Cyber Security Market Segmentation by Component (Solutions [Identity & Access Management, Encryption, Firewall, Antivirus and Others], and Services [Professional Services and Managed Services]); by Security Type (Network, Cloud Security, and Others); by Deployment Model (On-Premises and Cloud); by Organisation Size (Small and Medium Enterprises, and Large Enterprises); and by Industry Vertical (Aerospace and Defense, Government, BFSI, IT & Telecom, Healthcare, Retail and Others)-Global Demand Analysis & Opportunity Outlook 2031

Global Cyber Security Market Highlights Over 2022 - 2031

The global cyber security market is estimated to garner around USD 156 billion in revenue by the end of 2031, and further grow at a CAGR of nearly 11% throughout the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing number of unethical cyber penetration and data breach incidents. In order to protect and safeguard data and information from cyber-attacks, data damage, and unauthorized access, cyber security solutions and services are growing in demand.

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During the COVID-19 pandemic crisis, several governments and regulatory authorities commanded public restrictions and lockdowns. This led organisations to embrace new practices for working remotely, which became the new business continuity plan (BCP). With this new digital way of doing business, work from home (WFH) and bring-your-own-device (BYOD) policy were adopted by many organisations. This increased concerns of cyber security among organisations. It was estimated that cybercrimes increased by more than 500% due to the pandemic. This drove the need for cyber protection tremendously, boosting the demand for cyber security solutions and services.

However, high setup and maintenance cost of cyber security solutions and services is one of the key factors restraining their adoption, especially by small and medium companies, which is hindering the market growth. Moreover, lack of skilled professionals for proper management is also restraining the growth of the market.

The market is segmented by deployment model into on-premises and cloud, out of which, the cloud segment is estimated to grow at the highest rate over the forecast period. The growth of the segment can be attributed to increasing cloud migration by several organisations on the back of several benefits it offers, such as increased operations speed, scalability, and enhanced security. In 2020, over 80% of enterprises workload were estimated to be cloud-based.

Based on organisation size, the market is segmented into small and medium sized enterprises (SMEs), and large enterprises, out of which, the large enterprises segment is anticipated to hold the largest share of the market and witness significant growth over the forecast period owing to high  adoption of cyber security by large enterprises to protect network, end-points, data centers, devices, operators and applications from unethical usage and destructive virus attacks.

Global Cyber Security Market Regional Synopsis

Regionally, the global cyber security market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness the highest growth over the forecast period owing to the strong presence of several market players and increasing cases of cyber breaches in several countries in the region. For instance, India has faced an exponential rise in cybercrime incidences in recent years. In 2020, over 1 million cyber-attack incidences were reported in India.  Furthermore, South Korea is also one of the prime targets for cyber-attacks, as it has increased number of connected devices, advanced use of mobile devices, and sizeable intellectual property. The country witnessed over 230,000 cybercrime cases in 2020, rising from nearly 55000 cases in 2019.

Market Segmentation

Our in-depth analysis of the global cyber security market includes the following segments:

By Component

• Solutions

• Identity & Access Management

• Encryption

• Firewall

• Antivirus

• Others

• Services

• Professional Services
• Managed Services

By Security Type

• Network

• Cloud security

• Others

By Deployment Model

• On-Premises

• Cloud

By Organization size

• Small and Medium Enterprises

• Large Enterprises

By Industry Vertical

• Aerospace and Defense

• Government

• BFSI

• IT & Telecom

• Healthcare

• Retail

• Others

Growth Drivers and Challenges Impacting the Growth of the Global Cyber Security Market

Growth Drivers

• The increasing number of unethical cyber penetration and data breach incidents

• High demand for cyber security on the back of the adoption of work from home (WFH) and bring-your-own-device (BYOD) policy

Challenges

• High setup and maintenance cost of cyber security solutions and services

• Lack of skilled professionals for proper management

Key Companies Dominating the Global Cyber Security Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global cyber security market that are included in our report are IBM, Cisco Systems, Inc., Avast Software s.r.o., Broadcom, Dell Inc., Check Point Software Technologies Ltd., CyberArk Software Ltd., FireEye, Fortinet, Inc., Imperva, and others.

Latest Developments in the Global Cyber Security Market:

• January 2022: In order to help organisations mitigate cyber risks, Safe Security formed a strategic partnership with Infosys Limited, in which Safe Security will provide its SaaS platform for an enterprise-wide view of overall cyber risks, and to predict breaches and quantify the potential financial impact of each cyber-attack before it occurs.

• January 2022: Britain launched the first ever Government Cyber Security Strategy to strengthen the public services that people rely on and further protect them from the risk of being shut down by hostile cyber threats.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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