Cyber Security Market: Proliferation Of Smart Devices To Contribute To The Growth Of The Industry

Cyber Security Industry Overview

The global cyber security market size is projected to reach USD 500.70 billion by 2030, registering a CAGR of 12.0% from 2022 to 2030, according to a new study by Grand View Research Inc. The rise in the number of cyber-attacks during the pandemic kept the cybersecurity solutions’ demand upbeat in 2020. The trend is expected to continue post-pandemic and by the forecast period owing to several firms adopting hybrid working and BYOD trends resulting in an increase in the number of endpoint devices and anonymous network access, putting the organization's IT systems at risk.

Cyber Security Market Segmentation

Grand View Research has segmented the global cyber security market based on component, security type, solution, services, application, deployment, organization size and region:

Based on the Component Insights, the market is segmented into Hardware, Software and Services.

• The services segment accounted for the largest revenue share in 2021, contributing more than 50% of the overall revenue. This can be attributed to the increasing demand for consultation services and maintenance and upgrade services from small and medium enterprises.
• The hardware segment is expected to register the highest growth over the forecast period due to several organizations engaged in implementing cyber security platforms and also upgrading their existing ones.

Based on the Security Type Insights, the market is segmented into Endpoint Security, Cloud Security, Network Security, Application Security, Infrastructure Protection, Data Security and Others.

• The infrastructure protection segment accounted for the largest revenue share in 2021, contributing more than 25% of the overall revenue.
• The cloud security segment is expected to exhibit the highest growth in the forecast period owing to the increasing adoption of cloud-based solutions by enterprises due to its cost-effectiveness and the convenience of working with cloud-based platforms.

Based on the Solution Insights, the market is segmented into Unified Threat Management (UTM), IDS/IPS, DLP, IAM, SIEM, DDoS, Risk and Compliance Management and Others

• The IAM segment accounted for the largest revenue share in 2021, contributing more than 25% of the overall revenue.
• The high market share is attributed to the increasing number of mobile endpoint devices subjecting the organization to data breaches and cyber-attacks.
• The IDS/IPS segment is expected to exhibit the highest growth in the forecast period due to the increasing need for real-time monitoring and identifying threats across the networks.

Based on the Services Insights, the market is segmented into Professional Services and Managed Services.

• The managed services segment is expected to register the highest growth rate of more than 10% over the forecast period. The high growth can be attributed to the increasing demand for outsourcing IT security services to monitor and maintain security solutions and actions.
• The professional services segment held the highest market share of the overall market in 2021 and is expected to maintain its dominance over the forecast period.

Based on the Application Insights, the market is segmented into IT & Telecom, Retail, BFSI, Healthcare, Defense/ Government, Manufacturing, Energy and Others.

• The defense/government segment held the highest market share of more than 20% of the overall market in 2021.
• The healthcare segment held the highest revenue share of the overall market in 2021.
• Healthcare facilities have different types of information systems, including practice management support systems, e-prescribing systems, EHR systems, radiology information systems, and clinical decision support systems, among others, which hold a lot of sensitive patient and hospital data.

Based on the Deployment Insights, the market is segmented into Cloud-based and On-premises.

• The cloud-based segment is expected to register the highest growth rate of more than 10% over the forecast period. The high growth can be attributed to the growing deployment of cloud computing infrastructure and migration of on-premises solutions to the cloud by enterprises.
• The on-premises segment held the highest market share of the overall market in 2021 and is expected to maintain its dominance over the forecast period.

Based on the Organization Size Insights, the market is segmented into SMEs and Large Enterprises.

• The SMEs segment is expected to register the highest growth rate of more than 11% over the forecast period.
• The large enterprise segment held the highest market share of the overall market in 2021 due to the increase in spending on IT infrastructure by these organizations.

 

Cyber Security Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

The market is characterized by the presence of several players offering differentiated security solutions with advanced features. Players in the cyber security space are engaged in introducing products with artificial intelligence and machine learning capabilities, which help organizations automate their IT security.

Some prominent players in the Cyber Security market include

• Cisco Systems, Inc.
• Palo Alto Networks
• McAfee, Inc.
• Broadcom
• Trend Micro Incorporated
• CrowdStrike
• Check Point Software Technology Ltd.

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Cyber Security Market Major Growth Drivers, Key Trends, and Business Opportunities

The Global Cyber Security Market is subject to witness a substantial growth due to the increasing focus towards prevention of information in the wake of high profile data thefts and breaches. Adoption of the machine learning, artificial intelligence (AI) and various communication techniques such as instant messaging applications to provide protection against potential cyber-attacks and data breaches, are on the rise. These factors are responsible for the growth of the artificial intelligence-based cyber security market, in recent years.

Globally, the cyber security market is predicted to grow at CAGR of 12.88% over the forecast period, providing numerous opportunities for market players to invest in research and development of the cyber security market. Additionally, increasing adoption of various cloud-based services such as authentication techniques, video management, biometric information storage, and big data computing by number of organizations are driving demand for the advanced cyber security systems. The highly advanced cyber security systems offer flexibility and scalability, which are vital in several industries and firms such as the financial industry that allows storing of critical information on the cloud storage securely.

Growing focus towards adoption of the cloud-data security services to ensure security and protection from potential threats are expected to drive market growth, in recent years. Furthermore, rise in the adoption of cloud-based services by small and medium-sized enterprises is anticipated to drive the expansion of cyber security market over the forecast period. With recent technological advancement in the cloud technology, is leading to integration of various cloud-based application in number of business processes.

Additionally, shifting trends towards adoption of latest technologies including cloud computing, and next-generation mobile computing for private enterprises are permanently changing the way an organization uses information technology for distributing an information and piloting e-commerce, thus propelling market growth in the recent years. Currently, as many as total of eighty percent commercial transactions are conducted online that holds a highest quality of safety for financial transactions.

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Rise in the number of incidences related to data breaches and cyber-attacks are driving enterprises to adopt latest security solution to safeguard vital organizational information. Numerous governmental initiatives to promote adoption of cyber security are forcing small and medium-sized enterprises (SMEs) to embed advanced cyber security solutions in their business processes, as SMEs are more susceptible towards cyberattacks in comparison with large-scale organizations. Such factors are contributing to the high deployment rate of security solutions and services in the market, thus escalating growth of the cyber security market, in upcoming years.

The IoT technology is gaining wide popularity in recent times, as it simplifies execution of complex tasks, thus providing necessary convenience and simplifying life for millions of people. The IoT technology utilizes large number of connected devices, which are directly linked with cloud server to offer real time data to the user. However, this may lead to cyberattacks and data breaches due to lack of security. Increasing concerns related to cyber threats are key drivers responsible for rising demand of the advanced cyber security solutions in numerous IoT applications.

The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies to prevent data breaches and existence of well-established cloud infrastructure in the region.

Asia-Pacific region is predicted to hold major market share with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with strong economic growth, increasing number of small and medium-sized enterprises (SMEs), favorable government laws and regulations, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the cyber security market are Symantec Co., Cisco Systems Inc., Checkpoint Software Technologies Ltd., Fortinet Inc., Samsung, Xilinx, Inc., Amazon, Inc., Kaspersky Lab, and Trend Micro, Inc.,

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