PUBLISHER: Roots Analysis | PRODUCT CODE: 1721393
PUBLISHER: Roots Analysis | PRODUCT CODE: 1721393
As per Roots Analysis, the global cyber security market size is estimated to grow from USD 215 billion in the current year to USD 697 billion by 2035, at a CAGR of 11.3% during the forecast period, till 2035.
The opportunity for cyber security market has been distributed across the following segments:
Type of Component
Deployment Mode
Solution Type
Type of Technology
End-user
Geography
Cybersecurity has become an essential part of every business strategy as the risks of data breaches, hacking, and cybercrime continue to escalate. Its significance lies in safeguarding sensitive data, ensuring employee efficiency, and boosting customer trust in products and services. With the growing dependence on digital systems and networks, the necessity for strong cybersecurity measures has become increasingly urgent. In this scenario, zero trust security has emerged as a practical solution.
The cybersecurity industry faces a substantial deficit of qualified professionals, with over 3.5 million unfilled positions worldwide. This gap presents a significant opportunity for individuals to make a career change and for companies to enhance the skills of their current workforce. For example, Simplilearn provides extensive courses in cybersecurity, including the Certified Ethical Hacking (CEH) and Certified Information Systems Security Professional (CISSP) certifications, which are in high demand in the field.
The need for cybersecurity professionals is fueled by the constantly changing landscape of cyber threats. Ransomware attacks, social engineering tactics, and vulnerabilities associated with IoT are just a few of the obstacles that organizations must address to maintain their cybersecurity defenses. Consequently, companies are making substantial investments in cybersecurity strategies, encompassing network security, cloud security, and safeguarding critical infrastructure. The cybersecurity sector is anticipated to grow, as businesses acknowledge the essential need for strong cybersecurity practices to defend their information and systems against the rising complexity of cyber assaults.
Based on the type of component, the global cyber security market is segmented hardware, software and services. According to our estimates, currently, hardware segment captures the majority share of the market. However, owing to the rising implementation of advanced security solutions and the increasing incorporation of artificial intelligence and machine learning in cyber security offerings, the software segment is anticipated to grow at a higher CAGR during the forecast period.
Based on deployment mode, the cyber security market is segmented into on-premises, cloud and hybrid. According to our estimates, currently, on-premises segment captures the majority share of the market. This can be attributed to the advantages of on-premises solutions in providing organizations with complete ownership and control over their data, which is essential for sectors that have strict regulatory compliance mandates.
Based on solution type, the cyber security market is segmented identity and access management, antivirus / antimalware, intrusion detection systems / intrusion prevention systems, security information, log management and event management, firewall, encryption and tokenization, compliance and policy management, patch management, and other solutions. According to our estimates, currently, identity and access management solutions capture the majority share of the market. However, owing to the rising adoption of network security products and increasing expenditure on IT security, the market for intrusion detection systems/intrusion prevention systems is anticipated to grow at a higher CAGR during the forecast period.
Based on type of technology, the cyber security market is segmented 5G security, AI / ML security, blockchain security, cloud security, DevSecOps, IoT security and other technologies. According to our estimates, currently, cloud security captures the majority share of the market. This can be attributed to the rising adoption of cloud services and the necessity to safeguard cloud assets from unauthorized access, malware, and other threats.
Based on type of end-user, the cyber security market is segmented into government / defense, BFSI, healthcare, aerospace, retail and ecommerce, energy and utilities, telecommunication, transportation and logistics, media and entertainment, and other end-users. According to our estimates, currently, government / defense segment captures the majority share of the market. This can be attributed to numerous investments made by government bodies to enhance national cybersecurity systems.
Based on geography, the cyber security market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and Rest of the World. According to our estimates, currently, North America captures the majority share of the market. However, market in Asia is anticipated to experience the highest CAGR during the forecast period
The report on the cyber security market features insights on various sections, including: