Global Cyber Security Market Size, Share, Opportunities, COVID-19 Impact, 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 2022 To 2027

The global cyber security market was valued at US$170.096 billion in 2020. 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 in order to manage and track the data flow in various systems while protecting crucial information by monitoring, classifying, and resolving different types of cyberattacks.

With the rising demand for cybersecurity solutions, key players have been continuously engaging in various growth strategies in order to get significant market share by boosting their ability to help enterprises of varied sizes to 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. As such, companies are investing heavily in cybersecurity solutions in order 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.  

The global cyber security market has been segmented on the basis of component, deployment model, enterprise size, application, industry vertical, and geography. By component, the global cyber security market has been segmented as solutions and services. On the basis of the deployment model, the segmentation has been done as on-premise and cloud. The Global Cyber Security market has been segmented by enterprise size into small, medium, and large. By application, the market has been segmented into application security, infrastructure security, identity, and access management, data security and privacy, government risk and compliance, and others. By industry vertical, the global cybersecurity market has been segmented as BFSI, aerospace and defence, retail, IT and telecom, healthcare, energy and utilities, and others.

BFSI sector to hold substantial market share

By industry vertical, the BFSI industry accounts 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 pressurizing 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 happened.

North America holds 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 accounted for a noteworthy market share in 2019 and will remain at its position till the end of the forecast period. A 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. For example, in September 2018, the White House released the National Cyber Strategy to provide a strategic direction to the Federal government to take action on both short and long-term improvements to cybersecurity for individuals, the private sector, and the government. 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, will 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 Own 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.

Recent Developments:

• August 2022: the IT solutions company, Happiest Minds Tech launched cyber security services for the healthcare industry in order to provide end-to-end security.
• April 2022: Nuvias Group, a European distributor acquired the cybersecurity and network distributor Netsafe in order the expansion of its operation in the Eastern Europe region.
• January 2022: Google cloud successfully purchased Siemplify and the company’s SOAR technology to add its tools to its chronicle security suite.
• November 2021: Schwarpz Group, a global retailer bopugh XM Cyber, the cloud security firm in order to strengthen digital offerings security.
• September 2021: Deloitte acquired aeCyberSolutions, the industrial cybersecurity firm in order to bring enhancement to its ICS offerings.
• May 2021: Zscaler, a cloud security vendor acquired Smokescreen  Technology in order to its Zero Trust Exchange services.
• April 2020: Accenture successfully completed the acquisition of Symantec Cyber Security Services business from the company, Broadcom Inc.
• February 2020: Goldman-backed, Singapore-based cybersecurity startup Cyfirma raised an undisclosed amount in a Series A investment from an early growth private equity fund, Z3 partners.
• December 2019: Accenture acquired the privately held Australian consultancy Apis Group to provide additional capacity while further strengthening its services to government and healthcare industries in Australia.
• August 2019: Cisco acquired Sentryo, a Lyon, France-based company that offers asset visibility and cybersecurity solutions for industrial control systems (ICS).

COVID-19 Insights:

The restrictions imposed by the governments around the in response to the outbreak of the coronavirus pandemic mandated employees to work from home. As a consequence, technology became even more crucial in everyone’s working as well as personal lives. Due to this rise of technology, it also became important for organisations still to provide a cyber-safe environment for remote work. This led to companies increasing their cybersecurity measure due to the number of breaches that were being performed, like cyberattacks on video calls. In June 2020, the figures from the National Cyber Security Center of Switzerland reported that there were 350 such cases of cyberattacks in Switzerland alone. Additionally, in July 2020, it was reported by the London Police that more than 11 million pounds had been lost since January 2020, due to covid scams.

Global Cyber Security Market Scope:

Market 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
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Taiwan
    • Indonesia
    • Others