Securing the Digital Frontier: Exploring the Global Cyber Security Market and Emerging Threat Landscape
Market Overview:
According to the DataM market research report, the global cyber security market reached US$ 163.5 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 200.6 billion by 2030. The market is expected to exhibit a CAGR of 11.3% during the forecast period (2023-2030).
This can be mainly attributed to the increasing number of cyberattacks, growing spending on cloud computing technologies, rising adoption of cloud encryption solutions, surging acceptance of Bring-Your-Own-Device (BYOD), snowballing implementation of Machine learning (ML), computer vision, big data analytics, and Internet of Things (IoT), and increasing need to safeguard computers, networks, and databases from unauthorized access, coupled with an intense focus toward meeting compliance requirements.
Moreover, the rapid adoption of cloud computing technologies is the key factor resulting in the increasing implementation of cloud-based IT security solutions, which support the market growth globally.
Nowadays, organizations are focusing on transferring information to the cloud owing to enhanced accessibility, reduced IT expenditure, high-storage capacity, and easy integration of software with the cloud platform. Hence, with the deployment of cloud computing technology, the market is projected to achieve significant growth in the coming years.
Market Drivers:
In recent years, targeted attacks have increased, infiltrating targets& network infrastructure while maintaining anonymity. Attackers with a specific objective typically target endpoints, networks, on- premises devices, on-premises applications, cloud-based applications, data, and other IT infrastructures. The primary objective of targeted attacks is to breach the network of the targeted company or organization and take sensitive data.
As a result of these targeted attacks, organizations suffer business disruptions, intellectual property loss, financial loss, and the loss of critical and sensitive consumer data. Targeted cyberattacks have an impact not only on the targeted organizations but also on domestic and international consumers.
Market Restraints:
In an increasingly digitized world, the importance of cybersecurity cannot be overstated. With the rapid growth of technology and the internet, cyber threats have become a significant concern for individuals, businesses, and governments worldwide. The major restraint in the global cybersecurity market is the lack of awareness and a shortage of skilled professionals.
Market Opportunities:
As cyber threats become more sophisticated, organizations will seek comprehensive cybersecurity services beyond traditional solutions. Managed security services, incident response services, vulnerability assessments, and penetration testing will be in high demand. Companies providing specialized cybersecurity services will have a competitive edge.
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COVID-19 Impact Analysis:
COVID-19 pandemic has had a mixed impact on the global cybersecurity market. While it has increased the frequency and sophistication of cyber threats, it has also created opportunities for cybersecurity companies to innovate and provide solutions to address the evolving security challenges brought about by remote work, data privacy concerns, cloud adoption, and increased cybersecurity awareness.
Recent Developments in the Industry:
On July 2022, Bishop Fox Inc. raised $75 million in funding as the company set itself for a worldwide expansion through the channel in the upcoming years. Carrick Capital Partners led this series B funding. The company Bishop Fox has a platform called Cosmos that provides simulated cyberattacks to detect and identify various vulnerabilities in the customers IT systems. The above funding will be focused on enriching the core technology platform of Bishop Fox.
On March 2022, a senior official said TCS's cyber security deals increased 3X over the past 12 months. The big IT services provider anticipates growing by 3,000–3,500 personnel in FY23, just for cyber security. Deals involving cyber security for Tata Consultancy Services (TCS) have multiplied by at least 2.5-3 times during the past year. According to a senior TCS executive, the major IT service provider is already expanding its offers in this field. In FY23, it plans to hire between 3,000 and 3,500 new people just for cyber security.
On May 2022, a new office for Capgemini with a dedicated Cyber Defense Center (CDC) and a Cloud services Center was established in Malaga, Spain. The CDC will fortify the Group's global network of Cyber Defense Centers, focusing on incident response, ERP security, and cybersecurity services utilizing artificial intelligence (AI). To assist national and international businesses in pursuing the goal of the intelligent industry, Capgemini will also offer specialist cloud technology services in Malaga.
Market Segmentation:
As per the research analysis, the global cyber security market is segmented by solution into threat intelligence & response, identity, and access management, data loss prevention, threat mitigation, encryption, firewall, unified threat management, managed security, and others; by type into network security, cloud security, application security, end-point security, wireless network security, and others; and by industrial sector into BSFI, IT & telecom, government, healthcare, aerospace, defense & intelligence, and others.
Based on type, in 2021, the network security segment held more than a 20% share of the global market. The segmental growth is attributed to an increase in the number of malware assaults and the adoption of the BYOD trend. Network security includes firewall, antivirus/antimalware, Unified Threat Management (UTM), NAC, Intrusion Detection System/Intrusion Prevention System (IDS/IPS), Distributed Denial of Service (DDoS) mitigation, Data Loss Prevention (DLP), secure web gateways, vulnerability scanning, sandboxing, and others.
Geographical Classification:
The global cyber security market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Cyber Security Market:
North America has the largest share of the cyber security market and is likely to maintain its dominance during the forecast period. The increased use of cloud-based solutions by numerous sectors, including military and healthcare, as a result of technical improvements and government spending, drives market expansion.
Furthermore, the market grew as a result of the widespread use of cybersecurity solutions in North America, particularly in the government and education sectors. For instance, in June 2019, the IT system of the University of California was involved in a ransomware attack by a hacking group known as Netwalker.
Asia-Pacific Cyber Security Market:
Due to an increase in external threats such as virus operations and phishing from different neighboring nations, Asia Pacific is predicted to demonstrate a consistent growth in cyber security.
The strong need for cyber security in China to safeguard national and state sovereignty, as well as to close the gap with international counterparts in the U.S. and the European Union, supports the expansion of the cyber security industry.
Competitive Landscape:
The major global players include Check Point Software Technologies, Fire Eye Inc., Intel Security, Cisco Systems, Inc., IBM Corporation, Symantec Corporation, Dell Technologies. Inc., Cyber Ark Software, Inc., Palo Alto Group, and Herjavec Group.
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The Full Report has the below insights:
The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable projections about market size during the forecast period (2023-2030).
Visualize the composition of global cyber security market segmentation by solution, type, industrial sector, and region, highlighting the key commercial assets and players.
o By Solution: Threat Intelligence & Response, Identity and access management, Data Loss prevention, Threat mitigation, Encryption, Firewall, Unified Threat Management, Managed Security, Others
o By Type: Network Security, Cloud security, Application Security, End-Point security, Wireless network Security, Others
o By Industrial Sector: BSFI, IT & Telecom, Government, Healthcare, Aerospace, Defense, and Intelligence, Others
o By Region: North America, South America, Europe, Asia Pacific, Middle East & Africa
Identify commercial opportunities in global cyber security market by analyzing trends and co-development deals.
The report also covers data insights on various industry forces such as Porter's five forces analysis, supply chain analysis, pricing analysis, and regulatory analysis.
Excel data sheet with thousands of data points of global cyber security market-level 4/5 segmentation.
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
Product mapping in Excel for the key product of all major market players
The report will provide access to approximately 61 market data tables, 64 figures and close to 180 pages.
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