This research report categorizes the cyber security market to forecast revenues and analyze trends by Components, software, services, security type, deployment mode, organization size, vertical, and region
The global Cyber Security Market size is expected to grow from an estimated value of USD 173.5 billion in 2022 to 266.2 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 8.9% from 2022 to 2027, according to a new report by MarketsandMarkets™.
Some factors driving the cyber security market growth include increment in target-based cyberattacks that causes operational disruptions, Cybersecurity Mesh Architecture (CSMA) approaches becoming more popular, and the rising demand for cyber-savvy boards.
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562 - Tables
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By deployment mode, the cloud segment is projected to grow with a higher CAGR during the forecast period
The cyber security market’s fastest growing subsegment is cloud deployment. Organizations may save money by using cloud-based cyber security solutions since they don’t need to invest in expensive hardware, software, storage, or technical staff. They give businesses more IT security, speed, and scalability. Through SaaS-based security services, cloud-based systems provide a single approach to protecting company applications. These platforms are useful for businesses with limited funds for security investments. As this delivery method satisfies IT security requirements, demand for cloud-based cyber security solutions is rising quickly. Large corporations and SMEs are switching from conventional on-premises cyber security solutions to cloud-based ones as more cloud-deployed applications. As cloud cyber security solutions are simple to maintain and update, the cloud deployment mode is expanding. Additionally, using cloud-based security solutions may free up resources for organizations to concentrate on their core operational functions rather than continually investing in capital infrastructure for IT security. Therefore, the cloud segment has the highest CAGR during the forecasted period.
By security type, the application security segment to hold a larger market size during the forecast period
One of the elements that are anticipated to influence the market growth of the application security sector is the rising number of mobile devices. With the rise in mobile devices, the need to protect apps has grown significantly in importance for enterprises as the use of mobile applications has increased. Attackers frequently target business-sensitive apps because they include data about important organizational resources and procedures. Many firms prioritize network security above application security, which leaves them vulnerable to attacks and creates a security gap. Mobile application security guarantees business process visibility and transparency, as well as the confidentiality of data, moved across mobile applications. Online application security includes identifying the complete perimeter of a web application, scanning it for vulnerabilities, and protecting it against attacks like SQL injections, cross-site scripting, DoS attacks, and other critical suspicious behaviours. With an increment in advanced cyberattacks on APIs, organizations worldwide adopt application security solutions, thereby driving market growth.
Regional Analysis for Cyber Security Market
Cybersecurity risks in Europe are almost always cross-border, and a cyberattack on one nation's vital infrastructure might have an impact on the entire EU. Strong governmental institutions are required in EU nations to oversee cybersecurity there and to cooperate with their counterparts in other Member States by exchanging information. This is especially significant for industries that are vital to society.
UK government launched National Cyber Strategy 2022, This strategy sets out the government’s approach to protecting and promoting the UK’s interests in cyberspace. UK firms are being supported by the government’s National Cyber Strategy to grow and scale up through a number of schemes including the National Cyber Security Centre Startups and CyberFirst bursary schemes, the London Office for Rapid Cyber security Advancement, and the Cyber Runway programme. These programms helps entrepreneurs and businesses to access a range of services to turn their ideas into profitable ventures. Due to such support form government, UK-registered cyber security firms received unprecedented amounts of outside investment, with 84 deals totaling more than £1 billion inked.
Germany, which is renowned for its cutting-edge industrial sectors and technology, is increasingly being targeted by cyberattacks. The need for cybersecurity solutions in Germany is increasing as a result of the expanding reliance on technology across several industries. The German government has taken action to meet the nation's expanding cybersecurity demands. As a part of the German IT Security Act 2.0 [IT-Sicherheitsgesetzes 2.0], the NIS Directive was implemented there. In Germany, the NIS regulation 2.0 has been imposing sanctions for non-compliance of up to EUR 20 million. Several Acts in Germany usually govern cybersecurity. The Federal Data Protection Act (Bundesdatenschutzgesetz), the GDPR, and the Act on the Federal Office for Information Security are the three primary pieces of legislation pertaining to cybersecurity.
France is taking initiatives to drive cyber security in the country. The French government unveiled its national cyber-security policy for the years 2021–2025 on February 18, 2021. Public funding totaling EUR 720 million (USD 870 million) has been provided to the strategy, among other things, to help France create self-sufficient cyber-security solutions. Given that the Public Investment Bank and Export Credit Agency of France, Bpifrance, will implement the plan, the support will include, among other things, state loans or reimbursable payments. The plan will be funded by the fourth iteration of the Investments for Future (PIA4) programme and the France Relance framework.
Factors that Drive Cyber Security Market
- Rising Cyber Threats: Organisations have been compelled to invest in cybersecurity solutions in order to safeguard their systems and data by the proliferation of cyberthreats, such as ransomware, malware, phishing, and data breaches.
- Digitization and IoT: Businesses and industries are increasingly going digital, which increases the attack surface for cybercriminals. New risks brought forth by the Internet of Things (IoT) have heightened the need for cybersecurity solutions.
- Regulatory Compliance: To preserve consumer data and avert legal repercussions, organisations must deploy strong cybersecurity safeguards in accordance with strict data protection and privacy requirements like GDPR, HIPAA, and CCPA.
- Remote Workforce: Organisations must secure remote access and endpoints since the COVID-19 epidemic and the move to remote work have increased cybersecurity risks.
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Key Players
Major vendors in the global Cyber Security Market include IBM (US), Cisco (US), Check Point (Israel), Trellix (US), Trend Micro (Japan), NortonLifeLock (US), Rapid7 (US), Micro Focus (UK), Microsoft (US), Amazon Web Services (AWS) (US), Oracle (US), Fortinet (US), Palo Alto Networks (US), Accenture (Ireland), CyberArk (US), SentinelOne (US), Qualys (US), F-Secure (Finland), F5 (US), DataVisor (US), RevBits (US), WiJungle (India), BluVector (US), Aristi Labs (India), Imperva (US), Securden (US), Forcepoint (US), Sophos (UK), RSA Security (US), Proofpoint (US), Juniper Networks (US), Splunk (US), SonicWall (US), Algosec (US), Zscaler (US), Cynet (Israel), and Nozomi Networks (US).
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