Global Cyber Security Market Size, Share, Growth Analysis, By Type(Network security, application security), By Solution(Disaster recovery, anti-malware), By Industry Vertical(Government, defense) - Industry Forecast 2022-2028

Global Cyber Security Market size was valued at USD 135.08 billion in 2021 and is poised to grow from USD 153.65 billion in 2022 to USD 424.97 billion by 2030, growing at a CAGR of 13.8% in the forecast period (2023-2030).

Cyber security refers to the protection of internet-connected equipment against a variety of threats in cyberspace. It entails safeguarding software, data, and hardware while also assisting in the prevention of fraudsters getting access to devices or networks. Businesses require cyber security to safeguard their data, cash, and intellectual property. Individuals need it for similar reasons, despite the fact that intellectual property is less of a concern and the chance of losing vital information, such as family photographs, is higher. When it comes to government or public services, cyber security ensures that the public can continue to rely on them.

Cyber-attacks are a major threat, especially for high-value targets such as government agencies, defence, and aerospace. Governments all around the world have strict cyber security legislation in place to protect the data and privacy of individuals and organisations. Such governmental laws and regulations drive the market.

Top-down and bottom-up approaches were used to estimate and validate the size of global Cyber Security Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Segments covered in this report

Global cyber security market is segmented on the basis of type, solution, industry vertical, and region. Based on the type, the Cyber Security Market is segmented as network security, application security, mobile security, wireless security, cloud security, and others. Based on the solution, the Cyber Security Market is segmented as disaster recovery, anti-malware and anti-virus, mobile device management, firewalls, authentication and authorization, intrusion detection and protection systems (ID/IP systems), network access control, data loss prevention, encryption, DDOS mitigation, security information and event management (SIEM), whitelisting, and other. Based on the industry vertical, the Cyber Security Market is segmented into government, defense, aerospace, banking and financial services industries, travel and transportation, telecommunication, healthcare, retail, manufacturing, and others. Based on region, Cyber Security Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Drivers

Cybersecurity mesh is a new security architecture paradigm. It enables decentralised businesses to provide and enhance security where it is most needed. It is a decentralised concept that attempts to secure the identities of users or machines, and it is currently one of the most used approaches. Whether on-premises or in the cloud, the purpose is to restrict network access to authorised users (or systems). The cybersecurity mesh assists IT professionals in managing protection from each access point while also stopping attackers from gaining system access.

Other factors encouraging cyber security adoption include rising malware and phishing risks among companies. Malware, such as viruses and Trojan horses, has grown in its ability to enter, control, and harm entire electronic information networks. Malware is regularly used by cybercriminals to seize control of devices or equipment in order to profit. This is done so that the machine can immediately be utilised to conduct fraudulent transactions or criminal operations.

Restraint

The market's expansion is being hampered by a lack of cybersecurity funding and high installation prices. Emerging startups' cybersecurity budgets are insufficient to implement Next-Generation Firewalls (NGFWs) and Advanced Threat Protection (ATP) solutions. These firms lack the appropriate IT security infrastructure due to limited financial resources, resulting in slow adoption of new technologies and corporate security solutions. Small enterprises must manage budget finances for a number of operational challenges and business continuity strategies, limiting their expansion.

Market Trends

Significant device cost reductions, in conjunction with evolving business models, have contributed in boosting IoT market penetration rates and, as a result, the number of linked devices, such as connected cars, machinery, metres, wearables, and consumer electronics.

Consumer IoT assaults are prevalent, but the threat of disruption in manufacturing and other businesses raises the importance of cybersecurity in the current market dynamics. Furthermore, the launch of 5G is projected to accelerate the usage of connected devices in industries that are currently in the process of transitioning to the Industrial Revolution 4.0.

Industrial Revolution 4.0 promotes cellular communication throughout the sector with the advent of IoT. Machine-to-machine links have also contributed to market expansion.