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

  • Published : Oct 2022
  • Report Code : KSI061611719
  • Pages : 152

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:


Report Metric Details
 Market Size Value in 2020  US$170.096 billion
 Growth Rate  CAGR during the forecast period
 Base Year  2020
 Forecast Period  2022–2027
 Forecast Unit (Value)  USD Million
 Segments Covered  Component, Deployment Model, Enterprise Size, Application, Industry Vertical, And Geography
 Regions Covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies Covered Cognizant, Tata Consultancy Services Limited, Capgemini, IBM, HCL Technologies Limited, Accenture, McAfee, LLC, VMware, Inc, Syneidis, Quick Heal Technologies Limited
 Customization Scope  Free report customization with purchase


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

Frequently Asked Questions (FAQs)

The cyber security market was valued at US$170.096 billion in 2020.
Prominent key market players in the cybersecurity market include Cognizant, Tata Consultancy Services Limited, Capgemini, IBM, HCL Technologies Limited, and Accenture among others.
Cyber Security Market has been segmented by component, deployment model, enterprise size, application, industry vertical, and geography.
The growing incidence of malware and phishing attacks is the major driver of the global cybersecurity market growth.
North America holds a noteworthy share of the global cybersecurity market.

1. Introduction

1.1. Market Overview

1.2. COVID-19 Impact

1.3. Market Definition

1.4. Market Segmentation


2. Research Methodology

2.1. Research Data

2.2. Assumptions


3. Executive Summary

3.1. Research Highlights


4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.4. Industry Value Chain Analysis


5. Global Cyber Security Market Analysis, By Component

5.1. Introduction

5.2. Solutions

5.3. Services


6. Global Cyber Security Market Analysis, By Deployment Model

6.1. Introduction

6.2. On-Premise

6.3. Cloud


7. Global Cyber Security Market Analysis, By Enterprise Size

7.1. Introduction

7.2. Small

7.3. Medium

7.4. Large


8. Global Cyber Security Market Analysis, By Application

8.1. Introduction

8.2. Application Security

8.3. Infrastructure Security

8.4. Identity and Access Management

8.5. Data Security and Privacy

8.6. Government Risk and Compliance

8.7. Others


9. Global Cyber Security Market Analysis, By Industry Vertical

9.1. Introduction

9.2. BFSI

9.3. Aerospace and Defense

9.4. Retail

9.5. IT and Telecom

9.6. Healthcare

9.7. Energy and Utilities

9.8. Others


10. Global Cyber Security Market Analysis, By Geography

10.1. Introduction

10.2. North America

10.2.1. USA

10.2.2. Canada

10.2.3. Mexico

10.3. South America

10.3.1. Brazil

10.3.2. Argentina

10.3.3. Others

10.4. Europe

10.4.1. UK

10.4.2. Germany

10.4.3. France

10.4.4. Spain

10.4.5. Others

10.5. Middle East and Africa

10.5.1. Saudi Arabia

10.5.2. UAE

10.5.3. Israel

10.5.4. Others

10.6. Asia Pacific

10.6.1. China

10.6.2. Japan

10.6.3. South Korea

10.6.4. India

10.6.5. Thailand

10.6.6. Taiwan

10.6.7. Indonesia 

10.6.8. Others


11. Competitive Environment and Analysis

11.1. Major Players and Strategy Analysis

11.2. Emerging Players and Market Lucrativeness

11.3. Mergers, Acquisitions, Agreements, and Collaborations

11.4. Vendor Competitiveness Matrix


12. Company Profiles

12.1. Cognizant

12.2. Tata Consultancy Services Limited

12.3. Capgemini

12.4. IBM

12.5. HCL Technologies Limited

12.6. Accenture

12.7. McAfee, LLC

12.8. VMware, Inc

12.9. Syneidis

12.10. Quick Heal Technologies Limited


Tata Consultancy Services Limited



HCL Technologies Limited


McAfee, LLC

VMware, Inc


Quick Heal Technologies Limited