Cyber Security Market

Cyber Security Market Size and Share Analysis

The market for cyber security was valued at US$ 192.2 Bn in 2023, and by the end of 2033, it is expected to have grown to US$ 423.8 Bn. The market for cyber security is estimated to valuate to US$ 207.9 Bn in 2024, and is predicted to grow at a CAGR of 8.2% from 2024 to 2033.

Cybersecurity implies the protection of internet-connected systems, including hardware, software and data, from attack, damage or unauthorized access. It involves the implementation of the processes, technologies and controls to ensure the security of the devices, networks and sensitive information from cyber threats such as hacking, malware, and phishing. The goal of cybersecurity is to ensure the confidentiality, integrity and availability of information by preventing, detecting and responding to security incidents.

There are several factors that are significantly contributing to the growth of the cyber security market such as increasing penetration of connected devices & systems, leading to an increased need for cybersecurity measures to protect them, rising vulnerabilities in networks & systems owing to the increase in the frequency and severity of cyber-attacks are driving demand for cybersecurity solutions.

Additionally, stringent data privacy regulations like EU's General Data Protection Regulation (GDPR) that require organizations to protect personal data. This has increased the demand for cybersecurity solutions to comply with these regulations.

In terms of the regional market landscape, the market in North America held a leading market share of 24.8% in the global landscape in 2022. Meanwhile, demand for cyber security in the Europe region will hold around 21.1% of the market in 2023.

What are the Major Factors Impending the Growth of cyber security Market?

“Lack of skilled cyber security personnel along with the high cost of cyber security solutions are the major impediments to the market growth”

Due to the shortage of skilled cybersecurity professionals possess a great challenge for the organizations to implement effective cybersecurity measures and respond to security incidents. Additionally, cybersecurity solutions are expensive & small and medium-sized organizations struggle to afford them which is limiting its adoption.

Furthermore, cyber threats are constantly evolving and it can be challenging for an organizations to keep up with the latest threats & implement effective solutions to protect against them.

These are some of the major factors that are hindering the growth of the cybersecurity market.

• In February 2023, OX Security had launched the OSC&R an open framework for comprehending and analyzing vulnerabilities to entire software supply chain security.
• In October 2020, CrowdStrike Inc. had launched CrowdStrike Falcon Intelligence Recon cyber security module with the goal of providing customers with an increasing amount of monitoring through the deep, broad data collection from data files.

What are the major driving forces behind the dominant share of U.S cyber security Market?

“Governmental initiatives towards the adoption of cyber security systems”

Governmental initiatives such as the introduction of regulations like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) has made it mandatory for organizations to adopt cybersecurity measures to ensure compliance.

These factors are providing lucrative opportunity for the adoption of cyber security system in the US region contributing to its significant share of 17.1% in 2022.

What are the growth opportunities for wireless audio device market in India?

“Rising Awareness among the common masses”

Due to the rising awareness among public regarding the consequences of cyber-attacks, organizations are under greater pressure to adopt cybersecurity measures to protect their reputation and maintain customer trust.

Furthermore, the continuous advancements in technology and the development of new cybersecurity solutions have made it easier & more affordable for organizations to implement cybersecurity measures.

Such factors are majorly contributing to usher the growth of the cyber security market at a CAGR of 9.1% over the forecast period in India.

What components are influencing the market share of Europe in the Global cyber security market?

“Rising demands for the robust cyber security systems”

Attributed to the major shift towards the remote work culture due to the COVID-19 pandemic has increased the need for robust cybersecurity measures to secure remote access & protect sensitive data.

Along with the rise in cybercrime and the increasing sophistication of cyber-attacks, organizations are realizing the importance of investing in cybersecurity to protect their critical data and systems.

Such factors are expected to accelerate the adoption of cyber security systems in the European region.

Category-wise Insights

Why Network Security Segment Hold the major Market Share in the cyber security market?

Network security segment is analysed to have the major market share of 28.7%, owing to the increased cyber-attacks & data breaches, strict government regulations & compliance requirements and so on.

Additionally, rapid growth of cloud computing & Internet of Things (IoT), growing use of mobile devices & BYOD trend along with the rising need for secure communication & data protection are the significant factors behind the major share of network security segment in the market.

Why Cyber Security Market in government & defence sector holds the significant position in 2021?

The increased use of cybersecurity systems in the government & defence sector is primarily due to the increasing threat of cyber-attacks on sensitive and confidential information. The rise in advanced technologies has made it easier for malicious actors to gain access to sensitive information, putting national security at risk.

Therefore, the government & defence sector has adopted stricter cybersecurity measures to protect their networks and systems from unauthorized access, theft and manipulation of sensitive data.

The market share of government & defence sector in the cyber security market is analysed to be 18.1% in 2022.

Competitive Landscape

As cyber threats continue to evolve and organizations become more aware of the risks they face, it is expected that demand for cybersecurity solutions will continue to grow and hence the technological advancements will also usher in this domain.

• In February 2023, Radware had launched a new cloud security center to alleviate congestion latency while increasing service redundancy & mitigation capacity to assist consumers safeguard against denial-of-service threats, web app attacks, suspicious bot traffic as well as API attacks.
• In January 2023, Korean Register (KR) had launched maritime cyber security officer e-learning training in collaboration with maritime tech firm SIRM Italia. The training will be conducted to Oltremare, a business affiliated with the Assarmatori National Shipping Association that offers training to its associates.

Recent developments related to key players providing  market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Cyber Security Industry Report Scope

Key Segments of cyber security Market Industry Research

Component:

• Hardware
  • Firewall Appliance
  • Secure Web Gateway
  • DDoS Protection Appliance
  • UTM Appliance
  • IDS/IPS
  • Others
• Software
  • Encryption
  • Data Loss Prevention
  • Identity & Access Management
  • Security Information & Event Management
  • Others
• Services
  • Managed Services
  • Professional Services

Security Type:

• Network Security
• Endpoint Security
• Application Security
• Database security

Deployment:

• Cloud
• On-Premises

Enterprise Size:

• Small & Medium Scale Enterprise
• Large Scale Enterprise

Industry:

• BFSI
• Government & Defence
• IT & Telecom
• Retail
• Manufacturing
• Healthcare
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia Pacific
• Middle East and Africa

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