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, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024
Published Date: Jan 2019 | Report ID: GMI3078 | Authors: Ankita Bhutani, Preeti Wadhwani
Cybersecurity Market size estimated at over USD 120 billion in 2017 and is anticipated to grow at a CAGR of more than 12% to 2024.
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The enterprises across various sectors are transforming their businesses into a cloud platform due to the rising internet penetration, proliferation of smart devices, and the growing BYOD trends. The increasing digitization is exposing enterprises to cyberthreats. The growing cybercrimes, deployment of unprotected IoT devices, and more sophisticated cyberattacks on governments, businesses, educational institutions, and consumers are globally driving the market growth. The heavy investments of enterprises in cyber security solutions to reduce monetary & non-monetary losses, such as decreasing customer loyalty, will contribute to the cybersecurity market growth.
The unprotected IoT devices enabled with IP sensors are expected to increase vulnerabilities to organizational and user data. Additionally, the rise in the use of cloud-based services and third-party storage is expected to create new avenues for cyberattacks. These services are creating a connected business environment, resulting in an increasing need for robust cybersecurity solutions in the business environment. The integration of advanced technologies, such as AI, machine learning, and deep learning in cybersecurity solutions, to enhance end-point security solutions and cloud storage security will further drive market growth.
|Base Year:||2017||Market Size in 2017:||120 Billion (USD)|
|Historical Data for:||2013 to 2017||Forecast Period:||2018 to 2024|
|Forecast Period 2018 to 2024 CAGR:||12%||2024 Value Projection:||300 Billion (USD)|
|Pages:||421||Tables, Charts & Figures:||680|
|Geographies covered (31):||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)|
|Segments covered:||Product Type, Organization, Industry and Region|
|Companies covered (22):||BAE Systems, Check Point Software Technologies, Inc., Cisco Systems, Inc., CyberArk, F, Networks, FireEye, Fortinet, F-Secure, HP, IBM Corporation, Intel, McAfee, Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc., Proofpoint, Inc., Rapid, RSA Security (DEII), Sophos Group, plc, Splunk, Inc., Symantec Corporation, Trend Micro, Inc.|
|Pitfalls & Challenges:||
By Product Type
The security services segment is estimated to hold more than 60% in 2017 and is estimated to dominate the cybersecurity market share over the forecast period. The market growth is attributed to the growing deployment of cybersecurity solutions in enterprises to reduce risks of cyberattacks. Due to the increasing instances of malware attacks on government & corporate networks, awareness regarding IT network security with the latest and robust network monitoring & antivirus solutions has increased considerably. Additionally, network security solution providers, including AT&T, FireEye, Verizon, IBM, Fortinet, and Optiv, in partnership with cloud service providers, such as Microsoft, Amazon, and Rackspace, are developing new solutions to help organizations address network threat challenges.
The government cybersecurity market is estimated to grow at a CAGR of over 15% over the forecast timeline due to the rapid increase in cybercrime activities across various government establishments to steal sensitive information. For instance, in March 2019, Cyber espionage group, Elfin, targeted the government and industry digital infrastructure in Saudi Arabia and the U.S. Attacks on government networks have resulted in the loss of critical data and deprived citizens’ access to various critical services. The average cost of cyber-attacks increased to over USD 5 million in 2017 with system downtime and loss of productivity accounting for the majority of the cost. These unexpected expenses take a toll on government budgets. This is driving the adoption of cybersecurity solutions in the government sector.
Thailand Cyber Security Market Share, By Organization, 2017
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The insurance sector is estimated to grow at the highest CAGR over the forecast timeline due to the proliferation of smart devices, growing adoption of digital analytics, and digital payment platforms among enterprises in the insurance sector. The enterprises in the region are implementing new business models to drive the insurance industry growth expansively across geographical, operational, and technical platforms to reach customers and meet their evolving needs. This is exposing companies to various forms of cyber risks, resulting in the expansion of the market.
Japan Cybersecurity Industry 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 enterprises in the sector are increasingly adopting Industry4.0 to enhance productivity and reduce operational time & cost. This growing adoption of cloud-based services and unprotected IoT devices is increasing the risks of cyberattacks in the sector. The rise in the demand for the safety of organizational data such as product design on a cloud-based platform is expected to increase the investments in cybersecurity solutions.
North America held the largest market share in 2017 and is anticipated to dominate the market share over the forecast timeline. The market growth is attributed to the presence of prominent cybersecurity market players such as Cisco, IBM, and Symantec in the region. The enterprises present in the region are highly digitized and are investing heftily in cyber security solutions to reduce the risks of cyberattacks. The recent rise in the loss of revenue across various organizations related to cyberattacks in the region is further proliferating the market growth. For instance, in May 2018, according to the FBI, victim losses due to cyberattacks in the U.S. are estimated to be over USD 1.4 billion in 2017.
The Asia Pacific cybersecurity market will grow at a CAGR of 20% over the projected timeline due to the rising internet penetration of smart devices and the growing adoption of IoT devices in several organizations. The increasing number of internet users in the region is contributing to market growth. The stringent government regulations in the region to tighten the cybersecurity solutions in organizations to protect organizational and personal data. For instance, in February 2018, the Singapore government passed Cybersecurity Act 2018, which came into force on 31 August 2018, creating a regulatory framework for the reporting and monitoring of cybersecurity threats to essential services in Singapore through the appointment of the Commissioner of Cybersecurity. Additionally, it created a licensing regime, which will require certain data security service providers in Singapore to be registered.
Competitive Market Share
The cyber security market is dominated by prominent players such as McAfee, Symantec, Palo Alto, Checkpoint, Microsoft, IBM, HP, Intel, and Cisco. The major market players are focusing on strategic alliances such as mergers, acquisitions, and partnerships to strengthen their product portfolio. For instance, In December 2018, Symantec Corporation partnered with Fortinet to integrate Symantec’s cloud-delivered Web Security Services (WSS) with Fortinet’s Next-Generation Firewall. Additionally, Fortinet’s security fabric platform will integrate with Symantec’s endpoint protection solutions to offer essential security controls across network, endpoint, and cloud environments, which are critical to enforcing the Zero Trust security framework.
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. For instance, in June 2019, Symantec Corporation launched cybersecurity solutions related to Cloud Storage DLP and Cloud Security Management. Most of the enterprises are migrating their data center workloads to Google Cloud Platform, Amazon Web Services (AWS), and Microsoft Azure, which are facing major security and storage-related challenges. Symantec Cloud Workload Protection for Storage (CWP for Storage) extends Symantec Endpoint Protection (SEP) anti-malware technologies to Microsoft Azure Blob storage, while CWP for Storage DLP enables discovery and tagging of sensitive information stored in Amazon S3 buckets. Additionally, CWP Suite integrations with Amazon GuardDuty, Microsoft Azure Log Analytics, and Symantec Integrated Cyber Defense Manager (ICDm) will further enhance multi-cloud workload monitoring and automated threat remediation capabilities.
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.
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 the IoT, BYOD, connected devices, cloud computing, and Artificial Intelligence (AI) in enterprises has led to the employment of cyber security solutions by the industry players.
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