Cyber Security Industry Overview
The global cyber security market size was valued at USD 184.93 billion in 2021 and is projected to reach USD 500.70 billion by 2030, registering a CAGR of 12.0% from 2022 to 2030.
The increasing number of cyber-attacks with the emergence of e-commerce platforms, deployment of cloud solutions, and proliferation of smart devices are some of the factors driving the growth market. Cyber threats are anticipated to evolve with the increase in usage of devices with intelligent and IoT technologies. As such, organizations are expected to adopt and deploy advanced cyber security solutions to detect, mitigate, and minimize the risk of cyber-attacks, thereby driving the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Cyber Security market
Cyber security experienced a slight dip in 2020 due to the closure of several organizations during the first and second quarters of 2020. However, the market started recovering by the end of the second quarter owing to several firms deploying cyber security solutions with the implementation of remote working culture. Employees used personal devices for business work while connecting through private Wi-Fi or anonymous networks, putting the company’s security at risk. As such, several organizations adopted cyber security solutions the manage and secure the increased number of endpoint devices while also getting protection from network threats.
The cyber security market is expected to continue its growing post-pandemic due to the hybrid working trend that is anticipated to stay over the future. Several employees are expected to continue working from home or remote premises with the increasing BYOD trend. According to data published by Nine2FiveJobSearch.com, before the pandemic, 29% of the U.S. workforce had an option of working from home on a part-time basis, which increased to 50% of the workforce working from home in 2020. The risk of cyber-attacks is expected to grow with the emerging BYOD and hybrid working trend, which is expected to drive the adoption of cyber security solutions and fuel market growth.
Several organizations incur significant losses in terms of loss of revenue, brand reputation, unplanned workforce reduction, and business disruptions due to data breaches. Companies have to spend a considerable amount of money to recover from these losses and mitigate the risks evolving from data breaches. According to a report published by IBM in 2021, the average cost of data breaches for an organization amounted to USD 4.87 million, an increase of 10% over 2020. As such, organizations are engaged in deploying advanced cyber security solutions to detect cyber threats and provide a response, thereby helping in cutting down data breach costs.
Cyber security companies are engaged in developing security solutions with AI that helps organizations automate their IT security. Such solutions enable automated threat detection and remediation, allowing IT professionals to reduce the efforts and time required to track malicious activities, techniques, and tactics. These solutions offer real-time monitoring and identification of new threats while also responding autonomously. This helps the security teams analyze the filtered breach information and detect and remediate cyber-attacks faster, thereby reducing security incident costs.
Cyber Security Market Segmentation
Based on the Components Insights, the market is segmented into Hardware, Software and Services.
Based on the Security Type Insights, the market is segmented into Endpoint, Cloud, Network, Application, Infrastructure, Data Security and Others.
Based on Solution Insights, the market is segmented into Unified Threat Management (UTM), IDS/IPS, DLP, IAM, SIEM, DDoS, Risk and Compliance Management and others.
Based on Service Insights, the market is segmented into Professional and Managed services.
Based on the Deployment Insights, the market is segmented into Cloud-based and On-premises
Based on the Organization Size Insights, the market is segmented into SMEs, Large Enterprises
Based on the Application Insights, the market is segmented into IT & Telecom, Retail, BFSI, Healthcare, Defense/ Government, Manufacturing, Energy, and others
Based on the Cyber Security Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
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Market Share Insights:
Key Companies Profile:
The market is characterized by the presence of several players offering differentiated security solutions with advanced features. Players in the cyber security space are engaged in introducing products with artificial intelligence and machine learning capabilities, which help organizations automate their IT security.
Some prominent players in the global cyber security market include
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