The global cyber security market size is projected to reach USD 500.70 billion by 2030, registering a CAGR of 12.0% from 2022 to 2030, according to a new study by Grand View Research Inc. The rise in the number of cyber-attacks during the pandemic kept the cybersecurity solutions’ demand upbeat in 2020. The trend is expected to continue post-pandemic and by the forecast period owing to several firms adopting hybrid working and BYOD trends resulting in an increase in the number of endpoint devices and anonymous network access, putting the organization’s IT systems at risk.
Key Insights & Findings from the report:
- The hardware component segment is expected to exhibit a high CAGR of more than 12% in the forecast period owing to the deployment and upgrades of new hardware for supporting advanced cyber security solutions.
- In terms of infrastructure protection, the cloud security segment held the highest revenue share of more than 25% in 2021. Critical infrastructure programs introduced by governments worldwide are expected to drive the growth of this segment.
- The IDS/IPS segment is expected to register the highest CAGR of more than 10% in the forecast period. The increasing need for real-time threat detection across unknown networks is anticipated to fuel the market growth.
- The managed services segment is expected to attain the highest CAGR owing to the increasing number of organizations outsourcing IT security services such as consultation, implementation, and maintenance.
- The on-premises segment accounted for the highest market share of more than 60% in 2021. The high share is attributed to the preference for on-premises solutions by large organizations to maintain the confidentiality of their business information.
- Large enterprises held a high market share of more than 60% in 2021 owing to increased spending on IT security solutions to secure a large number of endpoint devices and IT infrastructure equipment.
- The government/defense segment accounted for more than 20% of the overall market in 2021. The high share is attributed to growing investments by governments worldwide to strengthen defense against cyber-attacks.
- Asia Pacific is expected to register the fastest CAGR in the forecast period owing to a large number of endpoint devices and the increasing number of data center constructions.
Read 110-page market research report, “Cyber Security Market Size, Share & Trends Analysis Report By Component, By Security Type, By Solution, By Services, By Deployment, By Organization Size, By Applications, By Region, And Segment Forecasts, 2022 – 2030”, published by Grand View Research.
Cyber Security Market Growth & Trends
The introduction of advanced cyber security solutions, increasing cost of data breaches, emerging enterprise mobility trends, and stringent government regulations are some of the factors expected to drive the market growth. The evolving cyber threat landscape requires sophisticated cyber security solutions that facilitate real-time threat detection and response while also helping in cutting down data breach costs. Further, several governments worldwide have introduced data protection laws, compelling end-user organizations to deploy cyber security solutions to safeguard consumer data.
The market is anticipated to face challenges related to a lack of skilled IT workforce and usage of unlicensed cyber security software, which is expected to hamper the market growth. The high cost of cybersecurity solutions compels several SMEs to deploy unlicensed solutions, which do offer protection but are largely ineffective against new threats and are often accompanied by trojans, viruses, worms, adware, and spyware, which may put the organizations’ security at risk. Further, cyber security vendors are engaged in developing advanced cyber security solutions with ML and AI technologies, but several organizations face an acute shortage of skilled workforce to keep up with cyber security trends and deploy cutting-edge solutions.
Cyber Security Market Segmentation
Grand View Research has segmented the global cyber security market based on component, security type, solution, services, deployment, organization size, application, and region:
Cyber Security Component Outlook (Revenue, USD Million, 2018 – 2030)
Cyber Security Type Outlook (Revenue, USD Million, 2018 – 2030)
- Endpoint Security
- Cloud Security
- Network Security
- Application Security
- Infrastructure Protection
- Data Security
Cyber Security Solution Outlook (Revenue, USD Million, 2018 – 2030)
- Unified Threat Management (UTM)
- Risk and Compliance Management
Cyber Security Services Outlook (Revenue, USD Million, 2018 – 2030)
- Professional Services
- Managed Services
Cyber Security Deployment Outlook (Revenue, USD Million, 2018 – 2030)
Cyber Security Organization Size Outlook (Revenue, USD Million, 2018 – 2030)
- Large Enterprises
Cyber Security Application Outlook (Revenue, USD Million, 2018 – 2030)
- IT & Telecom
- Defense/ Government
Cyber Security Regional Outlook (Revenue; USD Million, 2018 – 2030)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
List of Key Players in the Cyber Security Market
- Cisco Systems, Inc.
- Palo Alto Networks
- McAfee, Inc.
- Trend Micro Incorporated
- Check Point Software Technology Ltd.
Check out more related studies published by Grand View Research:
- Cyber Security Services Market – The global cyber security services market size is expected to reach USD 192.70 billion by 2028, registering a CAGR of 10.2% over the forecast period, according to a new report by Grand View Research, Inc.
- Healthcare Cyber Security Market – The global healthcare cyber security market size is expected to reach USD 56.3 billion by 2030. An increasing number of cyber-attacks in the healthcare industry, raise in threats, and concern for privacy and security are contributing to the growth of the market.
- Bring Your Own Device Market – The global BYOD market is expected to reach USD 238.39 billion by 2020, according to a new study by Grand View Research, Inc. Growing proliferation of smartphones and tablets coupled with the preference to use a single device is expected to fuel market growth.
Browse through Grand View Research’s Network Security Industry Research Reports.