Cyber Security Market Forecasts to 2028 - Global Analysis By Component (Hardware, Software), Deployment Type (cloud, On-Premises), User Type (Large Enterprises, Small & Medium Enterprises) and By Geography
発行: Stratistics Market Research Consulting
ページ情報: 英文 200+ Pages
Table17 Global Cyber Security Market Outlook, By Service (2020-2028) (US $MN)
Note- Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
According to Stratistics MRC, the Global Cyber Security Market is accounted for $166.27 billion in 2021 and is expected to reach $475.62 billion by 2028 growing at a CAGR of 16.2% during the forecast period. Cyber security, also referred to as IT security, emphasizes on safeguarding computers, programs, networks, and data from unlicensed or spontaneous access. It comprises network security, application security, endpoint security, identity management, data security, cloud security, and infrastructure security. As cyber threats have increased at an alarming rate, security solutions have been gaining traction, globally. Solutions such as antivirus software and firewalls have grown in complexity and proven to be effective at preventing threats and attacks, such as malware, Trojans, and phishing. The success of these solutions has led to rapid development of the cyber security industry, as implementing technical defense has become a standard best practice in every enterprise.
Increase in Malware and Phishing Threats
Malware, such as viruses and Trojans, has substantially expanded its ability to enter, control, and harm whole electronic information networks. Malware is frequently used by cybercriminals to obtain control of devices or equipment to make money. This is done so that the machine may be immediately used to undertake fraudulent transactions or criminal operations. Furthermore, because of the criticality of data created in these businesses, industries such as BFSI, healthcare, and government are particularly exposed to such assaults. As a result, an increase in the risk of malware and phishing attacks is a major element driving the cybersecurity market forward. Furthermore, the incidence of malware attacks on major businesses' databases has increased, necessitating the need to tighten database security, driving the worldwide cybersecurity industry. Additionally, market vendors are coming up with innovative solutions to combat such malware and phishing attacks, thereby driving the growth of the global market. For instance, in March 2021, Tech Mahindra announced the launch of a new cloud security offering called 'CLOUDEFENDER.' It is a cloud-based attack mitigation service. The solution is powered by cybersecurity and application delivery solutions provider Radware and is an expansion of Tech Mahindra's global partnership with the company to provide a full suite of cloud-based cyber security services.
Small enterprises are burdened with the proper management of planned budget funds for various operational challenges and business continuity planning. The budget for the market in emerging start-ups is inadequate to implement Next-Generation Firewalls (NGFWs) and Advanced Threat Protection (ATP) solutions. The lack of investments and limited funding are key factors that are projected to restrict the adoption of its solutions among small firms in developing economies. Lesser financial capabilities lead to a dearth of proper IT security infrastructure in these firms, resulting in the slow adoption of new technologies and enterprise security solutions.
Rising Acceptance of E-Commerce Platforms and Development of Disruptive Technology
It has become a major concern for the citizens as well as the corporate, private, and public sectors. The advancements in disruptive technologies, rising adoption of e-commerce platforms, and increasing proliferation of connected devices have led to greater opportunities for cybercriminals to take advantage of unguarded networks or systems. Such cybercrimes may result in irreversible loss of capital, loss of critical and confidential data; and may also hurt the reputation of any organization or individual. Such threats are increasingly driving the adoption of cyber security solutions for individual systems or connected network ecosystems.
Uprising of Block chain and IoT Threats
The rising demand for blockchain systems has made it difficult to predict the rising cyber threat which is hindering the market. Also, the increasing usage of IoT has led to the growing number of IoT threats, as IoT includes the connection of physical devices which have a unique identifier (UID). This device can transfer data over a network without any human interference and human-to-computer interaction. Thus, the software and firmware which are required to run these IoT devices make the user more susceptible to cyber-attacks further hindering the growth of the market.
Healthcare segment is expected to be the largest during the forecast period
Due to the widespread growth of cybercrime activities in the healthcare sector. Cybercrime activities in healthcare facilities involve insider threats, data breaches, ransomware, advanced malware attacks, and distributed denial of service attacks, which may compromise the integrity of systems and disrupt patient care services. Moreover, the creation of misleading websites and phishing activities to obtain sensitive information could also increase investments in cyber preparedness measures. Besides, the growing adoption of cloud applications, connected devices, digital solutions, and open-source information for creating awareness among healthcare providers, payers, and patients also emphasizes the need for security solutions to reduce the risk of vulnerabilities.
The hardware segment is expected to have the highest CAGR during the forecast period
The segment includes next-generation equipment and devices, such as encrypted USB flash drives, firewalls, and Intrusion Prevention System (IPS) that secure an organization's IT networks by monitoring for malicious incidents. These hardware systems and equipment are deployed by large enterprises and Internet Service Providers (ISPs) that have multiple computers to control the network activity. The hardware equipment protects the network from attacks and attempts made to enter computing systems by forming an additional layer of defence.
Region with highest share:
The Asia Pacific is projected to hold the highest market share, owing to the increasing digitalization era at a rapid pace across the province. Enterprises from industries, such as telecom, energy, finance, and technology, in the area are targets of advanced persistent threat actors. Most attacks are prevalent amongst Southeast Asian nations. Governments and enterprises are involved in framing cyber defense strategies for future cyber defense preparedness. Some of the initiatives include strengthening critical infrastructures and developing a strong cyber defense ecosystem comprising skilled professionals. These efforts toward securing IT networks, critical infrastructures, and endpoints are anticipated to contribute to the growth of the regional market over the forecast period.
Region with highest CAGR:
North America is projected to have the highest CAGR, owing to the existence of prominent security vendors that have global and regional headquarters in the U.S. Additionally; increased spending on security solutions and services by large enterprises and SMEs in the region is expected to drive the regional market. Besides, the increasing stringency of data privacy and security standards and policies is contributing to the regional market growth.
Key players in the market:
Some of the key players profiled in the Cyber Security Market include Wipro Limited , Trend Micro Incorporated, Tech Mahindra Limited, Tata Consultancy Services Limited, Pricewaterhousecoopers International Limited, Palo Alto Networks, Inc., McAfee, LLC , L&T Technology Services Limited, Infosys Limited, IBM Corporation, HCL Technologies Limited, Fireeye, Inc., F5, Inc., Cognizant, Cisco Systems, Inc., Check Point Software Technology Ltd., Capgemini, Broadcom, Accenture.
In January 2020, Accenture acquired Symantec's Cyber Security Service Business from Broadcom Inc. With this acquisition, Accenture Security will become the major provider of managed security services that will enhance the ability of the companies to detect cyber threats.
In October 2020: IBM Security announced new and upcoming capabilities for Cloud Pak for Security that includes a data security solution that enables companies to detect, respond, and protect from threats to their most sensitive data across hybrid cloud environments.
In May 2021: Palo Alto Networks, Inc. introduced "Zero Trust Network Security" to protect from cyber risks. These security solutions secure all devices which are enabled with a hybrid working environment or remote work. The security solution assists in improving the productivity of organizations.
Deployment Types Covered:
User Types Covered:
Use Cases Covered:
End Users Covered:
What our report offers:
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options: