Cybersecurity Market Forecasts to 2028 - Global Analysis By Security Type, Component, End User and Geography

According to Stratistics MRC, the Global Cybersecurity Market is accounted for $173.5 billion in 2022 and is expected to reach $322.7 billion by 2028 growing at a CAGR of 10.9% during the forecast period. Solutions for ensuring data confidentiality that helps firms discover, monitor, report, and combat cyber threats are referred to as cybersecurity solutions. Cyber security is a category that includes safeguarding internet-connected gadgets that aid in defending against numerous online dangers.

According to the UK government's 2022 Cyber Security Breaches Survey, 40% of businesses and almost a third of charities (32%) use at least one managed service provider.

Market Dynamics:

Driver:

Increasing number of e-commerce platforms

The development of blockchain, cloud computing, and artificial intelligence has strengthened internet security measures in linked network architecture. Network security solutions are currently the main focus of e-commerce companies' electrical and IT security systems. As more people are using these technologies to defend against cyber attacks, there is a rising need for network security solutions. Nevertheless, the growing number of internet security risks, which has led to a sharp increase in demand for cutting-edge solutions, may pose challenges to the worldwide cyber security market's expansion.

Restraint:

Lack of budget among SMEs and start-ups in developing economies

Budgets allocated to solve cyber security issues are not keeping up with the requirements' rapid growth. In order to protect their networks and IT infrastructures from different cyber-attacks, the majority of small businesses lack the financial resources and IT security experience to implement upgraded cyber security solutions. The implementation of cyber security solutions by small businesses in emerging economies is anticipated to be constantly constrained by a lack of investments and a lack of funds. Because many businesses lack adequate IT security infrastructures due to their lower financial capacity, new technologies and corporate security solutions are adopted more slowly.

Opportunity:

Rising Cyber Attacks

One of the main causes propelling the expansion of the cyber security sector is the rise in the incidence and difficulty of cyber attacks. Small and large businesses' growing requirement for improved cyber protection is probably one of the biggest drivers of the market throughout the projected period. Major Cyber attacks are happening more often all around the world. Attack by cyber terrorists against endpoints, data, networks, and other IT infrastructure result in significant financial damages for organisations, people, and governments. In consequence, it is anticipated that this would hasten the growth of the cyber security industry.

Threat:

High cost of deployment

A significant obstacle to the expansion of the global cybersecurity business is the high implementation cost. The high implementation costs of cybersecurity solutions are one of the main issues facing the worldwide industry. The whole installation expense takes into account the cost of software licence, system planning and modification, implementation, training, plus maintenance for a specific company. High implementation costs would emerge from the ongoing need for internal IT administration workers to manage and control difficulties with on-premises cyber security systems. An additional hidden cost of a cyber security system is the expense of imparting information, expertise, and skill necessary to comprehend the solution's performance.

COVID-19 Impact:

It is projected that the COVID-19 outbreak would support the expansion of the cyber security sector. Due to the COVID-19 outbreak, businesses will be able to handle security concerns and encourage secured information access while operating remotely by utilising cyber security services. The increase in internet traffic has also increased the potential of cyber attacks for many businesses, necessitating the deployment of cyber security measures.

The services segment is expected to be the largest during the forecast period

The services segment is estimated to have a lucrative growth. Since cloud-based services are increasingly used to manage essential infrastructure for businesses, managed services are predicted to experience rapid growth. The services category was expected to increase more quickly during the projected period due to the rising number of new players offering security solutions against cyber attacks and rising concerns over the security and privacy of personal data.

The healthcare segment is expected to have the highest CAGR during the forecast period

The healthcare segment is anticipated to witness the fastest CAGR growth during the forecast period. Healthcare institutions use a variety of information systems, including radiological information systems, practise management support systems, electronic prescription, electronic health record, and clinical decision support systems, and many others, that store sensitive patient and hospital data. In addition, there is several IoT-enabled equipment, including as intelligent HVAC systems, remote patient monitoring tools, infusion pumps, intelligent elevators, and more, that are crucial to the continuity of routine patient-related operations. As a result, the market expansion will be drived by healthcare facilities using cyber security solutions to protect electronic data and assets from illegal use, access, and disclosure.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to rise as endpoint, network, and cloud infrastructure security initiatives increase. Digital services are becoming more prevalent across the nation as a result of the quick adoption of cell phones and Internet use. The market is expanding as a result of the increasing usage of cloud and digital services, which also increases the danger of security breaches and data theft.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to increasing popularity of cyber security solutions by end-user industries, the transition from traditional IT services to internet-based IT systems, the expansion of end-user industries, the rise in government initiatives to put cyber security solutions into practise, and the rising number of IT companies and IT start-ups. Even though the US economy is predicted to be saturated throughout the projection period, a number of government efforts and rules regarding the usage of cyber security solutions are anticipated to increase demand for these products in North America.

Key players in the market:

Some of the key players profiled in the Cybersecurity Market include: Broadcom Inc., CrowdStrike Holdings, Inc., Accenture, Amazon Web Services, Cisco Systems, Inc., Microsoft Corporation, HCL Technologies, Oracle, Fortinet, Inc., IBM Corporation, Wipro Limited, Cognizant, Symantec Corporation and Dell Technologies Inc.

Key Developments:

In June 2022 Fortinet Inc launched FortiRecon, a complete Digital Risk Protection Service (DRPS) offering which uses a powerful combination of machine learning, automation capabilities. It also uses FortiGuard Labs cybersecurity experts to manage a company's risk posture and advise meaningful action to protect their brand reputation, enterprise assets, and data.

In June 2022, IBM acquired cybersecurity platform Randori, as Randori helps in identify external-facing assets, both on-premise or in the cloud, that are visible to attackers. The company also announced that by this acquisition the company will strengthens its portfolio of AI-powered cybersecurity products and services, which in turn will drive the growth of cyber security market.

In June 2022 Microsoft partnered with EY to launch new cyber center in New Zealand. The new centres will be supported by Microsoft Azure Sentinel, and it will also provide customers with a protection through access to the knowledge and experience of a large international network.

In May 2022, Cisco unveiled a brand-new item named Cloud Controls Framework. (CCF). The Cisco CCF is a thorough framework that gathers compliance and certification requirements for both domestic and global security. It assists teams in ensuring that cloud products and services adhere to security and privacy standards while saving a considerable amount of money by using a simplified and rationalised compliance and risk management approach.

Security Types Covered:

• Infrastructure Protection
• Cloud Security
• Network Security
• Application Security
• Data Security
• Endpoint Security
• Other Security Types

Components Covered:

• Services
• Solution
• Other Components

Organisation Sizes Covered:

• Small & Medium Enterprises
• Large Enterprises
• Other Organisation Sizes

Deployments Covered:

• Cloud Based
• On Premise

End Users Covered:

• Healthcare
• Government & Defence
• Manufacturing
• Energy & Utilities
• IT & Telecom
• Banking, Financial Services and Insurance (BFSI)
• Retail
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances