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.
For more information about companies covered please refer the TOC
| Report Components | Details |
|---|---|
| Forecast | 2022-2027 |
| Base Year | 2021 |
| Estimated Year | 2022 |
| Market Size | USD Billion |
| Component |
|
| Solution |
|
| Services |
|
| Security Type |
|
| Organization Size |
|
| Deployment Type |
|
Discover exceptional experiences through testimonials from our satisfied customers.
"As for the experience of using your service, I overall enjoyed the interactions and the report. I thought your report reflects well the overall market trends and the key players.Your data on China, understandably, was partial at best, given the status of the industry and the regulatory compliance in China."
"Delighted with the affordable, in-depth report! Instant replies to queries made the project smooth. Met client expectations seamlessly with the invaluable insights provided. Highly recommend for quality and efficiency!"
