Pune, India, March 16, 2022 (GLOBE NEWSWIRE) -- The global cyber security market size is predicted to reach USD 376.32 billion by 2029 from USD 155.83 billion in 2022 and exhibit a CAGR of 13.4% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled, “Global Cyber Security Market, 2022-2029”. Emerging online e-commerce platforms and the introduction of essential technologies such as the internet of things (IoT), cloud security, artificial intelligence (AI), and others are driving the market. The development of internet security solutions based on AI platforms is a top priority for key industry competitors. The market size stood at 139.77 billion in 2021 and is expected to exhibit a CAGR of 13.4% between 2022 and 2029.
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Key companies in the market:
- Cisco Systems, Inc. (U.S.)
- IBM Corporation (U.S.)
- Fortinet, Inc. (U.S.)
- Proofpoint, Inc. (U.S.)
- Microsoft Corporation (U.S.)
- Palo Alto Networks, Inc. (U.S.)
- Zscaler, Inc. (U.S.)
- Broadcom, Inc. (U.S.)
- F5 Networks, Inc. (U.S.)
- Check Point Software Technologies (Israel)
- Sophos Ltd. (U.K.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 13.4 % |
| 2029 Value Projection | USD 376.32 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 139.77 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Size, Share, Component, Deployment Type, Enterprise Size, Geography |
| Growth Drivers | Rapid Adoption of Security Solutions Across Healthcare and Government Sector to Boost Demand |
| Rising Number of E-commerce Platforms to Drive Cyber security Market Growth | |
| Increasing Demand for Services by Enterprises to Boost Growth | |
| Pitfalls & Challenges | Lack of Experts and Budget Constraints for SMEs to Hinder Market Growth |
COVID-19 Impact-
The COVID-19 outbreak had a significant impact on consumer and provider behavior including the global cybersecurity industry. Data breaches, the closing of manufacturing units, reducing resources, and weakened supply chains are all factors that impede global corporate growth. Thousands of small and medium-sized enterprises around the world have been forced to close permanently or temporarily. According to a poll performed by the National Bureau of Economic Research in 2020, 43% of respondents in the U.S. said that small and medium companies were temporarily closed. The epidemic had an impact on small businesses and start-ups all around the world. The demand for internet security solutions and services has been considerably impacted as a result of this.
Cybersecurity solutions have been in high demand in healthcare, manufacturing, and government during the epidemic. Key market participants are focusing on providing a variety of security solutions to protect industrial operations from severe cyber-attacks. In December 2020, IBM Corporation established IBM Security X-Force, a threat intelligence task force tasked with detecting cyber-attacks. The business started a global phishing campaign in six nations.
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Segmentation-
On the basis of components, the global cyber security industry is divided into solutions (network security, cloud application security, end-point security, secure web gateway, application security, others) and services. On the basis of deployment type, the market is bifurcated into on-premises and cloud. On the basis of enterprise size, the market is split into Small and Medium Enterprises (SMEs) & Large Enterprises. On the basis of industry, the market is segmented into BFSI, IT and Telecommunications, retail, healthcare, government, manufacturing, travel and transportation, energy and utilities and others. Geographically, the market is classified into South America, North America, Asia Pacific, Europe, the Middle East & Africa.
Report Coverage-
To provide a better understanding to the user, the global cyber security report marks important regions throughout the world. Furthermore, the research analyses technologies that are being deployed at a quick rate on a global scale and provide insights into the newest market growth trends. It also includes key drivers and restrictions, which will aid the reader in gaining a thorough understanding of the market.
Drivers & Restraints-
Market Growth will be driven by the Increasing Number of E-Commerce Platforms
Internet security solutions in connected network infrastructure have strengthened as e-commerce platforms and artificial intelligence, cloud technology, and blockchain have emerged. Furthermore, e-commerce businesses are concentrating on integrating network security solutions into their IT and electronic security systems. The demand for network security solutions is expanding as these technologies are increasingly adopted to combat cyber attacks. The demand for innovative solutions is expanding dramatically as the number of internet security threats increases, this factor may impede the global cyber security market growth.
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Regional Insights-
North America to Lead the Global Market
During the projected period, North America is expected to lead the global cyber security market share. The growing frequency of high-profile security breaches in the region is driving demand for cloud application security solutions. In countries like the U.S. and Canada, the growing number of online e-commerce platforms is boosting the market growth. To provide better security measures to businesses, the government uses advanced network security protocols.
During the projection period, the global cybersecurity industry in Europe is expected to increase at a significant CAGR. The increasing number of internet security projects and related investments by large firms in the U.K., Spain, Germany, Italy, France, and others are driving the expansion. Advanced IT security solutions are installed by key providers to protect highly sensitive information related to manufacturing operations while also increasing productivity.
During the projection period, Asia Pacific is expected to increase at an exponential rate. Countries such as China, India, and Korea are expected to grow at a rapid pace. The increase is due to an increase in the number of service providers as well as increased government and international investor investments in various security projects. According to research published by the internet security firm Symantec Corporation, India was ranked among the top ten countries in the world for combating secure web gateway crimes in 2019.
During the projected period, the Middle East & Africa, and South America regions are expected to rise significantly. This expansion is attributable to increased government and private sector investment in nations such as the Gulf Cooperation Council, South Africa, and others. Furthermore, as significant actors embrace more strategies such as mergers and collaborations, security solutions will improve.
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Competitive Landscape-
Cisco Systems and Other Market Leaders will Expand their Product Lines
Cisco Systems, Inc., a major competitor in the global industry, is concentrating on improving its network capabilities by incorporating emerging technologies such as machine learning and advanced analytics. Cisco Systems provides a wide range of internet security solutions that are based on network-related sectors. Superior threat protection, email security, network and data center security, unified threat management, advisory, access and policy, integration, and managed services are some of the services available.
Industry Developments-
July 2021: To expedite DevSecOps, Fortinet, Inc. purchased application security innovator Skenai. Sken.ai offers comprehensive testing for all major languages and frameworks, as well as all types of scans (SAST, DAST, SCA, Secrets, and more). Machine learning (ML) is used by Sken.ai to correlate and assign a security risk level to each vulnerability discovered across multiple scan kinds and apps.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Cyber Security Key Players Market Share Insights and Analysis, 2021
- Global Cyber Security Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Network Security
- Cloud Application Security
- End-Point Security
- Secure Web Gateway
- Application Security
- Others (Network Security, Etc.)
- Services
- Solution
- By Deployment (USD)
- On-premise
- Cloud
- By Enterprise Size (USD)
- SME’s
- Large Enterprises
- By Industry(USD)
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Government
- Manufacturing
- Travel & Transportation
- Energy and Utilities
- Others
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Cyber Security Market Size Estimates and Forecasts, By Segments, 2018-2029
- By Component (USD)
- Solution
- Network Security
- Cloud Application Security
- End-Point Security
- Secure Web Gateway
- Application Security
- Others (Network Security, Etc.)
- Services
- Solution
- By Deployment (USD)
- On-premise
- Cloud
- By Enterprise Size (USD)
- SME’s
- Large Enterprises
- By Industry(USD)
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Government
- Manufacturing
- Travel & Transportation
- Energy and Utilities
- Others
- By Country (USD)
- United States (By Industry)
- Canada (By Industry)
- Mexico (By Industry)
- By Component (USD)
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