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, COVID19 Impact Analysis, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Cyber Security Market size exceeded USD 150 billion in 2019 and it is estimated to grow at over 15% CAGR between 2020 and 2026. Increasing demand for robust and secure networks by enterprises for safe data accessibility is likely to fuel the industry demand.
 

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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.
 

Sharp spike in cybercrime incidents augmenting cybersecurity demand

The cyber security market 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 across the world. In April 2020, Check Point Technologies Ltd. reported a 700% increase in cybercrimes during the coronavirus outbreak. Such incidents have strengthened the market demand for cybersecurity tools globally.
 

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

In the UK, the IAAM segment is estimated to exhibit a steady growth with a CAGR of nearly 18% through 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. Additionally, the growing popularity of access management solutions among British enterprises using advanced authentication, such as biometrics and two factor authentications, is expected to proliferate market demand.
 

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

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Cybersecurity services in Japan captured around 65% of the market revenue share in 2019. The increasing complexities faced by Japanese enterprises in implementing network security coupled with compliance mandates, workforce mobility, and growing cyberattacks are driving market expansion. 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 projected to exhibit accelerated growth till 2026.
 

Growing attacks on major corporate establishments promoting adoption in large enterprises in Canada

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In Canada, the large enterprises segment accounted for more than 60% of the cyber security market share as increased costs of cyberattacks drove the adoption of cybersecurity solutions among large enterprises. It was estimated that in 2019, large organizations in Canada lost an average of USD 10.5 million due to cybersecurity breaches. The average cost of cyberattacks rose by 12% in 2019 in Canada, forcing about 88% of the large organizations to deploy cybersecurity policies.
 

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

The banking segment in Brazil is poised to witness 25% CAGR till 2026 led by the 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.
 

Robust history strength in the adoption of cybersecurity policies fostering the industry in North America

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North America cyber security market held a significant share with above 45% in 2019. Early adoption of advanced internet security solutions by enterprises is likely to spur the regional market demand. Moreover, the high acceptance of internet services and the centrality of cyberspace at all facets of the digital world are the primary factors supporting market growth in the region. A high-level emphasis on cybersecurity will ensure constant monitoring and safeguarding of critical cyber assets.
 

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 in the region.
 

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 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. 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 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.
 

This market research report on cybersecurity 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