Pune, India, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Cybersecurity Market Size and Forecast (2022–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Security Type (Endpoint Security, Cloud Security, Network Security, Application Security, Infrastructure Protection, Data Security, Others); Solution (Unified Threat Management (UTM), IDS/IPS, DLP, IAM, SIEM, DDoS, Risk & Compliance Management, Others); Services (Professional Services, Managed Services); Deployment (Cloud-based, On-premises); Organization Size (SMEs, Large Enterprises); Application (IT & Telecom, Retail, BFSI, Healthcare, Defense/Government, Manufacturing, Energy, Others); and Geography” the market in terms of revenue was estimated to be worth $203.45 billion in 2022 and is poised to reach $660.67 billion by 2030, growing at a CAGR of 15.9% from 2022 to 2030.
The growing awareness among enterprises about the importance of managing money and resources by moving their data to the cloud instead of maintaining and building new data storage drives the demand for cloud-based solutions in the cybersecurity market.
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Global Cybersecurity Market Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 203.45 billion in 2022 |
| Market Size Value by | US$ 660.67 billion by 2030 |
| Growth rate | CAGR of 15.9% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Component, Security Type, Solution, Service, Deployment, Organization Size, Application, and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Cybersecurity protects the information, network, and personal data from cyberattacks. The trend of Bring Your Own Device (BYOD), Artificial Intelligence (AI), Internet of Things (IoT), and Machine Learning (ML) in cybersecurity is rapidly growing. The increasing number of cyber-attacks due to the proliferation of e-commerce platforms, the development of smart devices, and the deployment of cloud solutions are some important factors driving the cybersecurity market growth. The growing use of devices integrated with the Internet of Things (IoT) and other advanced technologies is anticipated to surge the cases of cyber threats. As such, end-user organizations are expected to integrate progressive cybersecurity solutions to alleviate the cyber-attacks risk, supplementing the cybersecurity market growth. The Internet saw extraordinary growth in the 21st century, and the threat of cyberattacks grew along with it. At this time, cybersecurity gained more importance, as victims of cyberattacks included some of the world's top businesses, reiterating the urgency and need to generate a cybersecurity strategy within the organization.
Due to growing dependence on digital infrastructure, businesses face a challenge in maintaining a balance between progress and protection, governance, and privacy. Compliance challenges and governance risks might arise from the lack of optimization of compliance management tools, inappropriate protection of digital assets, and absence of an appropriate compliance structure. Cybersecurity risk management includes identifying internal/external vulnerabilities in an organization's cyberspace and finding solutions to protect it. Risk management requires a comprehensive risk assessment, including identifying technology breaches. Therefore, detailed organization-specific risk assessment ensures cybersecurity tools deployed by an organization suit the particular risks it encounters. On top of proactive actions, businesses need a crisis management strategy to respond to any significant theft or breach of critical data. Risk management plays a significant role in an organization's stability, growth, and sustainability.
Due to numerous benefits, cloud ecosystems and platforms are anticipated to serve as a launchpad for developing the scale of digital innovation during the forecast period. For instance, in October 2022, Google Cloud announced an expansion of its trusted cloud ecosystem. It highlighted novel offerings and integrations with more than twenty partners. It focused on enabling superior data sovereignty controls, unifying identity management, improving endpoint security, and supporting zero-trust models for worldwide businesses.
The cybersecurity market in the Asia Pacific region is anticipated to register the fastest growth during the forecast period. The growth of the Asia Pacific region can be accredited to the increasing number of data centers, the growing adoption of cloud technologies, and the proliferation of Internet of Things (IoT) devices. Furthermore, numerous organizations in the Asia Pacific region opt for cyber security solutions with built-in capabilities to identify potential vulnerabilities, boosting the regional cybersecurity market growth. Further, the cybersecurity market growth in the region can be attributed to growing cyberattacks and the increasing adoption of public cloud computing, leading to more organizations re-allocating their business systems to cloud platforms. A substantial increase in currency transactions and personal data owing to digitalization initiatives has resulted in the region's need for resilient cybersecurity solutions and services. Therefore, the region's demand for cybersecurity solutions is expected to increase during the forecast period.
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Global Cybersecurity Market: Segmental Overview
Security vendors are implementing cyber security solutions based on machine learning (ML) and artificial intelligence (AI), which necessitate high-end IT infrastructure. With a prominent rise in cyber threats from numerous anonymous networks, several Internet Service Providers (ISPs) and end-user businesses are projected to deploy advanced security hardware, such as Intrusion Prevention Systems (IPS) and encrypted USB flash drives. This, in turn, is anticipated to supplement the growth of the software segment during the forecast period.
The healthcare segment is expected to grow at the fastest CAGR during the forecast period. The segment growth can be accredited to the increasing adoption of smartphones, connected devices, and cloud-based solutions. Healthcare facilities hold diverse information systems, such as e-prescribing systems, Electronic Health Records (EHRs), clinical decision support systems, radiology information systems, and practice management support systems. Thus, companies operating in the healthcare sector are anticipated to implement cybersecurity solutions to protect digital infrastructure, thereby driving the cybersecurity market growth.
Global Cybersecurity Market: Competitive Landscape and Key Developments
BAE Systems Plc, Lockheed Martin Corp., FireEye, Inc., Centrify Corp., Cisco Systems, Inc., Broadcom, Inc., Fortinet, Inc., International Business Machines Corp., Palo Alto Networks, Inc., LogRhythm, Inc., McAfee, LLC., Check Point Software Technology Ltd., Proofpoint, Inc., Sophos Ltd., and Trend Micro Inc. are some of the key companies operating in the cybersecurity market. The cybersecurity market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
- In April 2023, VMware, Inc. revealed novel cybersecurity solutions to address cyberattacks' growing scale and complexity. The new VMware Cloud Configuration and Carbon Black Workload enhance the security of cloud-native architecture.
- In February 2023, Check Point Software Technologies Ltd announced the launch of Check Point Horizon XDR/XPR, a cooperative cybersecurity solution. It effectively protects organizations against emerging cyber threats by smartly correlating data and trying to prevent attacks, reducing the impact of threats and making it simple for analysts and supervisors to comprehend and respond to incidents.
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