Cybersecurity 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 Industry (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Norway, Ireland, Sweden, Netherlands, Australia & New Zealand (ANZ), China, India, Japan, South Korea, Philippines, Thailand, Singapore, Malaysia, Brazil, Mexico, Columbia, Argentina, Peru, UAE, Saudi Arabia, South Africa, Nigeria, Kenya, Oman), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024

Industry Trends

Cybersecurity Market size estimated at over USD 120 billion in 2017 and is anticipated to grow at a CAGR of more than 12% from 2018 to 2024.
 

U.S. Cybersecurity Market Revenue, By Product, 2017 & 2024

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Increasing incidents of cyber-attacks are fostering the cybersecurity market growth. This growth is driven by wide-spread digitalization across various business verticals. In 2017, the average number of breached records, by country, was over 20,000 with the U.S, India, and China on the top. Over the past 5 years, the average cost of cyber-attacks has increased by over 62%. Long durations required to resolve cybersecurity breaches are further driving losses due to cyber-attacks. Therefore, companies are adopting various advanced cybersecurity solutions to protect their sensitive data from unauthorized access. 
 

With the increasing adoption of IoT devices and over 3 billion end-users connected to the internet, the number of connected devices is expected to exceed over 50 billion by 2020. A majority of the IoT devices rely on the internet to communicate with other devices. Cybercriminals are using the internet to exploit IoT devices to conduct various nefarious activities. Hacktivists are developing various mobile applications to hijack various internet-connected devices. Hence, end-users and enterprises are employing various cybersecurity solutions to protect their privacy.   
 

Cybersecurity Market, By Product Type

The security services market is estimated to account for 60% of the revenue in 2017. The rising adoption of trends such as BYOD and cost-effectiveness in implementing these services is driving the growth of the cybersecurity market. With the growing popularity of cloud computing, enterprises are increasingly deploying their resource-intensive applications on cloud platforms to benefit from the associated scalability, which complements their changing resource requirements.
 

The network security market is estimated to grow at a CAGR of over 15% over the projected time period. The increasing proliferation of connected devices and IP traffic are fueling the growth of the market. In addition, the growing demand for integrated security solutions and the widespread acceptance of Software-as-a-Service (SaaS)-based network security solutions are further adding to the growth of the market.
 

Cybersecurity Market, By Organization

SMEs held more than 14% of the market in 2017. The SME market is primarily driven due to the rising cost of data breaches and cyber-attacks, especially among securities and the banking sector. In 2017, the cost of the data breaches has risen up to USD 1.5 USD million and the average number of records stolen were estimated to over 5,000 per attack. In addition, the growing adoption of trends such as BYOD to reduce the capital expenditure is fostering the SME market growth.
 

Germany Cybersecurity Market Share, By Organization, 2017

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The government cybersecurity market is predicted to grow at a CAGR of over 15% over the projected timeframe. This growth can be credited to the surge in cybercrime activities across various government establishments. Attacks on networks result in the loss of critical data and erode the trust of voters in elected government officials. Therefore, public agencies are constantly updating their security infrastructure, fueling the growth of the market.
 

Cybersecurity Market, By Industry

The banking sector is projected to grow at a CAGR of 16% over the forecast timespan. The growing number of cybersecurity compliance regulations enforced by government authorities is impacting the security market. In addition, a rise in the customer churn after the theft of sensitive information is driving the average cost of financial losses in the industry. The average cost of the data stolen is estimated to be over USD 206 per customer record. Hence, banking establishments are increasing investments in cybersecurity solutions to protect sensitive information and ensure customer trust.  

Japan Cybersecurity Market Revenue, By Industry, 2017 & 2024

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The manufacturing sector is estimated to account for over 10% of the total revenue in the market. The widespread digitalization of manufacturing & IoT and the emergence of industry 4.0 practices are making companies vulnerable to various forms of cyber-attacks. From design and supply chain to component manufacturing, assembly and shipping the end-products have become dependent on digital technologies.  Any disruption in these systems could disrupt company operations and cause significant losses. Hence, companies are deploying cybersecurity solutions.
 

Cybersecurity Market, By Region

North America has dominated the market landscape with a 40% share of the total market in 2017. This growth is driven by the presence of large players, such as AT&T, Cisco, and IBM, with their investments in cybersecurity the and acquisition of small pure security companies. From the past five years, there has been a considerable increase in the number of attacks, especially in healthcare and banking sectors, which has impacted the market revenue. Also, a rise in the penetration of smartphones and the internet has resulted in the digitalization of content, making it more vulnerable and an easy source of attacks.
 

The Asia Pacific cybersecurity market will grow at a CAGR of 20% over the projected timeline due to the increasing penetration of smartphones and other internet-enabled devices. The increasing number of internet users are also adding to the growth of the market. Favorable government policies in countries such as India and Japan have resulted in huge investments from large organizations to customize security solutions.

Competitive Market Share

The cybersecurity market is dominated by large players such as McAfee, Symantec, Palo Alto, Checkpoint, Microsoft, IBM, HP, Intel, and Cisco. Large enterprises are acquiring various upcoming start-ups to diversify their product portfolio. For instance, in March 2018, McAfee acquired TunnelBear to integrate its technologies into its VPN products. This acquisition is aimed at strengthening its product capabilities and will solidify its position in the market. Start-ups, on the other hand, are adopting the freemium model to penetrate various business verticals and increase their presence. Players in the market are developing advanced solutions to meet the evolving needs of customers.
 

Some of the prominent players present in the market include BAE Systems, Check Point Software, Cisco Systems, Inc., CyberArk Software Ltd., F-Secure Corporation, F5networks, Inc., FireEye, Inc., Fortinet, Inc., Hewlett-Packard, Ltd., IBM Corporation, Intel Corporation, McAfee LLC, Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc., Proofpoint Inc. Rapid7, RSA Security, LLC., Sophos Group plc, Splunk, Inc, Symantec Corporation, and Trend Micro, Inc.
 

Industry Background

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Cybersecurity solutions are used to protect the information and systems from unauthorized access. Cybercriminals have leveraged on automated and sophisticated digital channels to gain access to various company networks and end-user devices. The widespread adoption of digital technologies has encouraged organizations to employ various cybersecurity solutions. Moreover, the growing adoption of advanced technologies including IoT, BYOD, connected devices, cloud computing, and Artificial Intelligence (AI) in enterprises is leading industry player to employ cybersecurity solutions.

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