Global Cyber Security Market- WishTree Insight

Global Cyber Security Market by Component (Software, Hardware, Services), Security Type (Cloud Security, Application Security, Data Security, Network Security, and Others), Services (Managed Services and Professional Services), Deployment (On-Premises and Cloud-Based), Solution (Unified Threat Management (UTM), DLP, IAM, DDoS, IDS/IPS), and Regions, (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Cyber Security market size was valued at USD 202.2 billion in 2022 and is expected to surpass USD 377.1 billion by 2032, expanding at a CAGR of 12.4 % during the forecast period, 2022–2032. The market's growth is attributed to the increasing number of cyber-attacks with the proliferation of smart devices, the deployment of cloud solutions, and the emergence of e-commerce.

INTRODUCTION

Cybersecurity is the practice of protecting computer systems, networks, and digital information from unauthorized access, theft, and damage. With the increasing reliance on technology in our daily lives, cybersecurity has become an essential aspect of protecting our privacy, financial information, and intellectual property.

The threat landscape of cybersecurity is constantly evolving, with cybercriminals employing increasingly sophisticated tactics to steal sensitive data or disrupt computer systems. Common types of cyberattacks include phishing, malware, ransomware, and denial-of-service attacks. These attacks can result in financial losses, reputational damage, and even physical harm in certain cases.

To protect against these threats, cybersecurity professionals use a variety of tools and techniques, such as firewalls, antivirus software, encryption, and multi-factor authentication. They also educate individuals and organizations on best practices for cybersecurity, such as using strong passwords, keeping software up-to-date, and being vigilant for suspicious emails or messages.

As our reliance on technology continues to grow, the need for strong cybersecurity measures will only become more important. With the right tools and practices in place, we can better protect ourselves and our digital assets from cyber threats.

Market Trends, Drivers, Restraints, and Opportunities

• The rising adoption of cyber security to detect mitigate, and minimize the risk of cyber-attacks is driving the market growth.
• The rise in threats is expected to spur the demand for the cyber security market.
• Rapid growth of security solutions across healthcare and government sectors is anticipated to boost market growth.
• Integration of technologies such as machine learning, the internet of things (IoT), and the cloud is anticipated to propel market growth.
• Rising count of E-commerce platforms is expected to augment the market.
• Lack of experts and budget constraints for SEMs is a restraining factors in the market growth.

Scope of the Report

Market Segment Insights

The services segment is expected to expand rapidly

Based on components, the cyber security market is divided into software, hardware, and services. The services segment is expected to expand rapidly during the forecast period due to the rising demand for, maintaining, consultancy, and updating services by large and medium enterprises.

The cloud security segment is expected to expand at a rapid pace

Based on security type, the Cyber Security market is divided into cloud security, application security, data security, network security, and others. The cloud security segment is expected to expand rapidly during the forecast period due to the adoption of cloud-based solutions by enterprises due to their convenience and cost-effectiveness.

The managed service segment is projected to register a considerable share of 12.3%

On the basis of services, the Cyber Security market is segregated into managed services and professional services. The managed service segment is projected to register a considerable share of 12.3% in the market during the forecast period owing to the increasing demand for outsourcing IT security services to monitor and maintain security solutions. On the other hand, the professional segment is anticipated to account for a major market share during the forecast period owing to the growing demand for services such as enterprise risk assessment, cyber security defense, physical security testing, and penetration testing.

The cloud-based deployment segment is projected to register a considerable CAGR

On the basis of deployment, the Cyber Security market is segregated into on-premises and cloud-based. The cloud-based segment is projected to register a considerable CAGR during the forecast period owing to the growing deployment of cloud computing. The on-premise segment is anticipated to account for a major market share in the coming years.

The IAM segment is projected to register a revenue share of 27.1%

On the basis of the solution, the Cyber Security market is segregated into unified threat management (UTM), DLP, IAM, DDOS, and IDS/IPS. The IAM segment is projected to register a considerable CAGR during the forecast period owing to the increasing number of mobile endpoint devices subjecting the organization to data breaches. On the other hand, the IDS/IPS segment is anticipated to account for a major market share during the forecast period owing to the increasing need for real-time monitoring and identifying threats.

Asia Pacific registers a CAGR of 16%

In terms of regions, the Cyber Security market is classified as APAC, Europe, North America, and LAMEA. The market of Asia Pacific is registering a CAGR of 16% in the cyber security market during the projected period. The growth in this region is attributed to the high deployment of cloud technologies, the increasing number of data center constructions, and the proliferation of IoT devices. However, the North American market holds the highest share of 35% and is anticipated to expand at a rapid pace during the forecast period owing to the availability and adoption of new technologies.

Competitive Landscape

Key players competing in the cyber security market are McAfee, Inc.; Cisco Systems, Inc.; CrowdStrike; Palo Alto Networks; Broadcom; Trend Micro Incorporated.

FAQs

How much is the market worth?

The Cyber Security market size was valued at USD 202.2 billion in 2022 and is expected to surpass USD 377.1 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 12.4%.

What are the key drivers of the market?

The market's growth is attributed to the increasing number of cyber-attacks with the proliferation of smart devices, the deployment of cloud solutions, and the emergence of e-commerce.

What segments are covered in the Cyber Security report?

The segments covered in the report are component (software, hardware, services), security type (cloud security, application security, data security, network security, and others), services (managed services and professional services), deployment (on-premises and cloud-based), solution (unified threat management (UTM), DLP, IAM, DDOS, IDS/IPS).

Mention which region is expected to hold the highest share of the Cyber Security market.

The Asia Pacific region is expected to hold the highest share of the Cyber Security market.

Mention the key players in the market.

McAfee, Inc.; Cisco Systems, Inc.; CrowdStrike; Palo Alto Networks; Broadcom; Trend Micro Incorporated.