Cybersecurity Market Analysis by Deployment Type (Cloud, and On-Premises); by Verticals (BFSI, Healthcare, Retail, IT & Telecom, Aerospace & Defense, Government, and Others); by Security Type (Cloud Security, Network, and Others); and by Component (Services, and Solutions)-Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

Global Cybersecurity Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global cybersecurity market is estimated to garner a notable revenue by the end of 2031 by growing at a CAGR of ~12% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 150.0 Billion in the year 2021. The growth of the market can be attributed to an increasing number of cyberattacks across the world. For instance, the cyberattacks burdern the global economy with the cost of approximately 1 trillion.

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Cybercrime refers to the attack that one person or a group of people makes on an organization in order to get financial gain or cause disruption.  On the other hand, cybersecurity is information technology security that provides protection from these types of unauthorized attacks. Moreover, organizations are opting for advanced form of infrastructure that are also coupled with certain risks related to cyber-crimes such as data theft, which leads to a huge loss to them. Therefore, it is projected to increase the growth of the global cybersecurity market. Approximately, more than 65 per cent of enterprises across the globe have cloud-based infrastructure by 2021

Global Cybersecurity Market: Growth Drivers and Challenges

Growth Drivers

• Rising Volume of Data– With the increasing volume of data, there has been a rising incidence of threats to the data from data damage or data attacks. Therefore, it is anticipated to drive the growth of the global cybersecurity market. The total volume of data created, copied, captured, and consumed in the year 2020 accounts for nearly 64.2 zettabytes.

• Surging Adoption of IOT Devices– In the advancement of technology era, there is a growing concern related to the increasing cyber-attacks. Hence, it is expected to rise the growth of the global cybersecurity market. As per the National Council on Identity Theft Protection, the number of identity fraud cases in the United States has increased from 3.16 Million in 2018 to 5.74 Million in 2021.

• Increasing Number of Small & Medium Enterprises – As per the Office of the United States Trade Representative, approximately 28 million small and medium-sized businesses in the United States account for roughly two-thirds of new private jobs.

• High Rate of Digital Transformation– Worldwide, there has been a shift going on from traditional platforms to digital platforms that is surging the concern for cybersecurity. Therefore, it is projected to rise the growth of the global cybersecurity market. According to the World Bank, the global digital economy accounted to 15.5 percent of the GDP

Challenges

• High Cost for the Security Upgradation

• High Dependency on Traditional Security Methods

• Lack of Skilled Expertise

The global cybersecurity market is segmented and analyzed for demand and supply by verticals into BFSI, healthcare, retail, IT & telecom, aerospace & defense, government, and others. Out of these, the healthcare segment is anticipated to hold the largest share over the forecast period owing to the increasing threat to patients’ health records, and surging medical fraud cases across the globe. For instance, more than 50 percent of the healthcare organizations have more than 5 breaches in the United States.

Global Cybersecurity Market Regional Synopsis

Regionally, the global cybersecurity market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2031 on the back of rise in the number of high cost of breaches, and an increasing advanced level of infrastructure in the region. For instance, according to the National Council on Identity Theft Protection, the loss to Americans in the United States accounted for USD 5.8 Billion in the year 2021.

The market in the Asia Pacific region is expected to witness faster growth by the end of 2031 owing to the increasing security threats, and the surging population percentage involvement in crimes.

Market Segmentation

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

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Key Companies Dominating the Global Cybersecurity 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 cybersecurity market that are included in our report are IBM Corporation, Imperva Inc., FireEye, Inc., Dell Inc., Broadcom Inc., Avast Software s.r.o., Cisco Systems, Inc., Cyber Ark Software Ltd., Check Point Software Technologies Ltd., Fortinet, Inc., and others.

Global Cybersecurity Market: Latest Developments

• September, 2019: Cisco Systems, Inc., announced the launch of the Cisco Webex Control Hub Extended Security Pack. Now, the customer can use the pack to protect their data from accidental misuse and malicious attack

• November, 2019: Check Point Software Technologies Ltd., announced the launch of critical integration Microsoft Azure Security Center and CloudGuard that provides comprehensive Azure security posture management and further assists customers by consolidating security recommendations from both services into a single user experience.

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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