Retail Cybersecurity Market Size - By Solution (Endpoint Security, Network Security, Data Protection, Application Security, Cloud Security, Others), By Deployment Model (On-premises, Cloud), Enterprise Size, Vertical, Service & Global Forecast, 2023 - 2032

Retail Cybersecurity Market Size

Retail Cybersecurity Market size was valued at USD 12.1 billion in 2022 and is projected to register a CAGR of 18.8% between 2023 and 2032. The exponential rise in online retail and e-commerce has propelled the market by creating a vast digital landscape for transactions and data exchanges.
 

According to the Census Bureau of the Department of Commerce, the estimate of U.S. retail e-commerce sales for the second quarter of 2023 was USD 277.6 billion and the total retail sales was USD 1.79 trillion. With more customers shopping online, retailers must secure sensitive information, such as payment details and personal data, from cyber threats. This surge in digital transactions has heightened the urgency for robust cybersecurity measures to protect both businesses & consumers, ensuring safe and trustworthy online shopping experiences.
 

Highly publicized data breaches in the retail industry have amplified the awareness of cybersecurity vulnerabilities. These incidents, which expose customer information and erode trust, have spurred retailers to invest in comprehensive cybersecurity solutions. As breaches become more sophisticated, retailers must prioritize data protection. Strengthened cybersecurity not only prevents breaches but also bolsters consumer confidence, preserving a retailer's reputation and mitigating financial losses from legal & recovery expenses. These data breaching incidents are propelling the market growth.
 

The retail cybersecurity market is witnessing evolution of highly sophisticated cyber threats. As malicious actors devise intricate techniques, such as zero-day exploits & polymorphic malware, traditional security measures often struggle to effectively detect and mitigate these advanced attacks. The constant need to stay one step ahead of these rapidly changing threat vectors places significant pressure on cybersecurity professionals and solutions, requiring continuous research, development & adaptation to counter these ever-evolving risks.
 

COVID-19 Impact

The COVID-19 pandemic had a notable impact on the retail cybersecurity market. With a surge in online shopping due to lockdowns and social distancing measures, retailers rapidly expanded their digital presence. This shift exposed vulnerabilities in online platforms and led to an increase in cyberattacks, targeting sensitive customer and financial data. Retailers had to reinforce cybersecurity measures to accommodate remote work, secure e-commerce operations, and counter a rise in pandemic-related phishing & ransomware attacks, thereby highlighting the crucial role of cybersecurity in adapting to unprecedented challenges.
 

Retail Cybersecurity Market Trends

The escalating trend of direct e-commerce cyber threats is driving the retail cybersecurity industry growth. As online shopping becomes more prevalent, cybercriminals increasingly target e-commerce platforms, seeking to exploit payment systems, steal customer data & disrupt operations. This surge in direct e-commerce cyber threats compels retailers to invest in robust cybersecurity solutions that safeguard sensitive transactions and customer information. The urgency to counter these threats has amplified the demand for advanced security measures, thereby boosting the market expansion.
 

Retail Cybersecurity Market Analysis

The network security segment accounted for 31% of the retail cybersecurity market share in 2022. Threat detection tools are playing a pivotal role in propelling the network security segment growth. With the rising complexity of cyber threats, retailers are adopting advanced threat detection solutions that continuously monitor network activities for anomalous behavior, unauthorized access, and potential breaches.
 

For instance, in March 2023, Dell Technologies introduced fresh threat detection tools and services, enhancing its security portfolio to assist customers grappling with heightened challenges. Due to the critical need to protect customer data and operational integrity, the integration of robust threat detection tools has become a fundamental driver in enhancing network security in the retail sector.
 

The large enterprises segment held over 67% of the retail cybersecurity market share in 2022, due to their extensive resources and capabilities. Their capital allows significant investments in comprehensive cybersecurity solutions, enabling them to deploy advanced technologies and build robust defense mechanisms against cyber threats. Additionally, the broader operational scale and greater data volumes make cybersecurity a critical priority to protect customer trust and business continuity. As a result, large enterprises wield a substantial market share in the retail cybersecurity sector.
 

North America retail cybersecurity market with a major share of over 39% in 2022. Collaborations between cybersecurity solution providers, technology vendors, and retail businesses are enabling the development & delivery of innovative security solutions tailored to the region's specific needs. For instance, in August 2023, TD Synnex became a part of the Gigamon Catalyst Partner Program, responding to the need for comprehensive observability solutions that empower enterprise IT teams to effectively oversee and safeguard hybrid cloud infrastructure. These partnerships leverage the collective expertise, resources, and technologies to effectively address evolving cyber threats, thereby fueling the market size.
 

Retail Cybersecurity Market Share

Major companies operating in the retail cybersecurity market are

• Cisco Systems Inc.
• IBM Corporation
• Fortinet
• CrowdStrike
• Microsoft Corporation
• Palo Alto Networks
• Check Point Software Technologies

These companies focus on offering solutions specifically designed to address the security needs of the retail sector. These solution include e-commerce protection, POS security, and supply chain risk management.
 

Retail Cybersecurity Industry News:

• In August 2023, EY in partnership with cybersecurity leader, Secureworks launched the EY Intelligent Extended Detection & Response (IXDR) solution. IXDR is a service that offers continuous threat monitoring, detection, and response on an open XDR platform. Utilizing threat intelligence research, Artificial Intelligence (AI), Machine Learning (ML) algorithms, and advanced data pipelines, the solution aims to significantly minimize the time taken to respond to cyber threats, potentially reducing it to a matter of minutes for organizations.
   
• In November 2022, Wipro Limited, a prominent technology services & consulting firm, launched fresh retail solutions developed on the Microsoft Cloud and Cloud for Retail platforms. The company also introduced a novel Retail Innovation Experience located in Mountain View, California.
   

This retail cybersecurity market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Solution

• Endpoint security
• Network security
• Data protection
• Application security
• Cloud security
• Others

Market, By Deployment Model

• On-premises
• Cloud

Market, By Enterprise Size

• SMEs
• Large enterprises

Market, By Vertical

• Physical retail
• E-commerce & online retail

Market, By Service

• Managed security services
• Consulting services
• Training and education services

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • UAE
  • Saudi Arabia