The size of the cyber security market was USD 218.00 billion in 2021, and it is anticipated to grow in value at a CAGR of 9.5%. During the forecast period, market revenue growth is anticipated to be driven by increased e-commerce sector growth, increased adoption of Internet of Things (IoT) and Bring Your Own Device trends, increased demand for cloud-based cybersecurity solutions, and an increase in the number of supply chain-based attacks harming the software supply chain.
Over the projection period, the cloud-based category is anticipated to increase at a rate greater than 10%. The rapid growth can be linked to the expansion of cloud computing infrastructure deployment and the enterprise transfer of on-premises solutions to the cloud. Additionally, cloud-based security solutions are simple, affordable, and quick to administer as well as upgrade, which is a key factor anticipated to support market expansion. Cloud deployment also makes it possible to access solutions remotely from different devices, which is projected to further accelerate the segment’s growth.
The COVID-19 pandemic had a significant impact on both consumers and providers’ general behavior. Global company growth has been adversely impacted by the temporary shutdown of manufacturing facilities, job shortages, a lack of resources, data breaches, and a weak supply chain. Around the world, many small and medium-sized enterprises experienced both permanent and temporary closures. According to a 2020 NBER study, 43% of respondents in the U.S. said that small and medium-sized enterprises had temporarily closed their doors. The epidemic affected new businesses and small businesses throughout. This has had a big impact on how much demand there is for internet security products and services.
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Some Key Highlights From the Reports:
Restraint: Budgetary Constraints Among Small And Emerging Startups In Developing Economies
Budgets set aside to meet cybersecurity needs are not keeping up with the growth of those needs. Most small businesses lack the resources and IT security knowledge necessary to implement improved cybersecurity solutions that will protect their networks and IT infrastructures from a variety of cyberattacks. For certain small and medium-sized businesses, the lack of capital finance can be a significant barrier to adopting the cybersecurity approach.
Competitive Landscape:
International Business Machine (IBM) Corporation, Cisco Systems, Inc., Amazon Web Services, Microsoft Corporation, Forcepoint, Fortinet, Inc., CyberArk Software Ltd., Oracle Corporation, Check Point Software Technologies Ltd., Splunk, Inc., Sophos Plc., and Micro Focus International Plc.
Opportunity: Increase In The Need For Cloud-Based Cybersecurity Solutions
The widespread adoption of the cloud computing concept is a result of its robust and adaptable infrastructure. Many businesses are switching to cloud solutions because they make data storage easier and because they give users access to limitless computing capacity through remote servers accessible over the internet. Because it offers extremely difficult analytics that operates in the background, the adoption of cloud-based models enables enterprises to manage all the apps.
By component, the services segment is expected to grow at a higher CAGR
The cybersecurity market is divided into hardware, software, and services based on its parts. Different suppliers provide cybersecurity technology as a platform or solution that is integrated with an organization’s current infrastructure. Additionally, vendors provide services and hardware for cybersecurity that aid businesses in integrating the necessary solution into their existing infrastructure. Numerous advancements in cybersecurity software and associated hardware development kits have been seen in recent years.
Deployment type Outlook (Revenue, USD Million; 2019–2030)
- Cloud
- On-Premises
Security type Outlook (Revenue, USD Million; 2019–2030)
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Others
Component Outlook (Revenue, USD Million; 2019–2030)
- Solution
- Identity and Access Management (IAM)
- Risk and Compliance Management
- Encryption
- Web Filtering
- Others (Application Whitelisting and Patch Management)
- Services
- Professional Services
- Design and Implementation
- Risk and Threat Assessment
- Consulting
- Training and Education
- Support and Maintenance
- Managed Services
Organization size (Revenue, USD Million; 2019–2030)
- Large Enterprises
- Small and Medium-Sized Enterprises
Industry vertical Outlook (Revenue, USD; 2018-2026)
- Aerospace and Defense
- Government
- Banking, Financial Services, and Insurance (BFSI)
- Manufacturing
- Energy and Utilities
- Others (Education, Media And Entertainment, and Transportation and Logistics)
Regional Outlook (Revenue, USD Million; 2019–2030)
- North America
- Europe
- the Asia Pacific
- RoW
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