Cyber Security Market Size By Product (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 End-user (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

Industry Drivers

Global Cyber security Market size valued at USD 200 billion in 2022 and is anticipated to expand at over 15% CAGR from 2022 to 2032.
 

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Increasing consumer inclination toward mobile and wireless gadgets is anticipated to benefit the global cybersecurity industry. The increasing use of 5G technology and soaring demand for IoT devices 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.
 

Lack of skilled professionals to impede business statistics

Cybersecurity solutions need to be configured by qualified IT security specialists who ensure that crucial procedures run securely and successfully. Businesses in the industry are unable to fill the gaps resulting from a lack of expertise, experience, and understanding of cybersecurity, which is further constraining the cyber security market growth.
 

Proliferating adoption of IoT devices to fuel infrastructure protection demand

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The infrastructure protection segment is expected to depict 15% growth rate 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.
 

Increasing adoption of regular vulnerability assessments to boost segment growth

The vulnerability assessment infrastructure protection segment held over 20% of the cyber security 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.
 

Supportive initiatives for mitigating cybersecurity risks to impact government organization growth

The cyber security industry from the government organizations is set to register 15% gains till 2032. Government representatives are urging public sector agencies to integrate cyber security tools to protect their network architecture. This is fostering the utilization of cybersecurity solutions by government organizations, which is likely to facilitate segment expansion.
 

Rising penetration of Industry 4.0 to expand manufacturing segment share

The manufacturing segment captured approximately 10% of the market revenue share in 2022 and is slated to observe notable progression from 2023 to 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, which is primed to augment market value.
 

Widespread digitalization to propel market revenue in APAC

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The Asia Pacific cyber security market size is forecast to grow at above 20% up to 2032. This growth is attributed to the rapid industrial digitalization across the APAC 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 across the region, which is poised to fuel regional market expansion.
 

Impact of COVID-19 on the cyber security business trends

The COVID-19 outbreak impacted the operations of virtually all organizations. Cyberattacks emerged as a significant threat across 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 market progress in the future.
 

Strategic collaborations to define the competitive landscape

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.
 

This market research report on cyber security solutions 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:

Market, 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, By Organization

• SME
• Government
• Large Enterprises

Market, 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