Cyber Security Mesh Market

Cyber Security Mesh Market Outlook (2023 to 2033)

The global cyber security mesh market size is anticipated to reach US$ 8.8 billion by 2033. It is set to stand at a valuation of US$ 1.2 billion by 2023. The market is likely to witness a CAGR of 21.7% from 2023 to 2033.

With increasing sophistication and frequency of cyber-attacks, traditional security approaches are no longer sufficient to protect organizations' digital assets. Cyber security mesh provides a more dynamic and adaptable approach to security, which can effectively counter the evolving threat landscape. It is hence projected to showcase rising demand.

As data protection and privacy regulations become more stringent globally, organizations are under pressure to ensure robust security measures. Cyber security mesh offers a framework for implementing and maintaining security controls that can help organizations meet regulatory compliance requirements, thereby pushing demand.

Traditional security approaches often struggle to scale and adapt to changing business needs. Cyber security mesh offers greater scalability and flexibility by decoupling security from physical or network boundaries. Ability to scale their security infrastructure as needed and accommodate emerging technologies without disrupting existing security would fuel adoption among companies.

Cyber security mesh focuses on providing security that is tailored to individual users rather than relying solely on network perimeter defenses. This user-centric approach can enable organizations to protect data and systems regardless of the user's location or the device they are using. It would further help in enhancing security and productivity, thereby supporting demand.

Shift toward a zero trust model, where trust is not automatically granted to any user or device within a network, has further increased need for cyber security mesh. By implementing a mesh architecture, organizations can enforce granular access controls, continuously verify identities, and apply security measures at multiple points within the network. These features of cyber security mesh are projected to enhance the market.

A few other key drivers accelerating cyber security mesh demand are:

• Increasing reliance on cloud services and virtualized infrastructure is anticipated to drive growth.
• Adoption of DevOps and agile development practices requiring security to be embedded throughout the software development lifecycle would push demand.
• Heightened awareness of data breaches and their financial & reputational impacts is set to aid growth.
• Integration of artificial intelligence and machine learning for proactive security measures is anticipated to propel demand.
• Proliferation of Internet of Things (IoT) devices and their security challenges might foster demand.
• Rising remote work culture and urgent need for secure access from anywhere in the world would elevate growth.

How Will Sales of Cyber Security Mesh between 2018 and 2022 Outpace Demand from 2023 to 2033?

The global cyber security mesh market is projected to witness a CAGR of 21.7% from 2023 to 2033. It recorded a CAGR of 25.7% in the historical period from 2018 to 2022.

Rising trend for remote work is elevating cyber security mesh sales due to increased complexity and security risks associated with distributed work environments. With employees accessing corporate resources from various locations and using different devices, traditional perimeter-based security approach has become less effective.

Cyber security mesh provides a framework that extends security controls beyond the traditional network perimeter. It would help in enabling organizations to protect remote workers, their devices, and the data they access.

By implementing cyber security mesh, organizations can establish granular access controls and enforce security policies consistently across different environments. Organizations looking to provide secure connectivity regardless of the employee's location are set to drive adoption.

It can also help mitigate the risks associated with remote work such as unauthorized access, data breaches, and malware attacks. Organizations required to ensure that sensitive information remains protected and their digital assets are secure would soon start investing in advanced meshes.

What Main Factors Are Influencing Cyber Security Mesh Demand Positively?

Rise of sophisticated cyber threats such as ransomware attacks, data breaches, and advanced persistent threats (APTs), has significantly increased demand for robust cyber security solutions such as cyber security mesh. Cyber security mesh offers a decentralized and distributed security approach that addresses limitations of traditional perimeter-based security measures. Organizations looking to protect resources across various environments, including cloud services, IoT devices, remote networks, and edge computing platforms are set to propel demand.

By adopting cyber security mesh, organizations can establish a dynamic and adaptive security architecture that provides continuous monitoring, threat detection, and incident response capabilities. Decentralized nature of cyber security mesh is likely to make it highly popular. It is set to allow security controls and policies to be applied at different levels, ensuring comprehensive protection against evolving threats.

Cyber security mesh also enhances visibility and control over network traffic, data flows, and user access across diverse environments. It enables organizations to implement consistent security policies and access controls, irrespective of the location or network boundaries. This is a crucial factor that is anticipated to boost demand.

Cyber-attacks such as ransomware and DDOS assaults cost firms an average of US$ 4.35 million in 2022, with over 236 million ransomware attacks and 6 million DDOS attacks. Cyber-attacks are expected to cost about US$ 10 trillion by 2025. With increasing number of cyber-attacks around the world, demand for cyber security mesh is projected to surge during the assessment period.

Increasing global adoption of cloud computing is also driving demand for cyber security mesh solutions. As organizations migrate their infrastructure, applications, and data to the cloud, they require robust security measures to protect their digital assets. In such situations, cyber security mesh is likely to be considered an ideal solution, further pushing demand.

Cyber security mesh, with its decentralized and distributed security approach, aligns well with the dynamic nature of cloud environments. It offers scalability, flexibility, and consistent security controls across diverse cloud services, platforms, and workloads. As the cloud computing landscape expands, organizations operating in hybrid or multi-cloud environments would seek cyber security mesh to ensure seamless protection and secure communication between different cloud resources.

Rapid growth of the internet of things (IoT) is significantly expanding the cyber security mesh market. IoT devices, ranging from smart home devices to industrial sensors, are increasingly interconnected, creating an extensive network of endpoints vulnerable to cyber-attacks. As the number of IoT devices continues to surge, organizations are realizing the critical need for robust cyber security mesh solutions to protect these interconnected ecosystems.

Cyber security mesh offers a decentralized and scalable approach to securing IoT environments. It would allow organizations to implement dynamic security policies, threat intelligence sharing, and behavior analytics across a wide range of IoT devices. High demand for IoT devices across the globe is hence projected to augment cyber security mesh sales.

By integrating cyber security mesh into their IoT infrastructure, organizations can enhance visibility, control, and protection over their IoT ecosystems. Cyber security mesh addresses unique security challenges posed by IoT such as limited device capabilities and diverse communication protocols. Organizations wanting to establish a comprehensive security framework that encompasses IoT devices, gateways, edge computing platforms, and cloud services would push demand.

In 2019, there were around 8.6 billion IoT devices around the world, which increased to around 13.1 billion in 2022. It is projected to surge to about 29.4 billion IoT devices in 2030.

Organizations might improve the visibility, control, and protection of their IoT ecosystems by including cyber security mesh into their IoT architecture. Hence, with rising number of IoT devices around the world, demand for cyber security mesh is projected to increase by 2033.

Country-wise Analysis:

Why is the United States Showcasing High Cyber Security Mesh Demand?

The United States cyber security mesh market is expected to be worth US$ 1.8 billion by 2033. It is projected to create an absolute dollar growth of US$ 1.5 billion till 2033.

The United States market witnessed astonishing growth at a CAGR of 25.7% from 2018 to 2022. It is expected to surge at a CAGR of 21.7% from 2023 to 2033.

In 2021, the United States registered around 800,000 cybercrime occurrences. About 89% of organizations in the country were victims of cybercrime, and 56% were victims of ransomware attacks.

It had cost them an average of US$ 9.05 million due to data breaches. Rising number of cyber-attacks in the country is projected to push cyber security mesh demand.

Would the United Kingdom be a Lucrative Hub for Cyber Security Mesh Vendors?

The United Kingdom cyber security mesh market is expected to be worth US$ 345 million by 2033. It is anticipated to create an absolute dollar opportunity of US$ 295.3 million in the next ten years.

The United Kingdom market recorded growth at a CAGR of 25.3% from 2018 to 2022. It is expected to elevate at a CAGR of 21.4% from 2023 to 2033.

The United Kingdom has a robust and mature cyber security sector, with a wealth of expertise and resources. It is home to multiple established cyber security companies, research institutions, and government initiatives focused on cyber security. This is set to provide a fertile ground for cyber security mesh vendors to thrive and collaborate with market leaders.

The United Kingdom also has a technologically advanced market, with widespread adoption of digital technologies across various sectors. This can create a significant demand for cutting-edge cyber security solutions, including cyber security mesh, to address the evolving threats and protect critical digital assets.

The country has stringent data protection regulations, including the General Data Protection Regulation (GDPR) and the Data Protection Act 2018. These regulations emphasize the importance of data security and privacy, driving organizations to invest in robust cyber security solutions such as cyber security mesh to ensure compliance.

Why Are Cyber Security Mesh Sales Expanding Rapidly in China?

China cyber security mesh market is expected to be worth US$ 2.1 billion in 2033. It is estimated to create an absolute dollar growth of US$ 1.8 billion till 2033.

China witnessed exceptional growth at a CAGR of 25.5% from 2018 to 2022. It is predicted to accelerate at a CAGR of 21.6% from 2023 to 2033.

China often faces significant cyber security challenges, including increasing cyber threats and sophisticated attacks. As the digital economy grows and more critical infrastructure becomes interconnected, demand for robust security solutions such as cyber security mesh rises to protect sensitive data and systems from breaches.

The government has also recognized the importance of cyber security and has implemented various initiatives to strengthen the country's cyber security defenses. The National Cyber security Law, for instance, emphasizes the need for comprehensive cyber security measures.

It encourages organizations to adopt advanced security technologies such as cyber security mesh. This strong government support might create a favorable environment for cyber security vendors to thrive and expand their sales in China.

Category-wise Insights

Which Offering of Cyber Security Mesh is Projected to Witness Significant Growth?

Based on offering, the cyber security mesh services segment is projected to expand at a CAGR of 21.4% from 2023 to 2033. It showcased a CAGR of 25.5% from 2018 to 2022.

The frequency and impact of cyber-attacks continue to rise, resulting in significant financial losses and reputational damage for organizations. Need for robust cyber security measures, including cyber security mesh services, is set to become imperative to protect against these threats and minimize potential damages.

Organizations are undergoing digital transformation initiatives and increasingly adopting cloud services to enhance operational efficiency and flexibility. However, this shift also introduces new security risks and challenges.

Cyber security mesh services can provide the necessary security controls and visibility to protect cloud-based applications and data. It can further ensure a secure digital transformation journey, which would fuel demand.

Proliferation of IoT devices in various sectors brings unique security challenges. Cyber security mesh services can help organizations secure and monitor the growing number of IoT devices. It can help in preventing unauthorized access and potential vulnerabilities that can be exploited by cybercriminals, further pushing demand.

Which is the Top Vertical of Cyber Security Mesh Worldwide?

By vertical, the BFSI segment is likely to showcase a CAGR of 21.1% from 2023 to 2033. It registered a CAGR of 25.4% from 2018 to 2022.

In the banking, financial services, and insurance (BFSI) sector, adopting cyber security mesh services is of utmost importance. They help to protect sensitive financial data and maintain the trust of customers.

Mobile devices play a significant role in BFSI, enabling convenient access to financial services and transactions. However, they also pose security risks that must be mitigated through robust cyber security measures.

The BFSI sector is subject to stringent regulatory compliance requirements. Regulatory bodies impose strict data protection and privacy regulations to ensure the security and confidentiality of customer information.

Implementing cyber security mesh can enable BFSI organizations to meet these compliance requirements. They can easily implement advanced security controls and ensure secure data access and transmission with such meshes.

The BFSI sector is also undergoing significant digital transformation, embracing cloud technologies and digital services to enhance customer experiences and enable remote access. However, this digital shift also introduces new security challenges.

Cyber security mesh helps secure cloud-based applications, virtualized infrastructure, and distributed networks. Its ability to ensure a secure digital transformation journey for BFSI organizations is projected to push demand.

Competitive Landscape

Numerous established cyber security vendors are expanding their offerings to include cyber security mesh solutions. These companies would leverage their experience, reputation, and existing customer base to provide comprehensive security solutions that incorporate the principles of cyber security mesh.

Rise of cyber security mesh has also paved the way for start-ups and niche players to enter the market. These companies often focus on specific aspects or technologies related to cyber security mesh, offering innovative solutions and competing based on agility, specialization, and unique features.

Given the distributed nature of cyber security mesh and its close relationship with cloud computing, renowned cloud service providers are actively developing new capabilities. These providers would leverage their cloud infrastructure and expertise to offer integrated security solutions, taking advantage of their existing customer base and global reach.

A few recent developments in the cyber security mesh market are:

• In April 2021, Microsoft unveiled Azure AD Verifiable Credentials. It is a solution that enables organizations to securely manage and verify digital identities & credentials within a cyber-security mesh environment. This development enhances identity-centric security measures.
• In October 2020, Palo Alto Networks announced the release Prisma Cloud 2.0. It is a cloud security platform that integrates various security services into a unified framework. This development aligns with the cyber security mesh principles of distributed security controls and interoperability across cloud environments.

Scope of the Report

Cyber Security Mesh Market Outlook by Category

By Offering:

• Software
• Services

By Vertical:

• BFSI
• Healthcare
• Government and Defense
• IT and Telecom
• Retail and E-commerce
• Manufacturing
• Energy and Utilities
• Transportation and Logistics

By Deployment Type:

• Cloud
• On-premises

By Region:

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

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