Pune, India, April 19, 2023 (GLOBE NEWSWIRE) -- The global cyber security market size was valued at USD 153.65 billion in 2022. The market is projected to grow from USD 172.32 billion in 2023 to USD 424.97 billion in 2030, exhibiting a CAGR of 13.8% during the forecast period. Increasing implementation of enterprise security solutions in manufacturing, Banking, Financial Services, and Insurance (BFSI), and healthcare is expected to facilitate market development.
Key market players have been integrating advanced technologies such as IoT, machine learning, and cloud-based technologies to tighten the business units. Fortune Business Insights™ shares this information in its report titled “Cyber Security Market Forecast, 2023-2030.”
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Key Industry Development
February 2023- Fortinet, Inc. launched the “Cybercrime Atlas” initiative to empower businesses, law enforcement, and threat intelligence researchers. It is taken up to stop cybercrime on a global scale. This initiative brings together world leaders to combat cyber threats, map the cybercrime landscape, and cover criminal activity, networks, and structures.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13.8% |
| 2030 Value Projection | USD 424.97 Billion |
| Base Year | 2022 |
| Cyber Security Market Size in 2022 | USD 153.65 Billion |
| Historical Data for | 2019 to 2022 |
| No. of Pages | 160 |
| Segments covered | Security Type, Enterprise Size, Industry and Geography |
| Cyber Security Market Growth Drivers | Rising Number of E-Commerce Platforms to Drive Market Trajectory |
Key Takeaways
- Cyber security is a method of protecting systems, networks, and programs from digital attacks.
- By Security Type Analysis: Increasing Virtual Enterprise Network Environments by Enterprises to Boost the Network Security Segment Growth
- Integration of Technologies such as the Internet of things (IoT), Machine Learning, and Cloud to Drive the Market Growth
- Cyber Security Market Size in North America was USD 67.77 Billion in 2021
- The demand for healthcare, manufacturing, and government cyber security services grew exponentially during the pandemic.
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Drivers and Restraints
Rising Number of E-Commerce Platforms to Drive Market Trajectory
The rising number of e-commerce platforms and technological technologies such as artificial intelligence, cloud, and block chain have amplified the internet security solutions in a connected network infrastructure. The governments of countries such as India, Germany, France, Israel, and Brazil, and others have been investing in internet security solutions to secure their huge volume of confidential data and information.
However, high cost of implementation and internet security solutions and services impede the adoption of cyber security solutions by SMEs, which is anticipated to hinder market development.
Segments
Network Security had Highest Share in 2022 Due to Increasing Number of Network Enterprises
On the basis of security type, the market is segmented into network security, end-point security, cloud application security, secure web gateway, application security, and others. Network security held a major part in 2022 due to increasing number of virtual enterprise network environments. Cloud application to have the highest CAGR due to rising adoption of cloud infrastructure in various countries such as the U.S., ASEAN, Germany, and Brazil, among others.
With Increasing Demand for End-Point Security Solutions, SMEs to Lead the Segment
Based on enterprise size, the market is segmented into Small & Medium Enterprises (SMEs) and large enterprises. Small & Medium Enterprises (SMEs) segment to have the highest CAGR due to increasing demand for end-point security solutions across various e-commerce startups, including retail and financial sectors.
BFSI Sector to Have a High CAGR Due to Increasing Demand for Tight and Strong Security
Based on industry, the market is segmented into BFSI, IT and telecommunications, retail, government, manufacturing, travel and transportation, healthcare, energy and utilities, and others. BFSI segment to have significant CAGR due to increasing demand for tight and strong security and digital privacy systems across financial, insurance, and banking institutes.
Geographically, the market is segmented across five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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Regional Insights
North America to Lead Market Due to Increasing Number of Online E-Commerce Platforms
North America is expected to dominate the cyber security market share as the demand for cloud-based security solutions rises and high-section security breaches are also on the rise. The market stood at USD 67.77 billion in 2022 due to increasing number of online e-commerce platforms, thereby boosting the cyber security market growth in the U.S. and Canada.
Europe is anticipated to have a notable CAGR due to increasing number of internet security projects and related investments by major companies in the U.K., Germany, Spain, France, Italy, and others.
Asia Pacific is also expected to witness significant growth due to increasing number of service providers, government investments, and foreign investors in various security projects.
Competitive Landscape
Cisco Systems, Inc. Acquired Kenna Security, Inc. to Minimize the Attack Surface
Cisco Systems, Inc. has been focusing on enhancing its network capabilities by integrating various technologies such as machine learning and advanced analytics. Cisco Systems offers comprehensive internet security solutions based on network-related areas. In May 2021, Cisco Systems, Inc. acquired Kenna Security, Inc. to minimize the attack surface and the time it takes for identification and responding. Kenna's risk-based vulnerability management system is used to quickly detect, prioritize, and address cyber issues by working cross-functionally.
List of Key Players Profiled in the 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:
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- Global Cyber Security Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Security Type (USD)
- Network Security
- Cloud Application Security
- End-point Security
- Secure Web Gateway
- Application Security
- Others
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunications
- Retail
- Healthcare
- Government
- Manufacturing
- Travel and Transportation
- Energy and Utilities
- Others
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Cyber Security Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Security Type (USD)
- Network Security
- Cloud Application Security
- End-point Security
- Secure Web Gateway
- Application Security
- Others
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunications
- Retail
- Healthcare
- Government
- Manufacturing
- Travel and Transportation
- Energy and Utilities
- Others
- Global Cyber Security Market Size Estimates and Forecasts, By Segments, 2019-2030
TOC Continued……
FAQ’s
How big is the cyber security market?
Cyber Security Market size was USD 153.65 billion in 2022
How fast is the cyber security market growing?
The Cyber Security Market will exhibit a CAGR of 13.8% during the forecast period, 2023-2030
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