Global Cyber Security Services Market Size, Share, Growth Analysis, By Component, By Application, By Organization Size, By Vertical - Industry Forecast 2022-2028

Global Cyber Security Services Market size was valued at USD 135.02 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).

The expansion of the global cyber security services market can be ascribed to the rise in cybercrimes and scams that cause significant losses for enterprises. Companies are heavily investing in cutting-edge information security technologies to bolster their internal security architecture as cybercrime incidences rise dramatically. The Centre for Strategic and International Studies (CSIS) and McAfee estimate that the annual cost of cybercrimes, including data loss, theft, and damage and destruction, is about USD 600 billion, or 0.8% of global GDP.

Governments are updating their cyber security policies, which is promoting market expansion and providing plenty of chances for industry participants. Organisations are relying on enormous amounts of data more and more as AI, IoT, and machine learning continue to grow. In the healthcare industry, cyber fraud has dramatically escalated after the Covid-19 pandemic. Over the projection period, the healthcare segment is expected to have the highest CAGR of 11.4%. Therefore, it has compelled creators of healthcare applications to adopt cutting-edge cyber security solutions, which will result in favourable market expansion in the next years.

Top-down and bottom-up approaches were used to estimate and validate the size of global Cyber Security Services 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 services market is segmented based on component, application, organization size, vertical, and region. Based on component, it is categorized into solution and service. Based on application, it is categorized into network security, endpoint security, application security, cloud. Based on organization size, it is categorized into SMEs, large enterprises. Based on vertical, it is categorized into banking, financial services, insurance, government and defense, retail, healthcare, it and telecom, energy and utilities, manufacturing. Based on region, it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Drivers

Devices and applications are more susceptible to advanced persistent threats (APTs) as a result of the expanding IoT and BYOD trend in enterprises. Additionally, as the number of mobile devices in businesses increases, IT staff members will have a harder time managing and tracking data flow across various systems. Because of this, organisations are increasingly depending on cybersecurity systems to safeguard sensitive data by keeping track of, categorising, and addressing different kinds of risks, which is driving market expansion. For instance, a 2021 research claims that cybercriminals actively seek to exploit security flaws after the COVID-19 incident and launched 667% more phishing attempts as a result. Additionally, in 2020, more than 15% of workers used non-work devices to access sensitive data. Additionally, a lot of firms understand that the advantages of BYOD in the workplace much outweigh any possible risks. Potential security threats can typically be reduced. A BYOD strategy has many benefits, including higher productivity, happier employees, and lower expenses for the business, which encourages the adoption of cybersecurity.

Restraint

The need for cutting-edge solutions is expanding tremendously as a result of the increase in internet security risks. Enterprises cannot be sufficiently protected from modern network, cloud, and endpoint security threats by outdated network security solutions. Key impediments include things like a shortage of specialists and experts in creating and enhancing security solutions. Small and medium-sized businesses (SMEs) are hampered in their adoption of internet security solutions and services by the high cost of establishing and maintaining them.

Market Trends

Core technologies including machine learning, the internet of things (IoT), the cloud, and big data are being implemented by major participants in this sector in their enterprise security departments. They are also putting in place an IoT and machine learning security solution without signatures. Players would benefit from this adoption by being better able to comprehend uncertain activities and trials as well as recognise and detect uncertain threats.

As the IoT market grows, IoT solutions are becoming more popular across a range of information security applications. Therefore, one of the quickly developing industry trends is the use of cutting-edge internet security technology. Big data and cloud technologies also help firms identify and research potential dangers.