The global cyber security market size is expected to reach USD 311.73 Billion at a steady CAGR of 7.6% in 2028, according to latest analysis by Emergen Research. Steady cyber security market revenue growth is due to increase in the number of data breaches and increasing deployment to the cloud, driven by the digitization shift across various industries, sectors, and verticals.
Adoption of cloud-based services in various industries has increased thus driving growth of the cyber security market to a significant extent. Enterprises are increasingly adopting cloud-based services as this is less expensive and does not require an IT infrastructure setup. Cloud deployment leads to vulnerabilities in software and makes information easily accessible by cyber criminals. Companies are focused on improving their cyber security software to protect their data from cyber-attacks.
Growing popularity of digitalization has prompted various organizations to rely on digitalized information. Sharing of such information externally or internally has made organizations vulnerable to cybercrime through different mediums. A successful online attack can harm the reputation of an enterprise as well as impact brand value. This can also result in loss of competitive advantage and impact companies financially. As a result of crucial need to protect data and information of organizations from possible breach, deployment of cyber security solutions and technologies is imperative, and this is expected to continue to drive market growth going ahead.
In March 2020, Sina Weibo, which is a Chinese version to Twitter, was hacked and site usernames, real name, location, and gender of 172 million users, including phone numbers, were posted on the dark web market.
Retailers, medical service providers, and public entities witness the highest number of breaches and malware is mostly responsible for most of these incidents. Some sectors are more attractive for cyber criminals and they collect medical and financial data, but all sectors are vulnerable and can be targeted for corporate espionage, customer data, and customer attacks. Attacks on cyber security can result in identity theft, extortion attempts, and loss of important and sensitive data, which is driving demand for more effective cyber security solutions.
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The report covers key points of the market, including the standards, regulations, and policy changes applied by the government on the industry for the coming years. The report encompasses thorough research carried out by the application of advanced analytical tools such as SWOT analysis and Porter’s Five Forces analysis to pinpoint the growth trends and patterns. Factors likely to influence the growth of the market, current trends, opportunities,
Some Key Highlights
- In March 2021, NFP introduced new cybersecurity product to suit the personalized coverage need of customers. DigitalShield solution was made possible due to the company’s partnership with CyberScout, which is a cyber-specialist claims management provider. DigitalShield offers protection for a variety of cyber-crimes, such as ransomware, cyber-attacks, identity theft, cyber bullying, and cyber stalking, among others.
- Encryption is a cyber-security measure which protects personal and private data through the use of unique codes that scramble the data and make it almost impossible for intruders to read. Even if there is a data breach, encryption ensures institution’s private data is safe even when cyber criminals get past the firewall.
- The professional services segment accounted for largest revenue share in 2020. Increased demand is due to use of cyber security software in enterprise risk assessment, penetration testing, employee training, physical security testing, and cyber security defense. With the use of extensive information and knowledge, companies could reduce additional costs.
- Large enterprises segment accounted for largest revenue share in 2020 due to increased cyberattack incidence on personal databases of such organizations. Large organizations are improving their cyber security abilities to protect their data and safeguard customer information.
- Retail industry witnessed more breaches than any other industry in 2019, as criminals deployed more advanced methods to target vast asset and data retailers. As digital commerce is becoming more popular, retailers are investing majorly in state-of-the-art security software to protect their e-commerce engines. Point of Sale (POS) attacks are the most common due to containing sensitive information such as debit and credit card details, numbers, and PINs.
- Asia Pacific market revenue is expected to increase at a rapid rate during the forecast period due to increase in investment by government and enterprises to protect respective data and information. Japan followed by India experienced the highest number of cyber-attacks in 2020, which propelled growth of the market thereafter. Finance & insurance was the most attacked sector in India in 2019, followed by manufacturing and professional services.
Furthermore, the report provides details about the new players entering the market, entry-level barriers and offers strategic recommendations to overcome those barriers to gain a substantial industry presence.
Key Players operating in the Healthcare Business Intelligence industry are:
IBM Corporation, Cisco Systems, Juniper Networks, CyberArk, Forcepoint, McAfee, Microsoft, F5 Networks, Oracle, and Fortinet.
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Emergen Research has segmented the global cyber security market on the basis of component, solution, services, security type, deployment, organization size, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Hardware
- Software
Solution Outlook (Revenue, USD Billion; 2018–2028)
- Threat Intelligence
- Identity and Access Management
- Security and Vulnerability Management
- Risk and Compliance Management
- Others (Others include threat intelligence platforms, SIEM, and incident forensics)
- Encryption
- Data Loss Prevention
- Network DLP
- Storage/ Data Center DLP
- Endpoint DLP
- Unified Threat Management
- Firewall
- Antivirus/ Antimalware
- Intrusion Detection Systems/ Intrusion Prevention Systems
- Network-based
- Host-based
- Wireless
- Disaster Recovery
- Distributed Denial of Service
- Web Filtering
- Others (Other solutions include application whitelisting and patch management)
Services Outlook (Revenue, USD Billion; 2018–2028)
- Professional Services
- Design and Integration
- Risk and Threat Assessment
- Consulting
- Training and Education
- Support and Maintenance
- Managed Security Services
Security Type Outlook (Revenue, USD Billion; 2018–2028)
- Application Security
- Network Security
- Cloud Security
- Endpoint Security
- Others
Deployment Outlook (Revenue, USD Billion; 2018–2028)
- Cloud
- On-Premises
Organization Size Outlook (Revenue, USD Billion; 2018–2028)
- Small and Medium Enterprises
- Large Enterprises
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Government and Defense
- Healthcare
- BFSI
- Energy and Utilities
- Manufacturing
- IT and Telecom
- Retail
- Others
A closer look at the aspects including but not limited to market segmentation by the end-user, end-use, geography, type, and application forms an integral part of the research report. In addition, in-depth analysis of critical factors such as spending capability, gross margin, business environment and profit for the forecast period 2021 – 2028 holds critical information and is based on curated facts and logical arguments. Importantly, validation of statistics recent acquisitions and mergers, collaborations and product launches serve as testimonials for stakeholders, field marketing personnel, product manufacturers and business evangelists on how a product will be positioned in the real world in years to come.
Major Regions Covered in the Cyber Security Market Report:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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