Global Cybersecurity Market, By 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) - Industry Trends and Forecast to 2031.
Cybersecurity Market Analysis and Size
Global cybersecurity market is experiencing robust growth, driven by several key factors. The escalating frequency of cyberattacks has heightened the need for robust security measures, prompting organizations to invest heavily in cybersecurity solutions. Strict regulatory compliance demands for data protection are also pushing businesses to adopt advanced security frameworks. In addition, the increasing usage of electronics in automotive industries makes vehicles more susceptible to cyber threats, further fueling market growth. The rise in the development and use of various types of malware has made comprehensive cybersecurity solutions imperative for organizations across all sectors. However, the market faces restraints such as a significant shortage of skilled cybersecurity professionals and the widespread use of pirated and open-source cybersecurity solutions, which can undermine security efforts. Opportunities abound in leveraging advanced analytics for proactive threat management, developing solutions resistant to quantum computing threats, and securing Internet of Things (IoT) devices and networks. Nevertheless, the market is not without its challenges, including risks from malicious or unintentional insider actions and the complexities involved in integrating and managing diverse security solutions. These dynamics collectively shape the evolving landscape of the global cybersecurity market.
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.
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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, Cisco Systems, Inc., Check Point Software Technologies Ltd., FireEye, Inc., Trend Micro Incorporated, Musarubra US LLC, Gen Digital Inc., Rapid7, Open Text Corporation, Microsoft, Amazon Web Services, Inc., Oracle, Fortinet, Inc., Palo Alto Networks., Accenture, McAfee, LLC, RSA Security LLC, Forcepoint, Sophos Ltd, Imperva, Proofpoint, Juniper Networks, Inc., SonicWall, CyberArk Software Ltd., F-Secure, Qualys, Inc., AlgoSec, SentinelOne, DataVisor, Inc., RevBits, LLC, WiJungle, Comcast, Aristi Cybertech Private Limited, and Securden, Inc., among others
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Market Definition
The goal of the worldwide cybersecurity industry is to defend infrastructure and digital assets from online attacks by offering a wide range of services, solutions, and technologies. It comprises a broad range of security technologies, such as firewalls, encryption tools, and antivirus software, in addition to Managed Security Services (MSS) and consulting services that offer proficiency in threat identification, incident handling, and regulatory compliance. The market is driven by the need to protect against growing threats such as ransomware and phishing, adhere with strict data protection rules, and exploit emerging technologies like blockchain and artificial intelligence. It spans numerous business verticals, including banking, healthcare, and government. Cybersecurity solutions are global in scope and may adjust to local difficulties while meeting the common need of protecting digital activities from a constantly changing and complex threat landscape.
Global Cybersecurity Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
Driver
- Escalating Frequency of Cyberattacks
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 in the cybersecurity sector, ultimately fortifying the digital landscape against malicious actors.
Restraint
- Lack of Skilled Cybersecurity Professional
The risk of cyberattacks has risen with the increase in digital transformation. Therefore, the demand for professionals to secure and manage the online world has led to a massive demand for cybersecurity professionals. The cybersecurity skills shortage is due to rapidly changing technological advancements and the threat landscape. Also, there is a lack of skills among professionals to tackle specific cyber-attacks. Hence, the lack of professional expertise is expected to restraint the market to grow.
Opportunity
- Leveraging Advanced Analytics for Proactive Threat Management
The adoption of advanced analytics for proactive threat management not only strengthens cybersecurity postures but also fosters resilience against sophisticated cyber-attacks. As organizations continue to embrace digital transformation and face increasingly sophisticated threats, the integration of advanced analytics into cybersecurity strategies becomes indispensable for maintaining a secure and resilient digital environment. This trend is expected to drive significant growth and innovation in the global cybersecurity market, positioning advanced analytics as a cornerstone of modern cybersecurity defenses.
Challenge
- Risks from Malicious or Unintentional Actions by Insiders
Malicious actions create serious challenge to the cybersecurity business. Insiders can take advantage of this trust to steal intellectual property, jeopardize vital infrastructure, or interfere with operations since they already have permission to access sensitive systems and data. With their intimate knowledge, malicious insiders can elude conventional security measures by engaging in actions such as data exfiltration, sabotage, or unlawful access. However, inadvertent acts by well-meaning staff members, such falling for phishing scams or mishandling private information, can also result in security lapses and data leaks.
Recent 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
Global Cybersecurity Market Scope
Global cybersecurity market is segmented based on components, application, type of threat, security type, deployment model, enterprise size, and verticals. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Components
- Service
- Solutions/Software
On the basis of components, the global cybersecurity market is segmented into service and solutions/software.
Application
- Identity & Access Management
- Data Security & Privacy Service Offering
- Governance Risk & Compliance
- Unified Vulnerability Management Service Offering
- Others
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.
Type of Threat
- Malware
- Distributed Denial-of-Service Attacks (DDOS)
- Man-in-the-Middle (MITM) Attacks
- Zero-Day Exploits
- Denial-of-Service (DOS)
- Others
On the basis of type 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.
Security Type
- Infrastructure Security
- Network Security
- Application Security
- Cloud Security
- Endpoint Security
- Others
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.
Deployment Model
- Cloud
- On-Premises
On the basis of deployment model, the global cybersecurity market is segmented into cloud and on-premises.
Enterprise Size
- Large Enterprise
- SMES
On the basis of enterprise size, the global cybersecurity market is segmented into large enterprise and SMES.
Verticals
- IT
- Telecom
- BFSI
- Manufacturing
- Automotive
- Retail
- Healthcare
- Energy & Utilities
- Public Sector
- Others
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.
Global Cybersecurity Market Regional Analysis/Insights
The global cybersecurity market is segmented based on components, application, type of threat, security type, deployment model, enterprise size, and verticals.
The countries covered in the global cybersecurity market 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.
North America is expected to dominate the global cybersecurity market due to escalating frequency of cyberattacks. The U.S. is expected to dominate the North America cybersecurity market due to strict regularity compliance demand for data protection in the country. Germany is expected to dominate Europe cybersecurity market due to rise in development and usage of different types of malwares in the country. China is expected to dominate Asia-Pacific cybersecurity market due to increasing usage of electronics in automotive making it susceptible to cyber-attacks.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, and the impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Cybersecurity Market Share Analysis
Global cybersecurity market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product approvals, product width and breadth, application dominance, and product type lifeline curve. The above data points provided are only related to the company’s focus on the market.
Some of the major players operating in the global cybersecurity market are IBM, Cisco Systems, Inc., Check Point Software Technologies Ltd., FireEye, Inc., Trend Micro Incorporated, Musarubra US LLC, Gen Digital Inc., Rapid7, Open Text Corporation, Microsoft, Amazon Web Services, Inc., Oracle, Fortinet, Inc., Palo Alto Networks., Accenture, McAfee, LLC, RSA Security LLC, Forcepoint, Sophos Ltd, Imperva, Proofpoint, Juniper Networks, Inc., SonicWall, CyberArk Software Ltd., F-Secure, Qualys, Inc., AlgoSec, SentinelOne, DataVisor, Inc., RevBits, LLC, WiJungle, Comcast, Aristi Cybertech Private Limited, and Securden, Inc., among others.
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