Pune, India, March 02, 2023 (GLOBE NEWSWIRE) -- The global cyber security market size was USD 139.77 billion in 2021 and is projected to grow from USD 155.83 billion in 2022 to USD 376.32 billion by 2029, exhibiting a CAGR of 13.4% during the 2022-2029 period. Rising Number of E-commerce Platforms to Drive the Market Growth Fortune Business Insights, provide this information in its report titled, “Cyber Security Market Forecast, 2023-2029.”
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Key Industry Developments:
GE Healthcare introduced an AI-based network security service to connect AI, medical devices, and process management tools and help hospitals to evade It threats.
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.
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 |
| Cyber Security Market Size in 2021 | USD 139.77 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Component, Deployment Type, Enterprise Size Industry, and Geography |
| Cyber Security Market Growth Drivers | Market Growth will be driven by the Increasing Number of E-Commerce Platforms |
Key Takeaways
- The demand for cybersecurity solutions in healthcare, manufacturing, and government has grown exponentially during the pandemic crisis.
- Integration of Technologies such as the IoT, Machine Learning, and Cloud to Drive the Growth
- Deployment Type Analysis: Rising Popularity of Cybersecurity Solutions with Enhanced Storage Capability to Drive the Market Growth
- Cyber Security Market Size in North America was USD 62.41 Billion in 2020
- The growing investment by end-users and the high demand for enterprise security solutions boost the adoption of security solutions.
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Drivers & Restraints-
Growth of the market is anticipated to be propelled by the increasing number of e-commerce platforms.
The emergence of artificial intelligence, cloud technology, and blockchain has led to a strengthening of internet security solutions in connected network infrastructure. E-commerce businesses are now focusing on integrating network security solutions into their electronic and IT security systems. As a result, the adoption of these technologies to combat cyber-attacks is on the rise, leading to an expansion in the demand for network security solutions. However, the global cyber security market growth may face impediments due to the escalating number of internet security threats, which has resulted in a significant surge in demand for innovative solutions.
Regional Insights-
North America is expected to be at the forefront of the global cybersecurity market.
The North America cyber security market was valued at USD 62.41 billion in 2020 and is expected to grow due to the rise in high-profile security breaches in the region. Cloud application security solutions are becoming increasingly popular as businesses look for ways to better protect themselves. In countries such as the U.S. and Canada, the growing number of online e-commerce platforms is also driving market growth. The government is using advanced network security protocols to provide better security measures to businesses.
In Europe, the cybersecurity industry is expected to see significant growth, with a compound annual growth rate (CAGR) forecasted to increase. Large firms in the United Kingdom, Spain, Germany, Italy, France, and other countries are investing in internet security projects, driving expansion in the industry. Key providers are also installing advanced IT security solutions to protect highly sensitive information related to manufacturing operations, while also increasing productivity.
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.
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Segmentation-
The global cybersecurity market is categorized by deployment type, enterprise size, industry, components, and geography. The deployment type segment is divided into on-premises and cloud solutions, while the enterprise size segment includes Small and Medium Enterprises (SMEs) and Large Enterprises. The industry segment comprises BFSI, IT and Telecommunications, retail, healthcare, government, manufacturing, travel and transportation, energy and utilities, and others.
In terms of components, the cybersecurity industry is segmented into solutions such as network security, cloud application security, end-point security, secure web gateway, application security, and others. Additionally, the market is classified geographically into South America, North America, Asia Pacific, Europe, the Middle East & Africa.
Competitive Landscape-
The key players emphasize developing advanced security solutions with the incorporation of emerging technologies. The vital players functioning in the market focus on organic development strategies such as extensive research and development activities for making technological advancements and introducing new security solutions to the market. Additional tactics include collaborations, partnerships, procurements, and so on, to enhance market presence. For instance, Check Point Software Technologies announced the acquisition of Cymplify in 2019 to integrate the former company’s IoT solutions.
Companies Covered in the Cyber Security Market Report:
- 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.)
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Major Table of Contents:
- Global Cyber Security Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Services
- 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
- Services
- 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)
- South America Cyber Security Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- By Component (USD)
- Solution
- Services
- 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)
- Brazil (By Industry)
- Argentina (By Industry)
- Rest of Latin America
- By Component (USD)
TOC Continued…
FAQ’s
What is the size of the cybersecurity market?
The global Cyber Security Market size is projected to generate USD 376.32 billion by 2029
What is the market growth for cyber security?
The size of the global cyber security market is anticipated to increase throughout the forecast period at a CAGR of 13.4%.
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