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 Industry (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Cyber Security Market size surpassed USD 150 billion in 2019 and is poised to grow at over 15% CAGR between 2020 and 2026. The industry growth is attributed to increasing demand for robust and secure networks by enterprises for safe data accessibility.
 

As enterprises are migrating their core businesses to digital platforms, the requirement for cyber security policies and initiatives to address the increasing incidents of data breaches is growing rapidly, boosting the market demand.
 

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Sharp spike in cybercrime incidents fueling the market growth

The cyber security industry landscape is characterized by 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.
 

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

In UK cyber security market, the IAAM segment is predicted to exhibit a steady growth of nearly 18% till 2026. 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.
 

In addition, the growing popularity of access management solutions among British enterprises using advanced authentication, such as biometrics and two factor authentications, is expected to proliferate the market revenue.
 

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

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In Japan, the cyber security services segment held a significant revenue share in the market with over 65% in 2019. The increasing complexities faced by Japanese enterprises in implementing network security coupled with compliance mandates, workforce mobility, and growing cyberattacks are augmenting the market demand.
 

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 segment is projected to exhibit accelerated market growth.
 

Growing attacks on major corporate establishments promoting cyber security market growth of the Canadian large enterprises segment

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The large enterprises segment in Canada dominated more than 60% market share as increased costs of cyberattacks drove the adoption of cyber security solutions among large enterprises.
 

It was estimated that in 2019, large organizations in Canada lost an average of USD 10.5 million due to cyber security breaches. The average cost of cyberattacks rose by 12% in 2019 in Canada, forcing around 88% of the large organizations to deploy cyber security policies. This has created growth opportunities for the market.
 

Mitigation of financial losses caused by cybercrimes to drive banking segment growth in Brazil

In Brazil market, the banking sector is estimated to expand at 25% CAGR through 2026 impelled by rising 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 ISTR 2018 by Symantec, Brazil stood at the eighth rank in the list of countries rated by phishing rate, where 1 in 2,117 e-mails was a phishing attack. Protection against these malicious threats is one of the biggest concerns for BFSI enterprises, driving the market size.
 

Robust history strength in the adoption of cyber security policies fueling the industry in North America

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North America held a significant portion of the global cyber security market with over 45% share in 2019 driven by early adoption of advanced internet security solutions by enterprises. Additionally, the high adoption of internet services and centrality of cyberspace at all facets of the digital world are the primary factors supporting the market growth across the region.
 

A high-level emphasis on cyber security will ensure constant monitoring and safeguarding of critical cyber assets in the region, accentuating the market share. Data breaches have gained more attention due to impact of digitization in finance, healthcare, SMEs, and other industries. This is another major factor contributing to the expanding market presence of cyber security technologies in the region.
 

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

The cyber security industry is characterized by intensified rivalry among major players and fueled by strategic partnerships & new product launches. Large enterprises are conducting acquisitions of various upcoming start-ups to diversify their product portfolios.
 

The emergence of several SMEs in the market, 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. Cyber security 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 players operating in the market are BAE Systems Plc, Check Point Software Technologies Ltd., Cisco Systems Inc., CyberArk Software Ltd., F-Secure Inc., F5 Networks Inc., FireEye Inc., Fortinet Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Intel Corporation, McAfee LLC, Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc., Proofpoint, Rapid7 Inc., RSA Security LLC, Sophos Ltd., Splunk Inc., Symantec Corporation, and Trend Micro Inc.
 

The cyber security market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026 for the following segments:

Market by Product Type

• IAAM
  • Access Management
  • Identity Access Management
• Infrastructure Protection
  • Endpoint Protection
  • Email/Web Gateway
  • SIEM
  • Vulnerability Assessment
  • Cloud Security
  • DLP
• Network Security
  • Internet Service Providers
  • VPN
  • UTM
  • Firewall
• Security Services
  • Implementation
  • Managed Security Services
  • Consulting & Training
  • Hardware Support

Market by Organization Type

• SME
• Government
• Large Enterprises

Market by Industry

• 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