A CAGR of about 10% is forecast for the worldwide Cyber Security Market from 2022 to 2028, with 139 (USD Billion) in revenue in 2021 and 210 (USD Billion) in revenue expected by 2028.
Organizations may protect their infrastructure and data from cyber threats and vulnerabilities using systems such as security incident management, Unified Threat Management (UTM), risk and compliance management, and Identity and Access Management (IAM). Additionally, there is a rising dependence on Internet services for retail, healthcare, financial services and energy & utilities industries, all of which are contributing to the market growth.
It comprises preserving software, data, and hardware, as well as helping to keep fraudsters out of devices or networks. Businesses require cyber security to safeguard their data, money, and intellectual property. Individuals need it for the same reasons, but intellectual property is less of a problem and the risk of losing critical information, such as family photos, is greater. Public services and government bodies benefit from cyber security since the public can continue to rely on them.
The expansion of the cyber security industry is being fueled by an increase in malware and phishing attacks on businesses, as well as an increase in the use of IoT and BYOD. Increasing demand for cloud-based cyber security solutions also helps the market’s growth. Budgetary limits and the complexity of device security, however, are stifling market expansion. Mobile device apps and platforms are likely to grow, as well as strong authentication techniques and changes in the conventional antivirus software business, which are expected to provide lucrative prospects over the projection period.
COVID-19 effect
COVID-19 is expected to have a favourable effect on the development of the cyber security industry. It’s because of COVID-19, which will allow businesses to handle security challenges and provide secure information access when working remotely. As internet traffic grows, so does the risk of cyberattacks, necessitating the deployment of cyber security services in many businesses. A rise in cyber-attacks since the start of the pandemic has boosted the demand for cyber security solutions, such as cloud security and AI-integrated products. To put it another way, according to a research by Palo Alto Networks’ Unit 42 security consultancy division the average ransomware payment in the first half of 2021 rose 82% to $570,000 from $312,000 in 2020. A rise in ransomware and other types of cyber-attacks is therefore boosting demand for cyber-security products, which in turn is supporting expansion in the global market.
Key Market Segments
- By Component
- Solution
- Service
- By Solution
- Identity & Access Management
- Infrastructure Security
- Governance Risk & Compliance
- Unified Vulnerability Management Service Offering
- Data Security & Privacy Service Offering
- Others
- By Deployment Model
- Cloud
- On-premise
- By Enterprise Size
- Large Enterprises
- SMEs
- By Industry Vertical
- Telecom
- Automotive
- BFSI
- Public Sector
- Retail
- Healthcare
- IT
- Energy & Utilities
- Manufacturing
- Others
- By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- North America
- By Key Market Players
- Accenture
- Broadcom Inc.
- Capgemini
- Cognizant
- F5 Networks Inc.
- FireEye Inc.
- HCL Technologies Limited
- IBM Corporation
- Infosys Limited
- L&T Technology Services Limited
- PwC International Limited Broadcom Inc.
- Tata Consultancy Services
- Tech Mahindra Limited
- Wipro Limited
