Cyber Security Market Size - By Product (Identity, Authentication and Access Management, Infrastructure Protection, Network Security, Security Services), By Organization (SME, Government, Large Enterprises), End-user & Global Forecast, 2023-2032

Cyber Security Industry Analysis

Cyber Security Market size exceeded USD 200 billion in 2022 and is estimated to grow at over 15% CAGR from 2023 to 2032 driven by mounting internet access across the globe. Increasing consumer inclination toward mobile and wireless gadgets is anticipated to benefit the industry growth. The increasing use of 5G technology and soaring demand for IoT devices are projected to bolster market progress. These modern technologies are more vulnerable to attacks and hence, require high levels of network security. As the global connectivity infrastructure advances quickly, businesses and consumers are embracing smart gadgets. Furthermore, the demand for cybersecurity solutions is rising with the booming digital transformation across varied industries.
 

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COVID-19 Impact

The COVID-19 outbreak impacted the operations of virtually all organizations. Cyberattacks emerged as a significant threat in the digital sphere due to the growing reliance on technology and the unpredictability of the crisis as the coronavirus pandemic destabilized the global health, economic, political, and social systems. Moreover, businesses and governments extensively adopted work-from-home policies in order to curb the spread of the pandemic, exposing more and more user data to cybercrimes. To counter these risks, companies have taken serious measures to secure their data, which is foreseen to bolster the market progress in the future.
 

Cyber Security Industry Trends

A major trend in the global cyber security market is the integration of artificial intelligence (AI) and machine learning (ML) solutions. AI and ML capabilities are being utilized to enhance detection and response against cyber threats. It enables organizations to identify and mitigate potential security breaches in real-time. Since AI is capable of analyzing large volumes of data, detecting patterns, and identifying anomalies, the technology can indicate a security breach faster. It helps to automate security processes including vulnerability assessments and patch management to minimize human error and fortifying the overall cybersecurity framework.
 

The increased emphasis on cloud-based cybersecurity solutions is another emerging trend in the industry. Many businesses are migrating their data and applications to cloud platforms, creating the need for robust protection. Cloud security products have evolved to tackle unique challenges in strengthening cloud environments. With the deployment of hybrid cloud and multi-cloud architectures, organizations need comprehensive solutions to enhance visibility, control, and threat prevention in diverse cloud platforms.
 

The introduction of containerization and serverless computing has led to the advent of novel security considerations which require the use of specialized tools and practices to safeguard cloud-native applications. While many organizations are adopting cloud computing to streamline their operations, the demand for reliable cloud security solutions will grow at a significant pace over the forecast timeframe.
 

Cyber Security Product Segmentation

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The cyber security market is divided based on product into infrastructure protection, network security, identity and access management (IAAM), and security services. The infrastructure protection segment is expected to depict more than 15% CAGR through 2032. Excessive usage of IoT devices as well as email & web-based applications makes it essential for enterprises to defend their IT infrastructure against rapidly evolving threats, which is primed to stimulate segment development in the coming years.
 

The infrastructure protection product segment is further divided into security information and event management (SIEM), endpoint protection, data loss prevention (DLP), cloud security, email/web gateway, vulnerability assessment, and others. The vulnerability assessment infrastructure protection segment held over 20% of the market share in 2022. Companies are opting for regular vulnerability assessments as a strategy to safeguard IT assets, keep up with the environment's weaknesses, and react promptly to any attacks.  These systems give businesses the information and risk background they need to recognize internet-based hazards and respond suitably.
 

Cyber Security by Organization Segmentation

The market is classified based on organization into SME, government, and large enterprises. The cyber security market revenue from government organizations is poised to register around 15% CAGR between 2023 and 2032. Government representatives are urging public sector agencies to integrate cyber security tools to protect their network architecture.
 

Cyber Security End-Use Segmentation

In terms of end-user, the manufacturing segment captured over 10% market share in 2022 and is slated to observe notable progression by 2032 on account of the surging prominence of Industry 4.0 in the manufacturing sector. Manufacturers are investing in innovation and leveraging cutting-edge automation, AI, and hyper-connected infrastructure technology to compete in a global market, which makes them susceptible to cybercrimes. To reduce these risks to manufacturing, IT teams and security experts in the sector are implementing cybersecurity solutions.
 

Cyber Security Regional Analysis

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The Asia Pacific cyber security market revenue is forecast to grow at more than 20% CAGR from 2023 to 2032. This growth is attributed to the rapid industrial digitalization in the region since it is emerging as a highly advanced digital hub for global trade, commerce, and transportation. There are significant concerns about the consequences for security resulting from the proliferation of smart devices in APAC, which is likely to fuel regional market growth.
 

Cyber Security Industry Leaders

The cyber security market comprises several prominent enterprises viz., BAE Systems, Inc., Cisco Systems, Inc., Dell Technologies Inc., Palo Alto Networks, Inc., DXC Technology Company, F5, Inc., Fortinet, Inc., IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, and others. These firms are developing advanced cybersecurity solutions through collaboration to extend their consumer reach. For instance, in March 2022, ConnectWise, a software provider, partnered with tech leader Intel to improve cyber security by incorporating Intel's TDT technology in its remote monitoring and management software, which enables it to recognize and address security incidents.
 

This market research report on cyber security includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2018 to 2032, for the following segments:

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Market Analysis, By Product

• 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)
  • Others
• Network Security
  • Internet Service Providers
  • Virtual Private Network (VPN)
  • Unified Threat Management (UTM)
  • Firewall
• Security Services
  • Implementation
  • Managed Security Services
  • Consulting & Training
  • Hardware Support
  • Others

Market Analysis, By Organization

• SME
• Government
• Large Enterprises

Market Analysis, By End-user

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

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