The global cyber security market size is expected to reach USD 326.4 billion by 2027, registering a compound annual growth rate (CAGR) of 10.0% from 2020 to 2027. Growing concerns for IT security and asset management is at the forefront for managing digital resources at large.
In the past few years, there has been a huge growth in phishing, mail hacking, and other security breaches. Also, the growing incidences of cyber threats throughout the world are likely to demand better cyber security software. Apart, the innovation adopted in the IT industry to control the threats holds a huge potential in market development. Software vendors are periodically upgrading their products to a higher version with better security features.
Moreover, the emergence of payment technologies, and the rise in a number of financial transactions, has resulted in a huge dependence on digital platforms by millennials. Simultaneously, these technologies have increased the risk of threat owing to the rise in user-generated traffic. The volume of data traffic has been continuously growing in the digital sphere and is expected to grow four times in the very near future. According to Verizon’s Data Breach Investigations Report published in 2020, 86% of the overall breaches were financially motivated, and 22% of the overall breaches involved phishing. With rising cases of data breaches, cybersecurity vendors are increasingly investing in analytics, data science models, and predictive machine learning technologies to detect, block, and quarantine device vulnerabilities in real-time.
Governments and regulators are setting new rules and standards for the enterprises to adhere to industry risk and compliance regulations such as the GDPR, the California Consumer Privacy Act, the HIPPA, and the Electronic Communications Privacy Act on account of data privacy and protection. Companies failing to adhere to such obligations can potentially face hefty fines and penalties, as well as the risks of tarnishing their reputation.
Cyber Security Market Report Highlights:
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Infrastructure protection segment held a huge share due to the rise in number of cyber attacks and growing concerns to protect IT networks
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There is a huge significance of large networks in the cyber security due to the growing importance of cloud computing network infrastructures. For instance, IoT, and blockchain technologies
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North America is the large market in terms of revenue share and is expected to remain at a dominant position in the forecast period
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The healthcare industry is likely to dominate the cyber security market and emerges to be the fast growing market throughout the global market
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Component Insights
The services segment accounted for a significant revenue share in 2019 and expected to continue dominating in the forecast period. The need for consistency in surveillance, regular maintenance, and troubleshooting is likely to encourage the growth of segment in the forthcoming years.
Cyber Security Market Segmentation
Grand View Research has segmented the global cyber security market on the basis of component, security type, solution, service, deployment, organization, application, and region:
Cyber Security Component Outlook (Revenue, USD Billion, 2016 – 2027)
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Hardware
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Software
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Services
Cyber Security Type Outlook (Revenue, USD Billion, 2016 – 2027)
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Endpoint Security
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Cloud Security
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Network Security
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Application Security
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Infrastructure Protection
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Data Security
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Others
Cyber Security Solution Outlook (Revenue, USD Billion, 2016 – 2027)
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UTM
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IDS/IPS
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DLP
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IAM
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SIEM
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DDoS
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Risk & Compliance
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Others
Cyber Security Services Outlook (Revenue, USD Billion, 2016 – 2027)
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Professional Services
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Managed Services
Cyber Security Deployment Outlook (Revenue, USD Billion, 2016 – 2027)
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Cloud
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On-premise
Cyber Security Organization Outlook (Revenue, USD Billion, 2016 – 2027)
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SMEs
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Large Enterprises
Cyber Security Application Outlook (Revenue, USD Billion, 2016 – 2027)
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IT & Telecom
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Retail
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BFSI
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Healthcare
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Defense/Government
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Manufacturing
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Energy
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Others
Cyber Security Regional Outlook (Revenue, USD Billion, 2016 – 2027)
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North America
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U.S.
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Canada
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Europe
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U.K.
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Germany
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Asia Pacific
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China
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India
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Japan
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Latin America
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Brazil
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Mexico
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MEA
List of Key Players of Cyber Security Market
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Broadcom (Symantec Corporation)
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Cisco Systems, Inc.
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Check Point Software Technology Ltd.
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IBM
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McAfee, LLC
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Palo Alto Networks, Inc.
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Trend Micro Incorporated
Browse Related Report @
Security Analytics Market – Growing superiority in threat attacks employed by mature threat actors that remain undetected using predefined security tools or signature matching technologies is encouraging enterprises to adopt security analytics solutions.
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