Market Size
The Global Cybersecurity Market reached USD 164 billion in 2023 and is projected to witness lucrative growth by reaching up to USD 201 billion by 2031. The market is growing at a CAGR of 11.3% during the forecast period 2024-2031. In today's technologically advanced world, the global cybersecurity market is crucial in safeguarding businesses, organizations, and individuals against cyber threats and attacks.
With the constant evolution and sophistication of cyber threats, the market opportunities for robust cybersecurity solutions have skyrocketed. The global cybersecurity market has witnessed several notable trends that have shaped its growth and trajectory.
Government agencies, businesses, and individuals increasingly recognize cybersecurity's importance as cyber threats become more prevalent and severe. As per sources, the cloud security segment occupies almost 16% of the market share of the type segment. Further, North America dominates the market with nearly 22% market share.
Market Summary
| Metrics | Details |
| CAGR | 11.3% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (USD ) |
| Segments Covered | Solution, Type, Industrial Sector, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Government Policies And Regulations That Require Companies To Maintain Certain Cybersecurity Standards
One major driver in the global cybersecurity market is government policies and regulations that require companies to maintain certain cybersecurity standards. For example, the European Union's General Data Protection Regulation (GDPR) requires companies to implement appropriate security measures to protect the personal data of EU citizens. According to the U.S. Department of Homeland Security, the global cybersecurity market is expected to reach USD 300 billion by 2024.
This growth can be attributed to various factors, including the increasing frequency and sophistication of cyber attacks, the increasing adoption of cloud computing, and the growing number of connected devices. Various governments and organizations have launched initiatives and products to enhance cybersecurity in response to the growing cybersecurity threat. For example, in 2018, the U.S. Department of Defense launched its Cybersecurity Maturity Model Certification (CMMC) program, which requires all defense contractors to obtain a certification to prove that they have appropriate cybersecurity controls.
Lack Of Awareness And Skilled Workforce
In an increasingly digitized world, the importance of cybersecurity cannot be overstated. With the rapid growth of technology and the internet, cyber threats have become a significant concern for individuals, businesses, and governments worldwide. A major restraints in the global cybersecurity market are the lack of awareness and a shortage of skilled professionals.
According to the International Telecommunication Union (ITU) report, approximately 80% of countries lack an adequate cybersecurity strategy. Moreover, the report highlights a significant global shortage of skilled cybersecurity professionals, with an estimated gap of 3.5 billion professionals by 2021. The respective shortage and lack of awareness hamper organizations' and countries’ ability to address cyber threats, leaving them vulnerable to attacks effectively.
Market Segment Analysis
The Global Cyber Security Market is segmented based on solution, type, industrial sector and region.
Growing Adoption Of Cloud-Based Technologies By Businesses Across Various Industries
Cloud security has become an increasingly crucial aspect of cybersecurity, and its dominance in the global market can be attributed to several factors. One of the main reasons for this is businesses' growing adoption of cloud-based technologies across various industries. As more and more companies are moving their data and applications to the cloud, the need for robust security measures has become more important than ever before.
According to a report published by the U.S. National Institute of Standards and Technology (NIST), cloud computing has become an essential part of modern IT infrastructure, with an estimated 83% of all enterprise workloads expected to be cloud-based by 2020. Additionally, the report states that cloud computing provides several benefits, such as cost savings, scalability, and flexibility, but also raises significant security concerns.
Thus, the growing adoption of cloud-based technologies by businesses across various industries contributes to the growth of cloud security in the global cybersecurity market.
Market Geographical Share
North America’s High Adoption Of Advanced Technologies And Strong Cybersecurity Regulations
The North American region has dominated the global cybersecurity market in recent years, primarily due to the high adoption of advanced technologies, strong cybersecurity regulations, and growing awareness among businesses about the importance of cybersecurity. According to the U.S. Department of Homeland Security, cyberattacks on U.S. federal agencies increased by 400% in 2020, highlighting the need for robust cybersecurity measures.
The U.S. government has been taking proactive measures to combat cyber threats and has launched several initiatives to strengthen its cybersecurity infrastructure. In May 2021, President Biden signed an Executive Order on Improving the Nation’s Cybersecurity to modernize the federal government’s cybersecurity and improve information-sharing between the government and the private sector.
In addition to government initiatives, several North American companies have launched innovative products to strengthen cybersecurity measures. For instance, Cisco, a leading technology company, launched its SecureX platform in 2020, which provides an integrated security platform for threat detection and response.
Market Companies
The major global players include Check Point Software Technologies, Fire Eye Inc., Intel Security, Cisco Systems, Inc., IBM Corporation, Symantec Corporation, Dell Technologies. Inc., Cyber Ark Software, Inc., Palo Alto Group and Herjavec Group.
Key Developments
- In March 2020, Microsoft, a U.S.-based software firm, launched Microsoft Defender for Endpoint. This unified endpoint security platform provides advanced threat protection, automated investigation and response, and endpoint detection and response (EDR) capabilities. The solution helps organizations to detect, investigate, and respond to advanced threats across their endpoints.
- In June 2020, Cisco, a U.S.-based multinational digital communications brand, launched Cisco SecureX, an integrated security platform that provides visibility, automation, and orchestration across an organization's security infrastructure. The solution enables security teams to streamline their operations, detect and respond to threats, and automate incident response workflows.
- McAfee launched the McAfee MVISION Cloud Native Application Protection Platform in November 2020. The respective application is a cloud-native security platform that provides continuous security for containerized applications. The solution leverages behavioral analytics, machine learning, and automation to detect and respond to threats in real time.
Why Purchase the Report?
- To visualize the global cyber security market segmentation based on type, solution, industrial sector and region and understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous cyber security market-level data points with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping is available as Excel consisting of key products of all the major players.
The Global Cyber Security Market Report Would Provide Approximately 61 Tables, 69 Figures And 167 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
