Cyber Security Market to Cross $266.2 billion by 2027,

Chicago, Dec. 20, 2022 (GLOBE NEWSWIRE) -- The Cyber Security Market size is expected to grow from an estimated value of USD 173.5 billion in 2022 to 266.2 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 8.9% from 2022 to 2027, according to report by MarketsandMarkets. Some factors driving the cyber security market growth include rise in high-intensity cyber-attacks targeting enterprises, the need for stringent compliance and regulatory requirements, and growing adoption of cloud-based services.

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Scope of the Report

Report Metrics	Details
Market size value in 2022	US $173.5 billion
Market size value in 2027	US $266.2 billion
Growth Rate	8.9% CAGR
Largest Market	North America
Market size available for years	2016–2027
Base year considered	2021
Forecast period	2022–2027
Forecast units	Value (USD)
Market Segments Covered	Components, software, services, security type, deployment mode, organization size, vertical, and region
By Component	Hardware Software Services
By Services	Professional Services Design, Consulting, and Implementation Risk and Threat Assessment Training and Education Support and Maintenance Managed Services
By Vertical	Aerospace and Defense BFSI IT and ITeS Telecommunication Energy and Utilities Retail and eCommerce Healthcare Transportation and Logistics Manufacturing Media and Entertainment Other Verticals
By Software	IAM Antivirus/Antimalware Log Management and SIEM Encryption and Tokenization Compliance and Policy Management Patch Management Other Software
By Deployment Mode	Cloud On-premises
By Security Type	Network Security Cloud Security Application Security Endpoint and IoT Security
By Organization Size	Large Enterprises SMEs
By Region	North America Europe Asia Pacific Middle East and Africa Latin America
Cyber Security Market Drivers	Increased target-based cyber-attacks to draw operational disruptions Cyber security Mesh Architecture (CSMA) to simplify security infrastructure Growing demand for cyber-savvy boards
Cyber Security Market Opportunities	IoT security to play a vital role in cyber security market Adoption of cloud-based cyber security solutions among SMEs Growth of endpoint security segment due to increased BYOD trend
Companies in the global cyber security market	IBM (US), Cisco (US), Check Point (Israel), Trellix (US), Trend Micro (Japan), NortonLifeLock (US), Rapid7 (US), Micro Focus (UK), Microsoft (US), Amazon Web Services (AWS) (US), Oracle (US), Fortinet (US), Palo Alto Networks (US), Accenture (Ireland), CyberArk (US), SentinelOne (US), Qualys (US), F-Secure (Finland), F5 (US), DataVisor (US), RevBits (US), WiJungle (India), BluVector (US), Aristi Labs (India), Imperva (US), Securden (US), Forcepoint (US), Sophos (UK), RSA Security (US), Proofpoint (US), Juniper Networks (US), Splunk (US), SonicWall (US), Algosec (US), Zscaler (US), Cynet (Israel), and Nozomi Networks (US).

By component, software segment is projected to hold the largest market size during the forecast period

Software solutions offered in the market are comprehensive cybersecurity solutions designed to help organizations meet all legal, IT, operational, and risk-related requirements. Some companies offer dedicated cybersecurity solutions, such as Identity and Access Management (IAM), antivirus/antimalware, firewall, log management, and SIEM, encryption and tokenization, compliance and policy management, and patch management, among others which are developed to cater to the specific needs of end users. These solutions are designed to help organizations gain real-time threat-related insights and safeguard the security posture against future instances of these attacks.

By Services, Professional Services segment to hold a larger market size during the forecast period

Professional services are the services provided by product vendors to strategically help clients organize, design, analyze, implement, and manage technological systems. These services play a vital role in any ecosystem. The professional services include consulting, training and education, design and implementation, risk and threat assessment, and support and maintenance. As the nature of these services is complex, service providers must possess high-level technical skills and expertise.

There are several vendors in the cybersecurity ecosystem. These vendors offer these services, which include providing consultancy to their clients on client-specific requirements, offering educational support such as training and classroom lectures, both offline and online, to their clients to make them understand solutions and processes, and assessing the risks associated with projects to deploy a new cybersecurity solution or replace the old one to secure IT infrastructure. The professional services segment is projected to hold a larger market share in the cyber security market.

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By region, Asia Pacific to grow at a significant CAGR during the forecast period

Asia Pacific countries include the economies of China, India, Japan, Malaysia, Singapore, among others. With AI, IoT, and big data proliferation in Asia Pacific, security and fraud concerns have risen. According to the Digitalization and Taxation in Asia report by the International Monetary Fund, digitalization has extended well beyond the ICT sector, with widespread internet usage underpinning e-commerce, fintech, and online financial and other services. Local firms and start-up’s have emerged as major players, particularly in markets such as China, Japan, and Indonesia, competing with the US multi-national enterprises. China, Japan, and Korea have large ICT sectors. India and Indonesia are rapidly developing markets for eCommerce and online services. Australia and New Zealand are highly digitalized. According to Cybersecurity for SMB’s: Asia Pacific Businesses Prepare for Digital Defense by Cisco Secure, the SMBs in the region are facing cyberattacks, including 74% of SMBs in India and New Zealand, while 33% in Indonesia and South Korea and 37% in Japan suffered incidents, which has prompted the organizations to adopt cybersecurity solutions.

Major vendors in the global cyber security market include IBM (US), Cisco (US), Check Point (Israel), Trellix (US), Trend Micro (Japan), NortonLifeLock (US), Rapid7 (US), Micro Focus (UK), Microsoft (US), Amazon Web Services (AWS) (US), Oracle (US), Fortinet (US), Palo Alto Networks (US), Accenture (Ireland), CyberArk (US), SentinelOne (US), Qualys (US), F-Secure (Finland), F5 (US), DataVisor (US), RevBits (US), WiJungle (India), BluVector (US), Aristi Labs (India), Imperva (US), Securden (US), Forcepoint (US), Sophos (UK), RSA Security (US), Proofpoint (US), Juniper Networks (US), Splunk (US), SonicWall (US), Algosec (US), Zscaler (US), Cynet (Israel), and Nozomi Networks (US).

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