Global Cyber Security Market Size, Share, Opportunities, And Trends By Component (Solutions, Services), By Deployment Model (On-Premise, Cloud), By Enterprise Size (Small, Medium, Large), By Application (Application Security, Infrastructure Security, Identity And Access Management, Data Security And Privacy, Government Risk And Compliance, Others), By Industry Vertical (BFSI, Aerospace And Defense, Retail, IT And Telecom, Healthcare, Energy And Utilities, Others), And By Geography - Forecasts From 2024 To 2029

The cyber security market is evaluated at US$213.618 billion for the year 2022 growing at a CAGR of 11.22% reaching the market size of US$449.572 billion by the year 2029.

The growing incidence of malware and phishing attacks is the major driver of the global cybersecurity market. There has been rapid adoption of advanced technologies such as the Internet of Things (IoT), which has increased the threat of cyberattacks across various industry verticals. For example, according to NASA OIG, cybersecurity incidents at NASA surged significantly in 2021, that is, from 1,469 in 2020 to 1,785 in 2021, majorly due to the decline in NASA’s cybersecurity budget over the same period. Governments are allocating hefty amounts to the cybersecurity budget, which is boosting the global cybersecurity market growth significantly. The emerging popularity of cloud-based cybersecurity solutions and the growing usage of mobile devices within organizations are further boosting the adoption of cybersecurity solutions and services to manage and track the data flow in various systems while protecting crucial information by monitoring, classifying, and resolving different types of cyberattacks.

MARKET DRIVERS:

• Product innovation by major market players is anticipated to upsurge the market.

Key players have been continuously engaging in various growth strategies to get significant market share by boosting their ability to help enterprises of varied sizes anticipate, detect, and respond to cyber threats. The growing digitalization of businesses has increased the level of breach threats, which can cause significant business risk. Moreover, companies are investing heavily in cybersecurity solutions to develop a risk-free atmosphere. However, there is still a lack of proper awareness and infrastructure in many countries to deploy cybersecurity solutions, which is currently restraining the cybersecurity market’s growth.  

• Growing demand for cybersecurity solutions.

The worldwide cybersecurity market is greatly impacted by the growing cyber threat scenario, which is also fueling a spike in demand for cutting-edge services and solutions. The increasing prevalence of advanced cyberattacks, such as phishing, ransomware, and nation-state-sponsored threats, has forced organizations all over the world to strengthen their defenses. A rise in funding for cutting-edge technology, threat intelligence, and qualified cybersecurity specialists is being driven by the heightened awareness of cybersecurity dangers. Furthermore, the ever-changing techniques of cyber attackers, in addition to the growing attack surface resulting from the use of cloud computing and digital transformation, drive a continual innovation of cybersecurity measures.

The BFSI sector is anticipated to hold a substantial market share

By industry vertical, the BFSI industry is anticipated to account for a noteworthy market share till the end of the forecast period as there have been a frequent number of cyberattacks across this sector. Strict regulations regarding the safety and security of money of banks’ customers are also pressuring them to opt for cybersecurity solutions and services. For example, U.S. federal law requires banks to refund their customers if someone takes money from their account without authorization and they notify the bank within 60 days of the transaction happening.

North America is predicted to hold a significant market share

Geographically, the global cybersecurity market has been segmented into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. North America is anticipated to be the largest market during the forecast period. The growing number of malicious cyberattacks across various industries is pressurizing governments in North American countries to focus more on cybersecurity solutions. There has been the implementation of strict regulations regarding the adoption of cybersecurity solutions and services. Governments are also continuously increasing their budget allocation for cybersecurity solutions. The FY2020 U.S. Budget included $17.4 billion of budget authority for cybersecurity-related activities, which was a rise of 5 percent from the FY2019. These factors are driving the market growth of cybersecurity across this region. The Asia-Pacific region, however, is predicted to experience a substantial CAGR during the forecast period owing to the rapid rise in the number of cyberattacks and ransomware attacks in countries such as India, the Philippines, and South Korea. The growing adoption of the BYOD (Bring Your Device) policy, especially in small and medium enterprises, is also increasing the threat of cyberattacks, thereby escalating the demand for cybersecurity solutions and services in the region. Supportive government initiatives and policies towards cyber laws and data security are further fueling the market growth of cybersecurity across this region.

Key Developments:

• In October 2023, the award-winning Product Security Platform's developers, Cybellum, announced the opening of Cybellum Academy. The goal of this school is to counter the increase in cyberattacks on mission-critical equipment by developing standard practices and methodologies and by offering expert material, advice, and training about product security.
• In March 2023, global communications provider Viasat Inc. announced the release of its Trusted Cybersecurity Services (TCS) solution, a hosted intrusion detection service that combines government threat intelligence that is classified to identify current, possible, and emerging threats on a network within an organization.
• In September 2022, With the introduction of ABB Ability Cyber Security Workplace (CSWP), ABB has improved the security of vital industrial infrastructure by combining its security solutions with those of third parties into a single, user-friendly digital platform. By facilitating the accessibility and management of cyber security information, engineers and operators may promptly detect and resolve problems, hence mitigating risk.

Global Cyber Security Market Scope:

Segmentation:

• By Component
  • Solutions
  • Services
• By Deployment Model
  • On-Premise
  • Cloud
• By Enterprise Size
  • Small
  • Medium
  • Large
• By Application
  • Application Security
  • Infrastructure Security
  • Identity and Access Management
  • Data Security and Privacy
  • Government Risk and Compliance
  • Others
• By Industry Vertical
  • BFSI
  • Aerospace and Defense
  • Retail
  • IT and Telecom
  • Healthcare
  • Energy and Utilities
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others 
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others 
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others 
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others