Comprehensive market research on cybersecurity


Cybersecurity is the process of shielding internet-connected devices from numerous online dangers. It involves securing hardware, software, and data while preventing hackers from obtaining access to systems or networks. Cybersecurity is necessary for businesses to protect their data, money, and intellectual property. 

In 2021, the market for cybersecurity was USD 216.10 billion, and by 2030, it will reach USD 478.68 billion, growing at a 9.5% CAGR during the forecast period. 

The rise of cloud solution deployment, e-commerce websites, and the proliferation of smart devices are the causes of an increase in cyber-attacks and major factors driving industry growth. Additionally, a rise in device usage and the adoption of internet of things (IoT) technology are expected to foster the development of cyber risks. Over the forecast period, the market will grow due to enterprises implementing the most recent cybersecurity solutions to limit, mitigate, and detect cyberattacks.

Market Dynamics

Drivers

The demand for the Cyber Security Market forecast has increased due to the global rise in cybercrime and cyberterrorism. Also, the growing use of IPv6 has improved the availability of security products and services. Governmental organizations have been inspired to change the current security solutions and enhance their security strategies due to the need to strengthen the vital infrastructure due to the Advanced Persistent Threats.

IoT, ML, and AI are emerging technologies that have enhanced data generation in diverse ways. Industries generate enormous amounts of data each day. These factors have driven those industries to find possible Cyber Security solutions to defend themselves. Increased data sharing and organizational vulnerabilities have created a demand for the growth of the cyber security market.

Restraints

The need for more funding to install cybersecurity software is impeding the expansion of the market. Moreover, cyber security systems now place a greater emphasis on defending against external than internal threats. Small businesses need more financial resources to install cybersecurity software solutions. 

Opportunity 

In several industrial areas, the use of the internet, access to vital data, and exchange of that data via cloud-based solutions have been rising quickly. The requirement for the growth of the cyber security business has been enhanced by the industries like retail, banking, and telecom, which heavily rely on procedures like absorbing and storing a big amount of data. 

Bring-your-own-device policies and the growing use of social media have spurred industries to develop barriers to preserve interconnections. 

Market Segmentation 

By Component

In 2022, the services sector held the largest market, with a revenue share of 50%. This is due to the growing demand from small and medium businesses for advisory services and maintenance and upgrade services. Due to their small teams and tight budgets, SMEs frequently confer with other firms before implementing solutions.

The hardware segment will grow at the highest rate due to the numerous businesses deploying and upgrading their current cyber security systems.

By Security Type

The infrastructure protection segment had the greatest revenue share of 25% in 2022. The large market share is due to the growth of connected and IoT devices and the development of more data centers. Also, various initiatives launched by governments in some regions, such as the European Programme for Critical Infrastructure Protection (EPCIP) and the Critical Infrastructure Protection Program in the United States, will support market expansion.

The cloud security segment will experience the largest growth throughout the projected period. It is because of businesses’ rising acceptance of cloud-based solutions due to their cost-effectiveness and the simplicity of working with cloud-based platforms.

By Deployment

The cloud-based segment will expand at a rate of over 12% during the projected period. The rapid growth is due to the expansion of cloud computing infrastructure deployment and the enterprise transfer of on-premises solutions to the cloud. Also, cloud-based security solutions are simple, affordable, and quick to administer and upgrade, one of the key factors supporting market expansion. Cloud deployment also makes it possible to access solutions remotely from different devices, accelerating the segment’s growth.

 By Organization Size

The SMEs segment will increase at the highest rate of 12%. Due to financial limitations, small and medium-sized businesses are more vulnerable to cyber-attacks with low security. Also, one of the major causes of the rise in cyberattacks on SMEs is the need for more security policies and employee capabilities. As a result, the adoption in SMEs will be driven by the growing need to reduce operational and data breach expenses and secure IT assets.

By Application

In 2022, the defense/government sector had the biggest market share of more than 20%. Due to the sensitive information they hold, government and defense companies constantly face a security threat from state-sponsored hacktivists. As a result, numerous governments all over the world are making significant investments in enhancing their countries’ cyber security, which ultimately contributes to the segment’s growth.

Regional Overview 

North America led the market with a significant revenue share of nearly 39.10%. A surge in high-level security breaches drives the region’s demand for cloud application security solutions. The rise of online e-commerce platforms in nations like the United States and Canada drives market expansion. The government uses cutting-edge network security methods to give businesses improved security protections. Security solution adoption is accelerating as end-user expenditure rises and demand for enterprise security solutions is high.

Key Players 

  • Infosys Limited
  • Accenture
  • Capgemini
  • Cognizant
  • HCL Technologies Limited
  • IBM Corporation
  • L&T Technology Services Limited
  • PwC International Limited Broadcom Inc.
  • Tata Consultancy Services
  • Broadcom Inc.
  • F5 Networks Inc.
  • FireEye Inc.
  • Tech Mahindra Limited
  • Wipro Limited

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Muteeb Asim

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