Global Cyber Security Market by Component (Solution,Services), Security Type, Organization Size, Deployment Type, Vertical and Region and Global Forecast 2023-2030
- Report Summary
- Table of Contents
- Segmentation
- Methodology
- Download Sample
Cyber Security Market was valued at US $183.20 BN in 2022 and is expected to reach US $370.2 BN by 2030, growing at a CAGR of 9.5% during the forecast period 2023 – 2030.
Cyber security has become one of the most crucial aspect for enterprise as well as for consumer as it has impacted, every aspect of our work as well as personal life. The first ever cyber-attack, “Morris worm” was reported way back in the year 1998, and since then the cyber-attacks have not only grown but have become much more sophisticated, which has resulted in enterprises and individuals paying a huge penalty both in terms of dollar as well as brand image.
IMPACT OF COVID 19 on Cyber Security Market
Cyber security growth driven by increased spending in regulated industries such as banking, healthcare and government and defence.
The Covid-19 pandemic had a huge impact on working of individuals as enterprises had to move from an offline working to online working immediately due to the government regulations. Many of enterprises, has very little time for this change, due to which cyberattacks saw a rapid increase. For instance, Switzerland there were 350 cyber-attacks in April 2020 as compared to 100-150 cyber-attacks. Attackers saw, Covid 19 as an opportunity to expand their reach, where approximately USD 13 million was loss in cyber-attacks since January 2020.
Considering these factors, the Covid-19 had a negative impact on the cyber security market, but this negative impact was temporarily as spending on cyber security solutions and services increased significantly in the coming years.
Current Cyber Security Trends:
Cyber-attacks are becoming more sophisticated, and it is estimated that approx. USD 10.5 trillion will be loss due to cyber attacks.
In the current digital world, we live in cyber-attacks have become more frequent and with the Covid -19 pandemic, cyber-attacks have gone to another level. It is estimated that companies by 2025, will lose close to USD 10.5 trillion by 2025, which is around 3 times as compared to 2015, where the losses due to cyber-attack where approximately 3 trillion. Enterprises globally are adopting new methods to mitigate cyber-attacks, where according to a report published by Embraer, the total spending on cyber security products cumulatively will be in the range of USD 1 trillion for a period of 2017 to 2021.
Cyber Security Market Growth Projections
Driving forces for the Cyber Security Market
Increasing adoption of emerging technologies across enterprises of all sizes.
One of the factors that has really increased the adoption of cyber security is the adoption of new technologies by enterprises globally. According to Dataprot, one of the cyber security solution provider, the number of active IoT devices by 2030 will be approx. 26 billion . Other emerging technologies such as artificial intelligence, 3d printing, edge computing, extended reality and others are also seeing rapid advancements in terms of enterprise adoption where these technologies are supposed to growth in the range of 25 ~ 40% for the next five years.
This rapid rise will in turn fuel the adoption of cyber security as these technologies will be accessible over the internet and providing reliable networks will be at the core for these IoT vendors. Coupled with reliability factors such as blocking malware, identifying and mitigating threats will also be at centre stage for enterprises providing these emerging solution and services.
Restraints
Lack of skilled cyber security professionals
The cyber security market has seen a rapid growth in the largest 5-10 years, but the major the challenge that the industry is facing is lack of skilled cyber professionals. With the advancements and sophistication in cyber-attacks, there is a continuous demand for workforce who are up to date and can mitigate these attacks. Enterprises over the globe are facing this challenge, where according to a survey conducted by the BlackFog with 500 Cybersecurity leaders and decision makers, 32% claimed that the security team did not have the right tool set to support a new cyber security product.
Components:
Services will outgrowth solution in terms of growth for the next five years
The component segment is segmented into solutions and services. Within the component segment, the services will have a higher growth rate as compared to solutions. The reason for this high growth rate can be attributed to need for manage the existing the cyber security infrastructure, network upgradation, maintenance, patch updates and others.
Deployment Type
The deployment type is further categorised into cloud and on premise. Within the deployment type, cloud-based security solutions are the front runners in adoption, and this trend will continue for the next five years. Presence of specialist cloud based security providers, on the go solutions, easy of network maintenance are some of the factors that are driving the cloud based adoption.
Vertical Level Analysis
The report also provided the adoption rate of cyber security solution and services among industry verticals namely banking financial services and insurance, Healthcare and Lifesciences, Government and Défense, consumer goods and retail, information and technology, manufacturing, energy. Among these industries the healthcare and life sciences vertical is expected to have the highest adoption in coming years.
Healthcare and life sciences, are becoming a lucrative target for cyber criminals, as this vertical has sensitive information. From the end users perspective, healthcare institutions have the entire patient medical history, their personal information, bank details which are of immense value for these criminals. On the other front clinical research, patented technologies data are also valuable for attackers as access to this data can fetch lucrative values in the black market.
The report categories the cyber security market in five regions: North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America, is the leader in terms of adoption where this region alone contributes 35~ 38% to the global market. The regions boasts of huge presence of cyber security solution providers , coupled with higher It budgets among industries are some of the major factors that are driving the adoption of cyber security solutions.
In the recent white house budget of USD 5.9 trillion, 11% , ie. Almost USD 2.5 billion has been allocated to Cybersecurity and Infrastructure Security Agency (CISA). The amount is almost USD 500 million more as compared to last year.
Vendor Strategy
To expand their presence in the cyber security market vendors are going the organic route, where they are focusing their attention on product development, product enhancement and expanding their presence both footprint wise as well as coming up expanding their portfolio of solution and services.
For instance, Fortinet which is one of the top cyber security provider, in the last two year has enhanced is portfolio, by launching managed cloud native firewall services, launching of SASE solution, firewall for hyperscale data center , digital risk protection service along with other enhancement. A similar tends can be see among other vendors as well, where Palo Alto launched autonomous security platform, added out of band we b application and API security along with other enhancements.
- Fortinet
- Palo Alto Networks
- Cisco
- IBM
- Microsoft
- Zscaler
- Broadcom
- Sophos
- Proofpoint
- Trend Micro
- Crowdstrike
- OneTrust
- Okta
- Zscalaer
- Rapid7
- Checkpoint
- RSA
- Splunk
For more information about companies covered please refer the TOC
- On November 2022, Palto Alto acquired Cider Security, one of the top vendors specializing in application security. The acquisition falls right in the company vsison, where the compant wants to provide security across the application lifecycle right from coding to cloud delivery
- On Aprill 2022, Fortinet launched Security and Awareness training services for enterprises globally. This new service addition, is in line with the current cyber attacks trends where at least 73% of the threats were due to gap in employees cyber security skills
- On November 2022, Cisco further strengthened its zero trust , network security portfolio by adding new capabilities to this areas. This innovations will further drive the, global vison of the company to provide security to entire IT ecosystem for end users
| Report Components | Details |
|---|---|
| Forecast | 2022-2027 |
| Base Year | 2021 |
| Estimated Year | 2022 |
| Market Size | USD Billion |
| Component |
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| Solution |
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| Services |
|
| Security Type |
|
| Organization Size |
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| Deployment Type |
|
Table of Contents
1.... Introduction
1.1 Objective of the report
1.2 market definition
1.3 Report Scope
1.3.1 Report in scope
1.3.2 out of scope
1.4 currency considered
1.5 stakeholders
2.... Research Methodology
2.1 DAta Sources
2.1.1 paid Data bases
2.1.2 secodnary data sources
2.2 Market size estimation
2.2.1 TOP-DOWN APPROACH
2.2.2 BOTTOM-UP APPROACH
3.... Executive Summary
4.... Market Forces
4.1 Introduction
4.2 drivers
4.2.1 Increasing adoption of emerging technologies acrss enterprises
4.3 restraints
4.3.1 inadequate cyber professionals
4.4 opportunities
4.4.1 cyber regulations
5.... CYBER SECURITY MARKET, By component
5.1 Introduction
5.2 Software
5.3 Services
6.... CYBER SECURITY MARKET, By Software
6.1 Introduction
6.2 idetity access management
6.3 DDos
6.4 antivirus
6.5 Log Management
6.6 threat prevntion
6.7 SIEM
6.8 ids/ips
6.9 Disaster recovery
6.10 Firewall
6.11 Web filtering
6.12 data loss prevention
6.13 other software
7.... CYBER SECURITY MARKET, By Service
7.1 Introduction
7.2 professional services
7.3 Managed services
8.... CYBER SECURITY MARKET, By Security Type
8.1 Introduction
8.2 network secuirty
8.3 cloud security
8.4 application security
8.5 endpoint security
9.... CYBER SECURITY MARKET, By Organization Size
9.1 Introduction
9.2 small and medium enterprises
9.3 large enterprises
10.. CYBER SECURITY MARKET, By Deployment Type
10.1 Introduction
10.2 cloud
10.3 on premises
11.. CYBER SECURITY MARKET, By Vertical
11.1 Introduction
11.2 banking financial services and insurance
11.3 healthcare and lifesciences
11.4 government and defense
11.5 consumer goods and retail
11.6 information technology
11.7 manufacturing control
11.8 energy
12.. North America Cyber SECURITY MARKET, By Segment
12.1 Introduction
12.2 by software
12.2.1 identity and access management
12.2.2 DDos
12.2.3 antivirus
12.2.4 log management
12.2.5 threat prevention
12.2.6 siem
12.2.7 ids/ips
12.2.8 disaster recovery
12.2.9 firewall
12.2.10 web filtering
12.2.11 data loss prevention
12.2.12 others of europe
12.3 By Service
12.3.1 identity professional services
12.3.2 managed services
12.4 By Security Type
12.4.1 identity network security
12.4.2 cloud security
12.4.3 application security
12.4.4 endpoint security
12.5 by organization size
12.5.1 smes
12.5.2 large enterprises security
12.6 by deployement type
12.6.1 cloud
12.6.2 on premises
12.7 By Vertical
12.7.1 Banking financial services and insurance
12.7.2 healthcare and lifesciences
12.7.3 government and defense
12.7.4 consumer goods and retail
12.7.5 information technology
12.7.6 manufacturing
12.7.7 energy
12.7.8 others
12.8 By Country
12.8.1 us
12.8.2 canada
13.. europe cyber SECURITY MARKET, By segment
13.1 Introduction
13.2 by software
13.2.1 identity and access management
13.2.2 DDos
13.2.3 antivirus
13.2.4 log management
13.2.5 threat prevention
13.2.6 siem
13.2.7 ids/ips
13.2.8 disaster recovery
13.2.9 firewall
13.2.10 web filtering
13.2.11 data loss prevention
13.2.13 others of europe
13.3 by service
13.3.1 identity professional services
13.3.2 managed services
13.4 by security type
13.4.1 identity network security
13.4.2 cloud security
13.4.3 application security
13.4.4 endpoint security
13.5 by organization size
13.5.1 smes
13.5.2 large enterprises security
13.6 by deployement type
13.6.1 cloud
13.6.2 on premises
13.7 by vertical
13.7.1 banking financial services and insurance
13.7.2 healthcare and lifesciences
13.7.3 government and defense
13.7.4 consumer goods and retail
13.7.5 information technology
13.7.6 manufacturing
13.7.7 energy
13.7.8 others
13.8 by country
13.8.1 uk
13.8.2 germany
13.8.3 france
13.8.4 italy
13.8.5 spain
13.8.6 rest of europe
14.. Asia Pacific Cyber SECURITY MARKET, By Segment
14.1 Introduction
14.2 by software
14.2.1 identity and access management
14.2.2 DDos
14.2.3 antivirus
14.2.4 log management
14.2.5 threat prevention
14.2.6 siem
14.2.7 ids/ips
14.2.8 disaster recovery
14.2.9 firewall
14.2.10 web filtering
14.2.11 data loss prevention
14.2.13 others of europe
14.3 by service
14.3.1 professional services
14.3.2 managed services
14.4 by security type
14.4.1 identity network security
14.4.2 cloud security
14.4.3 application security
14.4.4 endpoint security
14.5 by organization size
14.5.1 smes
14.5.2 large enterprises
14.6 by deployement type
14.6.1 cloud
14.6.2 on premises
14.7 by vertical
14.7.1 banking financial services and insurance
14.7.2 healthcare and lifesciences
14.7.3 government and defense
14.7.4 consumer goods and retail
14.7.5 information technology
14.7.6 manufacturing
14.7.7 energy
14.7.8 others
14.8 by country
14.8.1 india
14.8.2 china
14.8.3 japan
14.8.4 singapore
14.8.5 rest of asia pacific
15.. Middle East and Africa Cyber SECURITY MARKET, By Segment
15.1 Introduction
15.2 by software
15.2.1 identity and access management
15.2.2 DDos
15.2.3 antivirus
15.2.4 log management
15.2.5 threat prevention
15.2.6 siem
15.2.7 ids/ips
15.2.8 disaster recovery
15.2.9 firewall
15.2.10 web filtering
15.2.11 data loss prevention
15.2.13 others of europe
15.3 by service
15.3.1 professional services
15.3.2 managed services
15.4 by security type
15.4.1 identity network security
15.4.2 cloud security
15.4.3 application security
15.4.4 endpoint security
15.5 by organization size
15.5.1 smes
15.5.2 large enterprises
15.6 by deployement type
15.6.1 cloud
15.6.2 on premises
15.7 by vertical
15.7.1 banking financial services and insurance
15.7.2 healthcare and lifesciences
15.7.3 government and defense
15.7.4 consumer goods and retail
15.7.5 information technology
15.7.6 manufacturing
15.7.7 energy
15.7.8 others
15.8 by country
15.8.1 ksa
15.8.2 turkey
15.8.3 south africa
15.8.4 israel
15.8.5 rest of Mea
16.. Latin America Cyber SECURITY MARKET, By Segment
16.1 Introduction
16.2 by software
16.2.1 identity and access management
16.2.2 DDos
16.2.3 antivirus
16.2.4 log management
16.2.5 threat prevention
16.2.6 siem
16.2.7 ids/ips
16.2.8 disaster recovery
16.2.9 firewall
16.2.10 web filtering
16.2.11 data loss prevention
16.2.13 others of europe
16.3 by service
16.3.1 professional services
16.3.2 managed services
16.4 by security type
16.4.1 identity network security
16.4.2 cloud security
16.4.3 application security
16.4.4 endpoint security
16.5 by organization size
16.5.1 smes
16.5.2 large enterprises
16.6 by deployement type
16.6.1 cloud
16.6.2 on premises
16.7 by vertical
16.7.1 banking financial services and insurance
16.7.2 healthcare and lifesciences
16.7.3 government and defense
16.7.4 consumer goods and retail
16.7.5 information technology
16.7.6 manufacturing
16.7.7 energy
16.7.8 others
16.8 by country
16.8.1 mexico
16.8.2 brazil
16.8.3 rest of Mea latin america
17.... Company Landscape
17.1 vendor strategy
17.1.1 partnerships, agreements, and collaborations
17.1.2 Expanisons and product innovations
17.1.3 market share analysis
17.1.4 partnerships, agreements, and collaborations
18.. Company Profiles
18.1 Fortinet
18.1.1 company overview
18.1.2 solutions and services description
18.1.3 Recent Developments
18.1.4 analyst view
18.2 Palo alto networks verify
18.2.1 company overview
18.2.2 solutions and services description
18.2.3 Recent Developments
18.2.4 analyst view
18.3 Cisco
18.3.1 company overview
18.3.2 solutions and services description
18.3.3 Recent Developments
18.3.4 analyst view
18.4 Ibm
18.4.1 company overview
18.4.2 solutions and services description
18.4.3 Recent Developments
18.4.4 analyst view
18.5 Microsoft
18.5.1 company overview
18.5.2 solutions and services description
18.5.3 Recent Developments
18.5.4 analyst view
18.6 Zscaler
18.6.1 company overview
18.6.2 solutions and services description
18.6.3 Recent Developments
18.6.4 analyst view
18.7 Broadcom
18.7.1 company overview
18.7.2 solutions and services description
18.7.3 Recent Developments
18.7.4 analyst view
18.8 Sophos
18.8.1 company overview
18.8.2 solutions and services description
18.8.3 Recent Developments
18.8.4 analyst view
18.9 Proofpoint
18.9.1 company overview
18.9.2 solutions and services description
18.9.3 Recent Developments
18.9.4 analyst view
18.10 Trend Micro
18.9.1 company overview
18.9.2 solutions and services description
18.9.3 Recent Developments
18.9.4 analyst view
18.11 other major vendors
18.11.1 Crowdstrike
18.11.2 onetrust
18.11.3 Okta
18.11.4 Zscalar
18.11.5 Rapid7
18.11.6 checkpoint
18.11.7 Rsa
18.11.8 Splunk
Global Cyber Security Market Segmentation
Cyber Security by Component: Market Size & Forecast 2023-2030
- Solution
- Services
Cyber Security by Solution: Market Size & Forecast 2023-2030
- Idetity Access Management
- Ddos
- Antivirus
- Log Management
- Threat Prevntion
- Siem
- Ids/Ips
- Disaster Recovery
- Firewall
- Web Filtering
- Data Loss Prevention
- Other Software
Cyber Security by Services: Market Size & Forecast 2023-2030
- Professional Services
- Managed Services
Cyber Security by Security Type: Market Size & Forecast 2023-2030
- Network Secuirty
- Cloud Security
- Application Security
- Endpoint Security
Cyber Security by Organization Size: Market Size & Forecast 2023-2030
- Small and Medium Enterprises
- Large Enterprises
Cyber Security by Deployment Type: Market Size & Forecast 2023-2030
- Cloud
- On Premises
Cyber Security by Geography: Market Size & Forecast 2023-2030
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
Major Players:
- Symantec Corporation
- McAfee, LLC
- Trend Micro Incorporated
- Cisco Systems, Inc.
- Palo Alto Networks, Inc.
- Fortinet, Inc.
- Check Point Software Technologies Ltd.
- FireEye, Inc.
- IBM Corporation
- CrowdStrike Holdings, Inc.
- Sophos Group plc
- Kaspersky Lab
- Bitdefender
- RSA Security LLC
- CyberArk Software Ltd.
- F-Secure Corporation
- Rapid7, Inc.
- Proofpoint, Inc.
- Darktrace Ltd.
- Akamai Technologies, Inc.
- Carbon Black, Inc.
- Juniper Networks, Inc.
- Splunk Inc.
- Zscaler, Inc.
- SecureWorks, Inc.
