Cyber Security Market By Component (Service, Solution) By Solution (Unified Vulnerability Management Service Offering, Data Security & Privacy Service Offering, Identity & Access Management, Infrastructure Security, Governance Risk & Compliance, Others), By Deployment Model (On-premise, Cloud), By Enterprise Size (Small, medium Enterprises, Large Enterprises), By Industry Vertical (BFSI, Public Sector, Retail, Telecom, Automotive, Healthcare, IT, Energy & Utilities, Manufacturing, Others), Global Report by Size, Industry Analysis & Forecast, 2020 - 2030.

Industry Report and Statistics (Facts & Figures) - Average Spend by Organization Size, Industry & Demand Analysis by Deploment Mode & Services

The global cybersecurity market will witness a robust CAGR of 9.5%, valued at $216.10 billion in 2021, expected to appreciate and reach $478.68 billion by 2030, confirms Strategic Market Research. North America accounted for a sizeable market value of over 25% in the year 2021.

Cybersecurity is the term that is used to describe the protection of internet-connected devices from various online threats. It involves protecting hardware, software, and data while also assisting in preventing fraudsters from gaining access to systems or networks. Businesses need cyber security to safeguard their data, money, and intellectual property. Cybersecurity ensures that the general public continues to rely on public services and governmental organizations. The adoption of IoT and the BYOD trend, as well as an increase in malware and phishing threats among businesses, are driving the expansion of the cyber security industry. As per June 2021 statistics, the total count of ransomware attack attempts (78.4 million) was greater than 3 out of 4 quarters in 2020. The first half of the year 2021 accounted for 304.7 million attempts, more than all the ransomware in 2020. The second half proved to be even worse, with the count reaching around 318.6 million. For instance, after a thorough survey, it can be concluded that Iran has the greatest percentage of malware-infected mobile devices at 52.68 percent. In addition, the market is expanding favorably due to the spike in demand for cloud-based cyber security solutions. The market's expansion is hampered by organizational budget restrictions and the complexity of device security. On the other hand, the increase in mobile platforms and applications, the demand for secure authentication methods, and the change of the traditional antivirus software sector are anticipated to provide lucrative prospects for market growth throughout the forecasted period.

Cyber Security Industry Insights, by Strategic Market Research

Covid 19 has led to a sharp rise in the adoption of technology, which has led to a significant increase in cyber security awareness. However, this is not even 10% of the actual potential that exists in this industry. The market continues to grow at over 8% every year, reflecting industries' rising spending on cyber security. As per Strategic Market Research, the cyber security market is worth over $200 billion in 2022 and will reach $470 billion by 2030.

 

In the present scenario, cyber security accounts for around 7% of the IT industry’s annual spend. This will exceed 10% in the next five years, reaching a market size of over $60 billion by 2027. Hybrid working and work from home culture is one of the key drivers of this market growth. Currently, over 70% of the software companies in the United States (surveyed by Strategic Market Research) say that they will increase their cyber security spend in the near future. 

 

Among other application areas, some very fast-growing applications could offer potential opportunities in coming years for example, the manufacturing and healthcare industry. IoT and robotics technologies are transforming the manufacturing and healthcare sector. Industrial and healthcare robots are in very high demand, helping companies save costs and streamline the processes in their respective industries. As per Strategic Market Research, the collaborative robots market will grow to $2.5 billion by 2030 from $700 million in 2021. However, with rising automation, there is also a high risk of cyber security and network breaches in collaborative robotic machines. There are rising incidence of cyber breaches in hospital robotic systems and manufacturing industry robots. For example, there have been several incidences of cyber security breaches in the Tug medical robots manufactured by the company Aethon. 

 

Robotic cybersecurity is over a $3 billion market in the current scenario, which is less than 2% of the total cyber security market size; however, this could grow to around 5% of the total cyber security market in the next ten years. It is primarily because of the burgeoning popularity of robotics in all aspects of businesses, right from manufacturing, supply chain, healthcare, military, defense, and other areas. In the robotic cybersecurity space, manufacturing and healthcare industry holds a share of 60%, and the rest is accounted for by areas like defense robots, surveillance, agriculture, and others. 

Key Industry Drivers - Specialized Cyberattacks. Frequency And Sophistication Are Rising. The Market's Growth May Be Attributed to The Increasing Sophistication of Cyberattacks.

• The industry growth may be attributed to the increasing sophistication of cyberattacks. Cybercrimes and scams have escalated, causing enormous losses for enterprises. For instance, from a survey, it can be concluded that the global number of breaches and cyberattacks increased by 15.1% in 2021 compared to that in 2020. This increase in cyber fraud and cyberattacks will be a key driving feature for the market. A drive-by download is when malicious code is unintentionally downloaded into a computer or mobile device, exposing users to various hazards. Businesses worldwide have focused their expenditure on cutting-edge information security solutions to bolster their internal security infrastructures as cybercrimes have dramatically escalated. An advanced persistent threat (APT) is a prolonged & targeted cyberattack in which an intruder gets access to a network and remains undetected for an extended period.

 

• The use of targeted assaults, which penetrate targets' network infrastructure while remaining anonymous, has increased recently. From a report named “The state of Ransomware in the US” by Emsisoft, a software company, it can be concluded that approximately  2500 schools run by the government and healthcare providers were affected or were victims of targeted assaults. Data and numerous other IT infrastructures are frequently targeted by attackers who have a fixed target in mind. The main goal of targeted assaults is to break into the networks of targeted businesses or organizations and steal important data.

 

Restraint:

• Small and fledgling businesses in developing economies must be mindful of their budgets. Otherwise, it will result in a huge amount, which can plummet the growth of the cyber security market. Budgets set aside to meet cybersecurity needs are not keeping up with the growth of the attacks in the market. Emerging businesses in developing nations around MEA, Latin America, and APAC frequently struggle to find the money and the right funds to implement cybersecurity solutions. For certain small and medium-sized businesses, the lack of capital finance and security professionals can be a significant barrier to adopting the cybersecurity approach. A recent study by Cisco predicted that an SMB could face around 5000 security alerts in a single day, whereas only 55.6% of these alerts are investigated. According to Keeper Security Ponemon Institute’s latest report, every 6 out of the 10 SMBs report, the attacks directed towards them are much more sophisticated, targeted, and very much damaging. 47% of these companies don’t even know how to protect their companies against these cyberattacks.

 

Opportunity - The Rise in Need for Cloud-based Cybersecurity Solutions

• The concept of cloud computing is widely used because of its reliable and flexible architecture. Because they make data storage simpler and provide users with access to limitless computing capacity through remote servers accessible over the internet, cloud solutions are becoming increasingly popular among enterprises. For instance, it can be stated that Amazon Web Services is the biggest cloud computing company in the world based on industry share. AWS, an Amazon subsidiary, presently occupies 31% of the market, followed by Azure Microsoft (20%) and Google Cloud (7%). Adopting cloud-based models enables organizations to manage all the apps because it provides incredibly challenging analytics that runs in the background. Businesses can combine additional infrastructure technologies, such as software-defined perimeters, when employing the cloud solution to create stable and highly secure platforms. The development of the global industry is fuelled by governments in various countries establishing legislation and specific recommendations for cloud platform security. SMEs are constantly looking to modernize their applications and infrastructure by transitioning to cloud-based platforms like Software-as-a-Service (SaaS) and Infrastructure-as-a-Service.

 

• The man-in-the-middle (MiTM) attack, a type of cyberattack, includes the attacker covertly intercepting and forwarding messages between two parties who presume they are speaking directly to one another. An attack is a type of eavesdropping in which the perpetrator hears the entire conversation before seizing power. For instance, from a report published by Secureops, a security service provider, it can be concluded that approximately 95% of HTTPS servers are vulnerable to man-in-the-middle attacks. Cybercriminals prey on SMEs in various sectors to exploit gaps in their security architecture. Cloud-based apps cannot be secured against internet threats like malware, ransomware, phishing, and DNS data exfiltration by conventional appliance-based security gateways and firewalls. Security administrators are driving the demand for cloud-based cybersecurity solutions at these SMEs to improve performance, secure mobile, and web applications, and safeguard essential network infrastructures. SMEs are concentrating on utilizing cloud computing platforms. With the use of cloud services, cybersecurity solutions can protect users, devices, apps, and data without the need to set up a tonne of security hardware on-premises. Cloud-based cybersecurity solutions employ a strategy that does not assume the presence of a perimeter. The cloud-based cybersecurity architectural strategy enables and facilitates Single Sign-On (SSO) and Multi-Factor Authentication (MFA), giving users access to a specific set of applications and data.

Market Analysis Of Different Segments Covered in the Report

Based on Component

• Service
• Solution

 

Based on Service

• Unified Vulnerability Management Service Offering

• Data Security & Privacy Service Offering

 

Based on Solution

• Identity & Access Management

• Infrastructure Security

• Governance Risk & Compliance

• Others

 

Based on Deployment Model

• On-premise

• Cloud

 

Based on Enterprise Size

• Small, medium Enterprises

• Large Enterprises

 

By Industry Vertical

• BFSI

• Public Sector

• Retail

• Telecom

• Automotive

• Healthcare

• IT

• Energy & Utilities

• Manufacturing

• Others

 

Regional Coverage Analysis

North America

• Canada

• United States.

 

Europe

• France

• Russia

• UK

• Germany

• Italy

• Rest of Europe

 

Asia-Pacific

• Australia

• China

• India

• Japan

• Rest of Asia-Pacific

 

LAMEA

• Africa

• Latin America

• Middle East

 

Segments Analysis & Insights

Depending on the Component, the cyber security industry is divided into services and solutions. The solution segment is divided into Unified Vulnerability Management Service Offering, Data Security & Privacy Service Offering, Identity & Access Management, Infrastructure Security, Governance Risk & Compliance, and Others. It is anticipated that the Solution segment will grow as more sectors, including IT & telecom, financial institutions, and others, embrace end-point security hardware, software, and access control technologies. Due to the increased demand for consulting, updating, and maintenance services by large and medium-sized businesses, the service category is predicted to expand at a significant CAGR throughout the projection period.

 

Depending on the Deployment model, the market is divided into On-premise and Cloud. Due to the growing need for managed security services, the on-premise category is anticipated to expand significantly. The cloud category is anticipated throughout the projected period to have the greatest CAGR. The expansion results from an uptick in demand for applications that can store data securely. Additionally, market participants are creating cutting-edge cloud-based security solutions through collaboration and joint ventures with other significant players. As an illustration, to integrate its cloud security portfolio with Google's Cloud Platform, Fortinet, Inc. and Google LLC completed their cooperation in December 2019. This enables customers to move their workloads to a cloud platform for advanced security.

 

Depending on Enterprise Size, the market is divided into large, medium, and small enterprises.  The demand for application security services is expected to increase, resulting in significant growth for major organizations. The CAGR for small and medium-sized businesses (SMEs) is expected to be the greatest. The increased demand for end-point security solutions among various e-commerce companies, especially those in the retail and finance sectors, is responsible for this surge.

 

Depending on the Industry vertical, the market is segmented into BFSI, Public Sector, Retail, Telecom, Automotive, Healthcare, IT, Energy & Utilities, Manufacturing, and Others. During the predicted period, there will likely be a  significant increase in healthcare. Internet security solutions provide data protection for patient medical records throughout the healthcare sector. For instance, Red Hat, Inc. was purchased by IBM Corporation in October 2018. With this acquisition, IBM Corporation expanded its global reach in developing and providing security solutions. Out of all the industries, BFSI is anticipated to grow with a sizable CAGR throughout the projected period. The desire for reliable security and digital privacy technologies among financial, insurance, and banking institutions is what's causing this increase. Insurance companies, banks, and other financial institutions can protect extremely sensitive data combined with real-time intelligence against persistent cyber-attacks with the use of cloud application security solutions.

 

Depending on Region, the market is divided into LAMEA, Europe, North America, and Asia-Pacific. During the projected period, North America is expected to hold the largest cyber security market share for cybersecurity. The region's demand for cloud application security solutions is driven by the increase in high section security breaches. Market expansion is accelerated by the rise of online e-commerce platforms in nations like the United States and Canada. The government employs cutting-edge network security methods to provide businesses with improved security measures. From a recent survey and analysis, it can be stated that there are about 2 million cybersecurity jobs available in the Asia-Pacific region. Meanwhile, almost 400,000 cybersecurity jobs are open across Europe, thereby driving the overall industry.  During the projection period, Europe is anticipated to expand at a significant CAGR. Major businesses in the U.K., Germany, Spain, France, Italy and other countries are investing more in internet security projects and other connected areas, which has greatly fuelled the rise. Important suppliers deploy cutting-edge IT security solutions to protect the highly confidential information related to manufacturing operations and boost productivity. The projection period is expected to grow exponentially in the Asia Pacific region. During the projection period, nations like India, China, and Korea are anticipated to rise at a fantastic CAGR. The growth is because of increased service providers and rising government and international investor investments in various security projects. In a survey published in 2019, the internet security company Symantec Corporation ranked India as one of the top ten nations for preventing secure web gateway crimes.

Cyber Security Market Report Coverage

Report Attribute	Details
Forecast Period	2021 - 2030
The market size value in 2021	USD 216.10 billion
The revenue forecast in 2030	USD 478.68 billion
Growth rate	CAGR of 9.5%
The base year for estimation	2021
Historical data	2017 – 2020
Unit	USD Billion, CAGR (2021 - 2030)
Segmentation	By Component, By Solution, By Deployment Model, By Enterprise Size, By Industry Vertical, By Region
By Component	Service, Solution
By Solution	Unified Vulnerability Management Service Offering, Data Security & Privacy Service Offering, Identity & Access Management, Infrastructure Security, Governance Risk & Compliance, Others
By Deployment Model	On-premise, Cloud
By Enterprise Size	Small, medium Enterprises, Large Enterprises
By Industry Vertical	BFSI, Public Sector, Retail, Telecom, Automotive, Healthcare, IT, Energy & Utilities, Manufacturing, Others
By Region	North America, Europe, Asia Pacific, LAMEA
Country Scope	United States of America, Mexico, United Arab Emirates, United Kingdom, Germany, France, Canada, China, India, Japan, South Korea, Brazil, Argentina, Saudi Arabia, South Africa
Company Usability Profiles	HCL Technologies Limited, IBM Corporation, Infosys Limited, Accenture, Broadcom Inc., Capgemini, Cognizant, F5 Networks Inc., FireEye Inc., L&T Technology Services Limited, PwC International Limited, Broadcom Inc., Tata Consultancy Services, Tech Mahindra Limite, Wipro Limited

Global Cyber Security Market Competitive Landscape

The competitive landscape analysis gives data from some well-known players who work in the industry. There are numerous large businesses in the target market, including some of the following:

• HCL Technologies Limited

• IBM Corporation

• Infosys Limited

• Accenture

• Broadcom Inc.

• Capgemini

• Cognizant

• F5 Networks Inc.

• FireEye Inc.

• L&T Technology Services Limited

• PwC International Limited Broadcom Inc.

• Tata Consultancy Services

• Tech Mahindra Limited

• Wipro Limited

 

Recent Developments:

• On July 2022, Bishop Fox Inc. raised $75 million in funding as the company sets itself for a worldwide expansion through the channel in the upcoming years. Carrick Capital Partners led this series B funding. The company Bishop Fox has a platform called Cosmos that provides simulated cyberattacks to detect and identify various vulnerabilities in the customer's IT systems. The above funding will be focused on enriching of the core technology platform of Bishop Fox.

 

• On Feb 2022, there were investments in security incident response and training for organizations throughout APAC. IBM's new Security Operations Center (SOC) is a component of its worldwide network that aids clients globally in responding to cyberattacks. Asia was the most frequently targeted region for cyberattacks in 2021, according to the IBM Security X-Force Threat Intelligence Index, which was just released.

 

• On Mar 2022, a senior official said TCS's cyber security deals increased 3X over the past 12 months. The big IT services provider anticipates growing by 3,000–3,500 personnel in FY23, just for cyber security. Deals involving cyber security for Tata Consultancy Services (TCS) have multiplied by at least 2.5-3 times during the past year. According to a senior TCS executive, the major IT service provider is already expanding its offers in this field. In FY23, it plans to hire between 3,000 and 3,500 new people just for cyber security.

 

• On May 2022 – A new office for Capgemini with a dedicated Cyber Defense Center (CDC) and a Cloud services Center was established in Malaga, Spain. The CDC will fortify the Group's global network of Cyber Defense Centers, focusing on incident response, ERP security, and cybersecurity services utilizing artificial intelligence (AI). To assist national and international businesses in pursuing the goal of the intelligent industry, Capgemini will also offer specialist cloud technology services in Malaga.

 

• In July 2021: Fortinet, Inc. acquired application security pioneer Skenai to speed up DevSecOps. Sken.ai thoroughly tests all popular programming languages and frameworks and different kinds of scans (DAST, SAST, SCA, Secrets, and more). Sken.ai uses machine learning to correlate and assign a security risk level and score to each and every vulnerability across various scan types and apps.

 

Major Cloud Solutions that the Market Leaders are Providing:

Name	Features	Key player
Hybrid cloud solutions	The new generation of hybrid cloud lets you skill once, build once, and manage through a single pane of glass, thus allowing you to build any cloud common platform you manage. At IBM, Red Hat OpenShift, the industry-leading hybrid cloud container technology, is the cornerstone of this strategy. You may create and use cloud services from any cloud, anywhere, with Red Hat OpenShift.Additionally, IBM provides IBM Cloud Pak solutions, a collection of AI-enhanced applications that utilize Red Hat OpenShift.With prediction data insights, security, automation, and modernization, these solutions may assist enterprises in advancing digital transformation in any cloud environment.	IBM Corporation
Symantec enterprise cloud	For the biggest, most complex companies in the world, Symantec Enterprise Cloud offers data-centric hybrid security that works on devices, in private data centers, and in the cloud. Compliance consistent: Apply compliance rules consistently throughout the infrastructure, and manage them accordingly. Secure Remote Work: Keep vital company assets secure no matter where they are located or from where they are accessible. Threat and Data Protection Everywhere: Integrate intelligence from different control points to find, stop, and stop specific threats.	Broadcom Inc.
Distributed cloud services	With F5 Distributed Cloud Services, you can migrate to a cloud-native environment and streamline your apps and infrastructure's deployment, security, and administration.	F5 Networks Inc.