A cyberattack is a deliberate exploitation of computer systems, networks, and technology-dependent enterprises, typically carried out to steal, alter, or destroy information or systems. These attacks range from data breaches and ransomware to sophisticated espionage campaigns. The frequency and sophistication of cyberattacks have surged dramatically in recent years. The escalating frequency of cyberattacks is a key driver propelling the global cybersecurity market. As cyber threats continue to evolve and become more complex, the need for comprehensive and advanced cybersecurity solutions becomes more critical. This trend is expected to persist, leading to sustained growth and innovation.
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Data Bridge Market Research analyzes that the Global Cybersecurity Market is expected to reach a value of USD 385.18 billion by 2031 from USD 187.03 billion in 2023, at a CAGR of 9.5% during the forecast period of 2024 to 2031.
Key Findings of the Study
Strict Regulatory Compliance Demand for Data Protection
The cybersecurity market is significantly influenced by strict legislative compliance requirements for data protection, such as the CCPA in California and the GDPR in Europe. Organizations must adhere to strict requirements for the collection, storage, and security of personal data in order to avoid significant penalties and legal ramifications. This calls for the implementation of strong cybersecurity measures. Adherence to these regulations not only reduces legal liabilities but also builds customer confidence, as they anticipate that their information will be protected. This, in turn, encourages investments in cybersecurity solutions that guarantee regulatory compliance and prevent data breaches. The cybersecurity industry is continuing to rise in response to the increasing need for complete data protection solutions from organizations as they work to satisfy these changing compliance requirements.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016–2021)
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Quantitative Units
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Revenue in USD Billion
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Segments Covered
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Components (Service and Solutions/Software), Application (Identity & Access Management, Data Security & Privacy Service Offering, Governance Risk & Compliance, Unified Vulnerability Management Service Offering, and Others), Type of Threat (Malware, Distributed Denial-of-Service Attacks (DDOS), Man-in-the-Middle (MITM) Attacks, Zero-Day Exploits, Denial-of-Service (DOS), and Others), Security Type (Infrastructure Security, Network Security, Application Security, Cloud Security, End Point Security, and Others), Deployment Model (Cloud and On Premises), Enterprise Size (Large Enterprise and SMES), Verticals (IT, Telecom, BFSI, Manufacturing, Automotive, Retail, Healthcare, Energy & Utilities, Public Sector, and Others)
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Countries Covered
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Germany, U.K., France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Sweden, Belgium, Turkey, Denmark, Norway, Finland, Rest of Europe, China, Japan, India, South Korea, Australia, Indonesia, Malaysia, Thailand, Taiwan, Vietnam, Singapore, New Zealand, Philippines, Rest of Asia-Pacific, U.S., Canada, Mexico, Israel, U.A.E., Saudi Arabia, South Africa, Egypt, Qatar, Bahrain, Kuwait, Oman, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America
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Market Players Covered
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IBM (U.S.), Cisco Systems, Inc. (U.S.), Check Point Software Technologies Ltd. (U.S.), FireEye, Inc. (U.S.), Trend Micro Incorporated (U.S.), Musarubra US LLC (U.S.), Gen Digital Inc. (U.S.), Rapid7 (U.S.), Open Text Corporation (Canada), Microsoft (U.S.), Amazon Web Services, Inc. (U.S.), Oracle (U.S.), Fortinet, Inc. (U.S.), Palo Alto Networks. (U.S.), Accenture (U.S.), McAfee, LLC (U.S.), RSA Security LLC (U.S.), Forcepoint (U.S.), Sophos Ltd (U.K.), Imperva (U.S.), Proofpoint (U.S.), Juniper Networks, Inc. (U.S.), SonicWall (U.S.), CyberArk Software Ltd. (U.S.), F-Secure (Finland), Qualys, Inc. (U.S.), AlgoSec (U.S.), SentinelOne (U.S.), DataVisor, Inc. (U.S.), RevBits LLC (U.S.), WiJungle (India), Comcast (U.S.), Aristi Cybertech Private Limited (India), and Securden, Inc. (Inc.), among others
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis
Global cybersecurity market is segmented into seven notable segments, which are based components, application, type of threat, security type, deployment model, enterprise size, and verticals.
- On the basis of components, the global cybersecurity market is segmented into service and solutions/software
In 2024, the service segment is expected to dominate the Global Cybersecurity Market
In 2024, the service segment is expected to dominate the market with a market share of 60.76% because service provider can scale resources up or down based on the organization needs.
- On the basis of application, the global cybersecurity market is segmented into identity & access management, data security & privacy service offering, governance risk & compliance, unified vulnerability management service offering, and others
In 2024, the identity & access management segment is expected to dominate the Global Cybersecurity Market
In 2024, the identity & access management segment is expected to dominate the market with market share of 33.62% due to its foundational role in protecting digital assets, ensuring regulatory compliance, supportive modern IT environments, and enhancing overall security posture.
- On the basis of types of threat, the global cybersecurity market is segmented into malware, Distributed Denial-of-Service Attacks (DDOS), Man-in-the-Middle (MITM) attacks, zero-day exploits, Denial-of-Service (DOS), and others. In 2024, the malware segment is expected to dominate the market with a market share 37.10%
- On the basis of security type, the global cybersecurity market is segmented into infrastructure security, network security, application security, cloud security, endpoint security and others. In 2024, the infrastructure security segment is expected to dominate the market with a market share 32.37%
- On the basis of deployment mode, the global cybersecurity market is segmented into cloud and on premises. In 2024, the cloud segment is expected to dominate the market with a market share 62.69%
- On the basis of enterprise sizes, the global cybersecurity market is segmented into large enterprise and SMES. In 2024, the large enterprise segment is expected to dominate the market with a market share 61.52%
- On the basis of verticals, the global cybersecurity market is segmented into IT, telecom, BFSI, manufacturing, automotive, retail, healthcare, energy & utilities, public sector and others. In 2024, the IT segment is expected to dominate the market with a market share 24.51%
Major Players
Data Bridge Market Research analyzes IBM (U.S.), Cisco Systems, Inc. (U.S.), Microsoft (U.S.), Fortinet, Inc. (U.S.), Palo Alto Networks. (U.S.) as the major players operating in the market.
Market Developments
- In June 2024, Cisco Systems Inc., partnered with LA28 Olympic & Paralympic Games and Team USA as Official Network Equipment Partner, enhancing its legacy in secure networking technology and community impact. This collaboration extends Cisco's global reach and underscores its commitment to inclusivity through social impact programs
- In May 2024, Cisco Systems Inc., and Lenovo forged a strategic partnership to integrate AI-driven solutions and digital workplace technologies, streamlining digital transformation globally. By combining strengths in networking and AI infrastructure, they aimed to enhance operational efficiency and deliver comprehensive, interoperable solutions for businesses
- In May 2023, Corning Incorporated announced a 20% price hike for its display Cyber Security, affecting all regions globally. The move aims to counter rising energy and raw material costs amidst prolonged inflation. With a growing demand for display glass, driven by industry recovery and seasonal trends, Corning anticipates further growth. This strategic adjustment positions Corning for enhanced revenue and market expansion prospects amidst evolving market dynamics
- In August 2023, Check Point Software Technologies Ltd., finalized its acquisition of Perimeter 81 for approximately $490 million, enhancing its SASE capabilities. This acquisition aimed to bolster Check Point’s position in the evolving remote work and cloud security market, providing integrated, scalable security solutions to global enterprises
- In February 2023, Trend Micro Incorporated, has successfully acquired Anlyz, enhancing its XDR security platform with advanced SOC technology. The acquisition strengthened operational efficiencies, broadened the engineering team, and empowered MSSPs to deliver more effective security services, consolidating vendor complexities for improved customer outcomes
Regional Analysis
Geographically, the countries covered in the global cybersecurity market report are Germany, U.K., France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Sweden, Belgium, Turkey, Denmark, Norway, Finland, rest of Europe, China, Japan, India, South Korea, Australia, Indonesia, Malaysia, Thailand, Taiwan, Vietnam, Singapore, New Zealand, Philippines, rest of Asia-Pacific, U.S., Canada, Mexico, Israel, U.A.E., Saudi Arabia, South Africa, Egypt, Qatar, Bahrain, Kuwait, Oman, rest of Middle East and Africa, Brazil, Argentina, and rest of South America.
As per Data Bridge Market Research analysis:
North America is expected to be the dominant and fastest growing region in the Global Cybersecurity Market
North America is expected to be the dominant and fastest growing region in the global cybersecurity market due to its strong presence of key players, robust technological advancements, and high demand driven by industries.
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