NEW CASTLE, Delaware, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Cyber Security Technology Market by Solution Type (Network Security, Endpoint Security, Application Security, Cloud Security, Identity & Access Management and Data Security), Deployment Mode (Cloud and On-premise), Organization Size (Small and Medium-sized Enterprises and Large Enterprises), and Industry Vertical (BFSI, Manufacturing, Healthcare, Retail, Government & Defense, IT & Telecom and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the cyber security technology market was valued at $172.8 billion in 2023, and is estimated to reach $377.5 billion by 2032, growing at a CAGR of 9.0% from 2024 to 2032.
Prime determinants of growth
The global cybersecurity technology market is growing due to several factors such as technological advancements, the rise in malware and phishing threats among enterprises and the increase in adoption of IoT and BYOD trends are some of the main factors anticipated to propel the growth of the market. However, budget constraints among organizations and complexities of device security act as restraints for the cybersecurity technology market. In addition, the high penetration of 5G and IoT technology will provide ample opportunities for the market's development during the forecast period.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $172.8 billion |
| Market Size in 2032 | $377.5 billion |
| CAGR | 9.0% |
| No. of Pages in Report | 350 |
| Segments Covered | Solution Type, Deployment Mode, Organization Size, Industry Vertical, and Region. |
| Drivers | Technological advancements |
| The rise in malware and phishing threats among enterprises | |
| The increase in adoption of IoT and BYOD trends | |
| Opportunities | The high penetration of 5G and IoT technology |
| Restraint | Budget constraints among organizations |
| Complexities of device security |
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The network security segment held the highest market share in terms of revenue in 2023
Based on the solution type, the network security segment held the highest market share in 2023. As organizations prioritize securing their network perimeters to prevent external threats from penetrating their internal systems. Moreover, the rise in sophisticated cyberattacks targeting network vulnerabilities drives the demand for advanced network security solutions.
The cloud segment held the highest market share in terms of revenue in 2023
Based on the deployment mode, the cloud segment held the highest market share in 2023. As cloud-based solutions offer easy scalability to meet the varying needs of businesses, allowing them to adjust their security measures as they grow without significant infrastructure investments.
The large enterprises segment held the highest market share in terms of revenue in 2023
Based on the organization size, the large enterprises segment held the highest market share in 2023. This is due to large enterprises typically having more complex and extensive IT environments, which require advanced and comprehensive cybersecurity solutions to protect against a wide range of threats.
The BFSI segment held the highest market share in terms of revenue in 2023
Based on the industry vertical, the BFSI segment held the highest market share in 2023. Financial institutions are frequently targeted by a variety of cyber threats, including phishing attacks, ransomware, and advanced persistent threats (APTs), necessitating robust and multi-layered security solutions. Cybersecurity breaches in the BFSI sector can lead to significant financial losses, reputational damage, and legal penalties, driving the need for comprehensive cybersecurity measures.
North America held the highest market share in terms of revenue in 2023
Based on region, North America held the highest market share in terms of revenue in 2023 and is expected to boost in terms of revenue throughout the forecast timeframe. The growth of internet usage and the continued growth of retail, consumer goods, and e-commerce in countries, such as the U.S. and Canada are expected to drive the growth of the cybersecurity technology market in North America.
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Major Industry Players: -
- Accenture
- Broadcom Inc.
- Capgemini
- Cognizant
- F5 Networks Inc.
- FireEye Inc.
- HCL Technologies Limited
- IBM Corporation
- Infosys Limited
- L&T Technology Services Limited
The report provides a detailed analysis of these key players in the global cybersecurity technology market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Development:
- On May 2024, QriarLabs launched three identity and access management products from their new cybersecurity portfolio at this year’s Identiverse in Las Vegas, Nevada. This launch will highlight the integration of QriarLabs’ latest innovations: QSCIM, QID, and QAP.
- On February 2024, Nokia introduced that its NetGuard Cybersecurity Dome software is integrated with a telco-centric GenAI assistant to give communication service providers (CSPs) and enterprises faster and higher quality detection and resolution capabilities in the face of cyber criminals increasingly using GenAI to launch more sophisticated attacks on critical infrastructure.
- On August 2022, NEC partnered with Fortinet, to deliver the required solutions and expertise to facilitate enterprises' 5G adoption and CSPs' success. The companies have focused on key network security use cases and services, such as radio access network (RAN), mobile roaming, Gi-LAN/N6, and telco/edge cloud security.
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