gateway
- IBM Corporation - QRadar SIEM
- Fortinet - FortiGate Firewall
- McAfee - McAfee Endpoint Security
- Symantec (Broadcom) - Symantec Endpoint Protection
- Trend Micro - Trend Micro Apex One
- Splunk - Splunk Enterprise Security
- FireEye (Trellix) - Helix Security Platform
- Sophos - Sophos Intercept X
- CrowdStrike - CrowdStrike Falcon
- Proofpoint - Proofpoint Email Protection
- Forcepoint - Forcepoint DLP
- Zscaler - Zscaler Internet Access
- Okta - Okta Identity Management
- Qualys - Qualys Cloud Platform
- Bitdefender - Bitdefender GravityZone
- Darktrace - Darktrace Cyber AI
- Kaspersky Lab - Kaspersky Total Security
Cybersecurity Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 195.1 billion |
| Market Size by 2032 | USD 542.3 Billion |
| CAGR | CAGR of 12.05% from 2024-2032. |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •The rising frequency and sophistication of cyber-attacks are creating a higher demand for advanced cybersecurity solutions to protect sensitive data and networks. •High-profile data breaches and growing concerns over data privacy are propelling businesses to invest in robust security measures. •As businesses increasingly adopt digital technologies such as AI, IoT, and big data, the need for comprehensive cybersecurity solutions grows to safeguard complex infrastructures. |
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Segmentation Analysis
By Application
The network security segment dominated the cybersecurity market and represented significant revenue share in 2023. As advanced cyberattacks are increasingly targeting enterprise networks. As hybrid work environments and cloud technologies have become more ubiquitous, the need for firewalls, intrusion prevention systems, and VPNs has also accelerated. Big data, IoT, edge computing, and AI are all promising technologies, and even if you are a government or large enterprise, you are spending a lot of money on these things to protect critical infrastructure. Driven by the changing need for regulatory compliance as well as the increasing sophistication of cyber threats.
Cloud security is expected to register the highest CAGR, driven by rapid cloud adoption and growing dependence on SaaS applications. As a result, it has alarmed organizations to do better in safeguarding their cloud workloads, APIs, and data storage. Even more advanced technologies such as AI and machine learning are further stimulating adoption by improving threat detection and response in the context of cloud environments. With the growing adoption of multi-cloud strategies, the demand for expansive security frameworks to protect data and meet compliance regulations will drive significant growth in this segment.
Cybersecurity Market Segmentation:
By Component
- Solutions
- Firewall/Antimalware/Antivirus
- Intrusion detection and prevention system (IDPS)
- Identity and Access Management (IAM)
- Data Loss Prevention (DLP) & Disaster Recovery
- Security information and event management (SIEM)
- Others (Encryption & Tokenization and Risk & Compliance)
- Services
By Deployment
- On-premises
- Cloud
By security Type
- Network Security
- Cloud Application Security
- End-point Security
- Secure Web Gateway
- Application Security
- Others
By Enterprise Size
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Industry
- BFSI
- IT and Telecommunications
- Retail
- Healthcare
- Government
- Manufacturing
- Travel and Transportation
- Energy and Utilities
- Others
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Regional Landscape
North America dominated the market with a market share of 34.9% in 2023, due to the high penetration of digital technologies and the increasing threat of intricate cyberattacks on enterprises and critical systems. Many cybersecurity investments, especially in government, financial services, and healthcare sectors come from the United States, where it takes the lead along many other fronts. Stringent measures are being adopted by industries in the region due to the emphasis on regulatory frameworks such as GDPR, CCPA, and HIPAA. With the increasing trend of global cloud adoption and the growing requirement for advanced threat intelligence, AI, and machine learning solutions, the region is expected to continue leading the global landscape until 2032. North America is also expected to maintain its market leadership due to the large size of major cybersecurity vendors.
Asia-Pacific is projected to grow at the highest CAGR in the cybersecurity market, driven by the fast-growing urbanization, digitalization, and availability of the internet in emerging nations such as China and India. While Smart cities will expose the region to greater Cyber threats via the adoption of IoT devices, cloud platforms, and 5G Networks, the growth in such devices will drive the demand for security. In response, governments across the Asia-Pacific are pouring billions into cybersecurity defense projects and enacting tougher data privacy laws. Cost-effective security solutions are gaining prominence due to the expanding SME sector and the digital startup ecosystem. The region will witness swift growth over the forecast years, the cloud and endpoint security market in particular due to higher awareness and maturing regulatory environments.
Recent Developments
January 2024: Palo Alto Networks Launched an AI-driven platform for threat response in hybrid cloud environments.
February 2024: CrowdStrike Enhanced endpoint detection capabilities to address sophisticated ransomware attacks.
April 2024: Cisco Introduced next-generation zero-trust architecture for enterprises.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Cybersecurity Market Segmentation, by Component
8. Cybersecurity Market Segmentation, By Deployment
9. Cybersecurity Market Segmentation, By Security Type
10. Cybersecurity Market Segmentation, By Enterprise Size
11. Cybersecurity Market Segmentation, By Industry
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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