San Francisco, 04 March 2024: The Report Cyber Security Market Size, Share & Trends Analysis Report By Component, By Security Type, By Solution, By Services, By Deployment, By Organization Size, By Verticals, By Region And Segment Forecasts, 2024 - 2030

The global cyber security market size is projected to reach USD 500.70 billion by 2030, registering a CAGR of 12.3% from 2023 to 2030, according to a new study by Grand View Research Inc. The global market is anticipated to be driven by the growing cyber threats and advanced malware threats across different verticals. In recent years, disruptive and emerging technologies in the banking, retail, information technology, defense, and manufacturing sectors have provided new capabilities, facilitated automation, and improved working conditions. They have, however, emerged as powerful forces in the evolution of the global threat landscape of exploits, vulnerabilities, and malware. Advancements in emerging technologies, such as Artificial Intelligence (AI), Machine Learning (ML), big data analytics, Internet-of-Things (IoT), 5G, edge computing, and cloud computing, are allowing market players to introduce new solutions based on these technologies, attract potential business clients, and expand their revenue streams.

For instance, in April 2023, Google, Inc. introduced Cloud Security AI Workbench, Sec-PaLM. This new model encompasses various security intelligence, such as threat indicators, & research on software vulnerabilities, and offers AI-powered tools to assist and act on cyber security threats. The growing preference for cyber security solutions & services in the IT & telecom industry is prompting market players to enhance their product portfolio & improve their customer base. The ongoing digitalization wave has resulted in significant changes in the telecom sector. Telecom companies are investing in the latest technologies, such as 5G, IoT, and cloud, which is expected to generate enormous opportunities for the IT & telecom cybersecurity market. In addition, as Bring-Your-Own-PC (BYOPC) becomes a necessity, content migration; and device management is expected to get more critical due to remote management.

This is expected to increase the number of endpoint devices, thereby fueling the adoption of unified cyber safety solutions. The cloud segment is expected to register a CAGR of 13.0% from 2023 to 2030. The shifting end-user companies' focus toward cloud-based solutions owing to minimum hardware requirements, low operating costs, and diverse solution availability is supporting segment growth. The market players are establishing strategic partnerships with cloud technology providers to develop DDoS protection solutions. For instance, in August 2021, Radware, Inc., a cyber security company, partnered with Internap Holding LLC (INAP), a hybrid IT & enterprise cloud solutions company, to deploy its DDoS protection and Cloud Web Application Firewall (WAF) for client companies across the globe.

A growing number of cyber-attacks owing to the proliferation of e-commerce platforms, emergence of smart devices, and deployment of cloud are some key factors propelling market growth. Moreover, increasing usage of devices equipped with the Internet of Things (IoT) and intelligent technologies is expected to increase cases of cyber threats. As such, end-user organizations are anticipated to integrate advanced cyber security solutions to mitigate cyber-attack risk, supporting the cyber security market growth.

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With cyber environment emerging as a highly integrated system, need for an adaptive, multi-layered, and self-learning security system has become imperative. In addition, factors such as emergence of mobile-networked devices, prevalence of electronic communications, growth of social media, and an increasing reliance on Big Data have created a need for defense cybersecurity system to be updated with the changing cyber threat scenario. Governments have increased their spending on cybersecurity solutions to protect devices and confidential data from cyberattacks, supporting market growth.

Cyber Security Market Report Highlights

• The hardware segment is expected to exhibit a high growth rate of 14.8% over the forecast period. Hardware assists organizations in upgrading their IT security by enabling real-time monitoring of threats and offering protection by preventing threats from entering computing systems, supporting the adoption of hardware solutions
• The cloud security segment is anticipated to register a CAGR of more than 15.0% from 2023 to 2030. Increasing adoption of cloud technologies and remote workforces is propelling the growth of cloud security solutions
• The IDS/IPS segment is expected to register a CAGR of around 13.0% over the forecast period. The increasing spending on IT security and proliferation of network security products is propelling the segment growth
• The managed services segment is expected to grow at the highest CAGR of 12.4% from 2023 to 2030. The significant growth can be attributed to the benefits of managed services, such as network monitoring, generating real-time reports, and cost-effective operating costs
• The SMEs segment is anticipated to witness a CAGR of 13.3% from 2023 to 2030. The rising concern of cyber threats and the availability of low-cost cyber security solutions are propelling the segment growth
• The healthcare segment is expected to register a CAGR of more than 14.0% from 2023 to 2030. Healthcare is an appealing target for cyber-attacks as medical data is more valuable than credit card or banking information. In addition, the recent digital transformation of the healthcare industry has increased the frequency of cyber-attacks. Due to this, the market is witnessing growing demand in the healthcare sector
• Asia Pacific is expected to register a CAGR of more than 15.0% over the forecast period. The rapid digital transformation, increasing public & private investment in cyber security solutions, and significant penetration by global market players are driving the growth of the regional market

Advancements in emerging technologies, such as AI in cyber security, Machine Learning (ML), big data analytics, IoT, 5G, edge computing, and cloud computing, are allowing market players to introduce new solutions based on these technologies, attract potential business clients, and expand their revenue streams. For instance, in June 2021, Broadcom Inc. launched Adaptive Protection, a new security solution, as a part of Symantec’s Endpoint Security Solution. The solution is powered by ML technology and provides customized and automated enhanced security on cyber-attacks while saving customers' overhead costs by leveraging the power of AI to customize the endpoint security.

Globally, several employees are anticipated to continue working from remote premises or homes. Choose Your Own Device (CYOD) and Bring Your Own Device (BYOD) models allow employees to access business information through cloud platforms, making them vulnerable to data theft. Traditional cyber security solutions cannot protect devices from all forms of Advanced Persistent Threats (APT) or malware attacks, fueling demand for advanced cyber security solutions. Moreover, cyber security training market is booming, driven by the ever-increasing threat of cyberattacks. Businesses of all sizes are realizing the importance of investing in cybersecurity training for their employees, as even a single cyber attack can have devastating consequences.

Cyber Security Market Report Scope

Stringent regulations being drafted by various governments regarding data security and privacy protection & compliance are particularly expected to drive demand for enterprise cybersecurity solutions. In April 2023, European Union adopted “EU Cybersecurity Act”, which introduces a system of certification schemes across Europe and also strengthens & revamps EU Agency for Cybersecurity (ENISA) and EU Agency for Cybersecurity.

The surge in cyber threats has propelled the demand for cyber security jobs globally, driving the expansion in the cyber security market as organizations seek for skilled professionals to fortify their digital defenses and protect against evolving cyber risks. Further, key players in the market are also introducing free cyber security certifications courses to train your professionals and students to utilize the advanced security solutions in a more strategic manner. For instance, Google LLC announced a cyber security certification courses and scholarships to more than 20,000 students under the Japan Reskilling Consortium, an addition to existing partnerships with the Cyber Security Agency of Singapore and CERT-IN in India, through which the company aimed to offer 125,000 scholarships across Asia Pacific.  

List of Key Players of Cyber Security Market

• BAE Systems Plc
• Broadcom, Inc.
• Centrify Corporation
• Check Point Software Technology Ltd.
• Cisco Systems, Inc.
• FireEye, Inc.
• Fortinet, Inc.
• International Business Machines Corporation
• Lockheed Martin Corporation
• LogRhythm, Inc.
• McAfee, LLC.
• Palo Alto Networks, Inc.
• Proofpoint, Inc.
• Sophos Ltd.