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2022

Cyber Security Market

Cyber Security Market Size, Share, Competitive Landscape and Trend Analysis Report by Component (Solution and Service), Solution (Identity & Access Management, Infrastructure Security, Governance Risk & Compliance, Unified Vulnerability Management Service Offering, Data Security & Privacy Service Offering, and Others), Deployment Model (Cloud and On-Premise), Enterprise Size (Large Enterprises and SMEs), and Industry Vertical (Telecom, Automotive, BFSI, Public Sector, Retail, Healthcare, IT, Energy & Utilities, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

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Author's: Pramod Borasi| Shadaab Khan| Beesetty Yogendra | Vineet Kumar
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Cyber Security Market Statistics: 2030

The global cyber security market size was valued at $197.36 billion in 2020, and is projected to reach $478.68 billion by 2030, growing at a CAGR of 9.5% from 2021 to 2030. Safeguarding devices connected to the internet that protect from various threats in the cyberspace are referred to as cyber security. It entails safeguarding software, data, and hardware while also assisting in the prevention of fraudsters getting access to devices or networks. To protect their data, cash, and intellectual property, businesses require cyber security. Individuals require it for similar reasons, while intellectual property is less of a concern and the risk of losing vital information, such as family pictures, is greater. When it comes to public services or governmental entities, cyber security ensures that the public may continue to rely on their services.

Cyber-Security-Market

Rise in malware and phishing threats among enterprises and increase in adoption of IoT and BYOD trend are boosting the growth of the cyber security market. In addition, surge in demand for cloud-based cyber security solutions positively impacts the growth of the market. However, budget constraints among organizations and complexities of device security hamper the market growth. On the contrary, increase in adoption of mobile device applications and platforms, need for strong authentication methods, and transformation in traditional antivirus software industry are expected to offer remunerative opportunities for expansion of the market during the forecast period.

In terms of component, solution segment holds the largest share of the cyber security market. As a critical component of modern-day corporate IT infrastructure, software-based cyber security solutions assist organizations in controlling precise log-in network traffic roadmaps that specify what flows in and out of the network. However, the services segment is expected to grow at the highest rate during the forecast period, owing to rise in COVID-19 pandemic which increased the demand for aiding employees working remotely to be able to access their work network more securely and conveniently. 

Region wise, the cyber security market was dominated by North America in 2020 and is expected to retain its position during the forecast period, owing to abundance of cyber security solutions vendors such as Microsoft Corporation, Palo Alto Networks, Cisco Systems, Inc., and others, aiding the growth of the cyber security market. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to increase in technological investments in sectors such as cloud and digital technologies.

The report focuses on growth prospects, restraints, and analysis of the global cyber security market trends. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global cyber security market share.

Segment Review

The global cyber security market is segmented on the basis of component, solution, deployment model, enterprise size, industry vertical, and region. Depending on component, the market is bifurcated into solution and services. On the basis of solution, the market is fragmented into identity & access management, infrastructure security, governance, risk, & compliance, unified vulnerability management service offering, data security & privacy service offering, and others. By deployment model, it is segregated into cloud and on-premises. As per enterprise size, it is classified into large enterprises and SMEs. In terms of industry vertical, it is differentiated into telecom, automotive, BFSI, public sector, retail, healthcare, IT, energy and utilities, manufacturing, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Some of the key players operating in the global cyber security market analysis include Accenture, Broadcom Inc., Capgemini, Cognizant, F5 Networks Inc., FireEye Inc., HCL Technologies Limited, IBM Corporation, Infosys Limited, L&T Technology Services Limited, PwC International Limited Broadcom Inc., Tata Consultancy Services, Tech Mahindra Limited, and Wipro Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the cyber security industry.

Cyber Security Market
By Component
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Solution segment is projected as one of the most lucrative segments.

Top Impacting Factors

Rise in Malware and Phishing Threats Among Enterprises

Malware, such as viruses and Trojans, has substantially expanded its ability to enter, control, and harm whole electronic information networks. Malware is frequently used by cyber criminals to obtain control of devices or equipment in order to make money. This is done so that the machine may be immediately used to undertake fraudulent transactions or criminal operations. 

Furthermore, because to the criticality of data created in these businesses, industries such as BFSI, healthcare, and government are particularly exposed to such assaults. As a result, an increase in the risk of malware and phishing attacks is a major element driving the cybersecurity market forward. Furthermore, during the COVID-19 pandemic, the incidence of malware attacks on major businesses' databases has increased, necessitating the need to tighten data base security, driving the worldwide cybersecurity industry. 

Cyber Security Market
By Industry Vertical
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BFSI segment is projected as one of the most lucrative segments.

Furthermore, market vendors are coming up with innovative solutions to combat against such malware and phishing attacks, thereby driving growth of the global market. For instance, in March 2021, Tech Mahindra announced the launch of a new cloud security offering called ‘CLOUDEFENDER.’ It is a cloud-based attack mitigation service. The solution is powered by cybersecurity and application delivery solutions provider Radware and is an expansion of Tech Mahindra’s global partnership with the company to provide a full suite of cloud-based cyber security services. 

Increase in Adoption of IoT and BYOD Trend

Devices and applications have become more vulnerable to advanced persistent threats (APTs) as a result of the growing IoT and BYOD trend among businesses. Furthermore, as the number of mobile devices within enterprises grows, IT staff will find it more challenging to control and trace data flow in diverse systems. As a result, businesses are using cybersecurity systems to secure sensitive data by monitoring, classifying, and resolving various types of threats, fueling market growth. For instance, according to a report in 2021, cyber criminals have manipulated the COVID-19 crisis to launch 667% more phishing attacks and are actively trying to take advantage of security vulnerabilities, which, in turn, augments the growth of the cybersecurity market. Moreover, over 15% of employees accessed sensitive data from non-work devices in 2020. In addition, many businesses are aware that BYOD’s benefits in the workplace far outweigh any potential risks. Potential security threats can be neutralized in most situations. There are many benefits of having a BYOD policy, increased productivity, employee satisfaction and reduced company costs; thus, increasing the adoption of cybersecurity.

Impact of Russia-Ukraine War on Cybersecurity

The Russia-Ukraine war has had a significant impact on cybersecurity, both regionally and globally. The conflict has witnessed a surge in cyber-attacks targeting critical infrastructure, government institutions, and private organizations. These attacks involve various techniques such as phishing, malware distribution, DDoS attacks, and intrusion attempts. In addition, the war has also seen an alarming rise in attacks targeting critical infrastructure, including energy grids, water supplies, and transportation systems. Such attacks disrupt essential services and have severe economic and humanitarian consequences. This has highlighted the vulnerability of critical infrastructure to cyber threats during times of geopolitical tension. Furthermore, the impact of the Russia-Ukraine war on cybersecurity extends beyond the region. The techniques and tools used in this conflict can be adopted by other nations and non-state actors, potentially leading to an increase in cyber-attacks worldwide. This in turn is driving the demand for cyber security solutions for addressing cyber threats in cyberspace. Overall, the Russia-Ukraine war has had a profound impact on cybersecurity, with increased cyber-attacks targeting of critical infrastructure, the spread of disinformation, and international implications. It emphasizes the need for robust cybersecurity measures, cooperation, and collective efforts to combat evolving cyber threats. Moreover, the war has underscored the importance of robust cybersecurity measures and defense mechanisms. Governments, organizations, and individuals have become more aware of the need for comprehensive security strategies, including threat intelligence, incident response plans, and employee awareness training.

Cyber Security Market
By Region
2030
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific would exhibit the highest CAGR of 11.0% during 2021-2030.

Key Benefits For Stakeholders     

  • The study provides an in-depth analysis of the global cyber security market forecast along with current & future trends to explain the imminent investment pockets.
  • Information about key drivers, restraints, & opportunities and their impact analysis on global cyber security market trends is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the cyber security market from 2021 to 2030 is provided to determine the market potential.

Cyber Security Market Report Highlights

Aspects Details
Cyber Security Market By Component
By Component
  • Solution
  • Service
Cyber Security Market By Solution
By Solution
  • Identity & Access Management
  • Infrastructure Security
  • Governance Risk & Compliance
  • Unified Vulnerability Management Service Offering
  • Data Security & Privacy Service Offering
  • Others
Cyber Security Market By Deployment Model
By Deployment Model
  • Cloud
  • On-premise
Cyber Security Market By Enterprise Size
By Enterprise Size
  • Large Enterprises
  • SMEs
Cyber Security Market By Industry Vertical
By Industry Vertical
  • Telecom
  • Automotive
  • BFSI
  • Public Sector
  • Retail
  • Healthcare
  • IT
  • Energy & Utilities
  • Manufacturing
  • Others
Cyber Security Market By Region
By Region
  • North America  (U.S., Canada)
  • Europe   (UK, Germany, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific   (China, India, Japan, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Cyber Security Market By Key Market Players
By Key Market Players
  • Accenture
  • Broadcom Inc.
  • Capgemini
  • Cognizant
  • F5 Networks Inc.
  • FireEye Inc.
  • HCL Technologies Limited
  • IBM Corporation
  • Infosys Limited
  • L&T Technology Services Limited
  • PwC International Limited Broadcom Inc.
  • Tata Consultancy Services
  • Tech Mahindra Limited
  • Wipro Limited

Analyst Review

According to insights of the CXOs of leading companies, the software industry is the major consumer of cybersecurity solutions. In the present corporate environment, both developed and emerging areas have seen an increase in the usage of this technology. In order to provide unique and contemporary security products to clients, businesses use effective strategies. Increased awareness among enterprises of all kinds when it comes to securing their information as well as an increase in ransom-ware assaults among small businesses, charities, and government agencies, are developing trends in the cybersecurity sector. As a result, every firm is increasing their expenditure in order to preserve their sensitive and critical data.

Key providers of cyber security market such as HCL Technologies Limited, IBM Corporation, and Infosys Limited account for a significant share in the market. With the larger requirement from cyber security, various companies are establishing partnerships to increase the cyber security capabilities. For instance, in November 2021, Cybellum, a leading automotive cybersecurity threat and risk assessment solution provider, announced strategic partnership with HCL Technologies (HCL), a leading global technology company. As part of this partnership, HCL will deploy a scaled delivery model of the Cybellum Cyber Digital Twins platform with associated services to manufacturers and suppliers. This model will deliver a comprehensive solution for risk assessment, automated vulnerability management, compliance to regulatory requirements and continual monitoring of emerging cyber threats.

In addition, with the increase in demand for cyber security services, various companies are expanding their current services to continue with the rise in demand. For instance, in August 2021, IBM Security announced the launch of a new Secure Access Service Edge (SASE) service designed to help accelerate organizations' adoption of cloud-delivered security at the edge, closer to the users and devices that access corporate resources. The new services combine expertise and methods from IBM Security with technology from Zscaler, to help deliver a fully managed transformation to a cloud-based SASE architecture, a key element of a zero trust security posture.

Moreover, market players are expanding their business operations and customers by increasing their acquisition. For instance, in December 2021, Capgemini announced the completion of acquisition of VariQ. This provider of Software Development, Cybersecurity, and Cloud services for federal government departments and agencies across the U.S. will be integrated into Capgemini Government Solutions LLC, Capgemini’s independent operating division working with the U.S. government agencies. This acquisition will strengthen the company’s position in the federal market and build momentum for continued growth. 

Author Name(s) : Pramod Borasi| Shadaab Khan| Beesetty Yogendra | Vineet Kumar

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Cyber Security Market

Global Opportunity Analysis and Industry Forecast, 2021-2030