Cyber Security Market Size By Product Type (Identity, Authentication and Access Management (IAAM) [Access Management, Identify Access Management], Infrastructure Protection [Endpoint Protection, Email/Web Gateway, Security Information and Event Management (SIEM), Vulnerability Management, Cloud Security, Data Loss Prevention (DLP)], Network Security [Internet Service Provider Equipment, Virtual Private Network (VPN), Unified Threat Management (UTM), Firewall], Security Services [Implementation, Managed Security Services, Consultancy & Training, Hardware Support]), By Organization (SME, Government, Large Enterprises), By End-user (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027

Industry Trends

Cyber Security Market size exceeded USD 170 billion in 2020 and is estimated to grow at over 10% CAGR between 2021 and 2027. Increasing demand for robust and secure networks by enterprises for safe data accessibility is likely to drive the industry growth. As enterprises are migrating their core businesses to digital platforms, the requirement for cybersecurity policies and initiatives to address the increasing incidents of data breaches is growing rapidly.
 

Get more details on this report - Request Free Sample PDF
 

The cyber security market landscape is characterized by the increasing adoption of security software and solutions across various industry verticals to address the growing threat caused by cyberattacks. Different forms of cybercrimes, such as hacking and phishing, have increased rapidly, especially after the increasing use of internet during the COVID-19 quarantine phase. This has led to business interruptions and financial losses around the world. For instance, in April 2021, McAfee reported a 240% increase in cybercrime detection in Q4 2020 compared to Q3 2020. Such incidents have strengthened the market demand for cybersecurity tools globally.
 

Get more details on this report - Request Free Sample PDF
 

Role-based user control spurring market growth of the IAAM segment in Germany

Get more details on this report - Request Free Sample PDF
 

In Germany, the IAAM segment is predicted to generate around USD 900 million in revenue by 2027. IAAM tools deliver role-based access control, allowing system administrators to regulate access to networks or systems based on the role of employees in the organization. Moreover, the growing popularity of access management solutions among German enterprises using advanced authentication, such as biometrics and two factor authentications, is expected to proliferate market demand.
 

Growing market share of security services in China for combating evolving cyberthreats

The managed cybersecurity services in China are set to hold a significant share with more than USD 3 billion by 2022. The increasing complexities faced by Chinese enterprises in implementing network security coupled with compliance mandates, workforce mobility, and growing cyberattacks are augmenting market revenue. Managed security services ensure effective management of endpoint security applications deployed over cloud networks. As Japanese enterprises are showing inclination toward Security-as-a-Service (SaaS) models, the managed services market is poised to exhibit accelerated growth.
 

Growing attacks on major corporate establishments promoting the Canadian large enterprises market growth

Get more details on this report - Request Free Sample PDF
 

In Canada, the large enterprises segment accounted for above 60% of the cyber security market share in 2020 as increased costs of cyberattacks drove the adoption of cybersecurity solutions among large enterprises. It was estimated that in 2020, large organizations in Canada experienced over 4,000 ransomware incidents. Canada reported the third highest average cost of cyberattacks in 2020, with an average cost of data breach reaching USD 4.5 million. This forced nearly 85% of the large organizations to deploy cybersecurity policies, creating new market opportunities.
 

Mitigation of financial losses caused by cybercrimes to drive Brazil banking market

The banking end use segment in Brazil is forecast to register growth rate of about 20% through 2027 owing the proliferation of cyberattacks on Brazilian banking institutions. The impact of these cyber breaches is not limited to financial losses, and such attacks also erode substantial market value and cause irreparable damage to the reputation of an organization.
 

According to the March 2021 press release by Kaspersky, Brazil was the world leader in phishing attacks, with phishing attacks on mobile devices booming by 120% between Q3 andQ4 2020. Protection against these malicious threats is one of the biggest concerns for BFSI enterprises, driving the demand for cybersecurity solutions.
 

Robust history strength in the usage of cybersecurity policies fueling the North America market

Get more details on this report - Request Free Sample PDF
 

North America captured nearly 45% of the cyber security market share in 2020 propelled by the early adoption of advanced internet security solutions by enterprises. Additionally, the high acceptance of internet services and the centrality of cyberspace at all facets of the digital world are the primary factors supporting the regional market statistics. A high-level emphasis on cybersecurity will ensure constant monitoring and safeguarding of critical cyber assets in the region.
 

Data breaches have gained more attention due to the impact of digitization in finance, healthcare, SMEs, and other industries. This is another major factor contributing to the expanding market presence of cybersecurity technologies.
 

Launch of innovative solutions and strategic acquisitions to gain a competitive edge

The global cyber security market is characterized by intensified rivalry among major players and impelled by strategic partnerships & new product launches. In May 2021, more than 35 major acquisitions were announced, including key players such as Imperva, Accenture, Cisco, HelpSystems, Splunk, Twilio, and Zscaler. For instance, in May 2021, Cisco acquired Kenna Security, a vulnerability management firm. Through the acquisition, Cisco aims to unify all critical points in a single platform and prioritize vulnerabilities based on Kenna’s robust risk methodology.
 

The emergence of several SMEs, such as Argus, Checkr, Cloudknox, and DarkTrace, has exerted immense strain on established players to continuously launch new products with added functionalities to maintain revenue share and profitability. Cybersecurity start-ups are adopting the freemium model to penetrate various business verticals to increase their market presence, offering stiff competition to major industry rivals.
 

Some of the key cyber security market players are Avast PLC, BAE Systems, Booz Allen Hamilton, Inc., Check Point Software Technologies Ltd., Cisco Systems, Inc., CyberArk Software Ltd., Dell Technologies Inc., DXC Technology Company, F5, Inc., FireEye, Inc., Fortinet, Inc., General Dynamics Corporation, Hewlett Packard Enterprise Company (HPE), IBM Corporation, Intel Corporation, Lockheed Martin Corporation, McAfee LLC, Microsoft Corporation, Northrop Grumman Corporation, NortonLifeLock Inc. (Symantec), Oracle Corporation, Palo Alto Networks, Inc., Proofpoint, Inc., Rapid7 Inc., Raytheon Technologies Corporation, RSA Security LLC, Sophos Group PLC, Splunk Inc., The Boeing Company, and Trend Micro Inc.
 

The market research report on cybersecurity includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:
 

Market, By Product Type

• Identity and Access Management
  • Access Management
  • Identity Access Management
• Infrastructure Protection
  • Endpoint Protection
  • Email/Web Gateway
  • Security Information and Event Management (SIEM)
  • Vulnerability Assessment
  • Cloud Security
  • Data Loss Prevention (DLP)
• Network Security
  • Internet Service Providers
  • Virtual Private Network (VPN)
  • Unified Threat Management (UTM)
  • Firewall
• Security Services
  • Implementation
  • Managed Security Services
  • Consulting & Training
  • Hardware Support

Market, By Organization Type

• SME
• Government
• Large Enterprises

Market, By End-user

• Banking
• Government
• Manufacturing
• Transportation
• IT & Telecom
• Insurance
• Securities

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Norway
  • Ireland
  • Netherlands
  • Sweden
• Asia Pacific
  • India
  • Japan
  • China
  • South Korea
  • ANZ
  • Malaysia
  • Singapore
  • Thailand
  • Philippines
• Latin America
  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
• Middle East & Africa
  • UAE
  • South Africa
  • Saudi Arabia
  • Nigeria
  • Kenya
  • Oman