With 9.51% CAGR, Global Cyber Security Market Size to Reach USD 478.68 Billion by 2030

As per the report published by Strategic Market Research, the global Cyber Security Market is expected to reach USD 478.68 billion by 2030, growing at a CAGR of 9.51% during forecast period of 2021 – 2030 according to Strategic Market Research;

New York,USA, Aug. 25, 2022 (GLOBE NEWSWIRE) — The cyber security market worth was USD 216.11 Billion in 2021 and is forecasted to reach USD 478.68 Billion by the year 2030 with a 9.51% CAGR. Cyber security is defined as the practice of safeguarding mobile devices, networks, servers, and various electronic devices from different types of malicious attacks, the continuous growth in the Number of Targeted Assault Cases, Online Scams, and Specialized Sophisticated Cyber-attacks to fuel the Market Growth Exponentially.

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Notable Factors for Cyber Security Market:

• The service segment held the maximum share of 51.77% for the Component sector. 
• The infrastructure security segment of the Security type section dominated the market with a share of 26.11%.
• For deployment outlook, the on-premises segment held the maximum market share of 58.21%.
• For the application section, the Government/Defence sector accounted for the maximum market share of 21.23%.
• For the regional section, North America comprehensively led the overall growth of the market with a share of nearly 43.78%.  

List of factors propelling the cyber security market growth: 

(Rise in the number of cyber-attack cases, the prevalence of new E-Commerce cyber security trends, and usage of targeted assaults are enhancing the market growth rate)

• The demand for cyber security is growing at an exponential rate due to the continuous increase in the number of cyber-attack cases worldwide. As per Cyber Security Ventures, cyber-attacks occur every 11 seconds across the globe. Moreover, a research study of Strategic Market Research figured out that the number of cyber-attack cases has surged by almost 56.13% in 2022 as compared to the previous year. 
• Apart from the increase in cyber-attack cases, the existence of various E-Commerce cyber security trends in the market like new-payment innovations, Adoption of fraud detection & AI, increase in reliability of blockchain systems, digital/e-Skimming, preventive measures against credential stuffing attacks, etc. are fuelling the market growth worldwide. SMR’s research studies have reported that around 56% of consumers worldwide are currently using e-commerce apps for their online transactions as it is completely safe from any sort of malicious cyber-attacks. Also, the studies have figured out that around 75% of the fintech organizations worldwide, including Visa and MasterCard, have adapted the highly advanced AI technologies to detect any sort of unauthorized usage, fraud & scams and eliminate those threats efficiently in order to reduce the rate of client risks.
• Furthermore, a steep surge in the number of targeted assault cases worldwide is augmenting the market growth. Targeted assault is the process of penetrating into a particular business’s website and stealing all its essential data and confidential information. SMR’s research studies reported that around 68% of the organizations worldwide experienced a target-attack on their networks and suffered a huge data-loss. Moreover, this year in the United States, approximately 2,500 government educational institutions were the victims of targeted assaults. 

Cyber Security Market: A Thorough Segmentation Analysis

The worldwide cyber security market is segmented into Component, Security Type, Deployment Outlook, Applications, & Geography. 

For Component 

• Services
• Privacy Service Offering & Data Security
• Unified Vulnerability Management Service Offering
• Others

• Solutions
• Access & Identity Management
• Governance Risk & Compliance
• Others

For Security Type 

• Cloud Security
• Endpoint Security
• Application Security
• Network Security
• Data Security
• Infrastructure Protection
• Others

For Deployment Outlook, 

• Cloud-based
• On premises

For Application 

• Retail
• IT & Telecom
• Healthcare
• BFSI
• Government and Defence
• Energy
• Manufacturing
• Others

Geographical Analysis

North-America

• USA
• Mexico
• Canada
• Rest of North-America

APAC or Asia-Pacific 

• New Zealand
• Japan
• Australia
• China
• South Korea
• India
• Singapore
• Malaysia
• Vietnam
• Rest of Asia-Pacific

Europe

• Italy
• Germany
• Poland
• Finland
• Netherlands
• France
• United Kingdom
• Russia
• Norway
• Spain
• Sweden
• Rest of Europe

Rest of World

• Kuwait
• South Africa
• Algeria
• Qatar
• Saudi Arabia
• Zimbabwe
• Brazil
• Egypt
• Argentina
• Nigeria
• UAE

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The Service segment held the maximum share of 51.77% for the component sector. This is due to the rise in demand for IT outsourcing services for the monitoring and maintenance of cyber security solutions. It is also regarded as one of the most efficient ways to save time and money, as these external service providers can handle some serious issues of cyber security skill gaps in the it sectors worldwide. Cybersecurity Ventures revealed that across the globe, the usage of IT outsourcing services surged by (21 to 30) % in 2022 as compared to last year.

The infrastructure security segment of the security type section dominated the market comprehensively with a share of 26.11%. Infrastructure security helps to identify the list of systems and assets that are more vulnerable to cyber-attacks across a variety of industries like Energy, Transportation, Oil & Gas, Manufacturing, Chemical, etc. Moreover, an exponential rise in the usage of IoT devices are fuelling the growth rate of this sector. SMR’s study has reported that around 24 billion IoT devices exist currently across the globe, out of which almost 32% are used for protection against malicious cyber-attacks.

For deployment outlook, the on-premises segment held the maximum market share of 58.21%. The on premises deployment highly reduces the rate of dependency on the 3rd party organizations for providing explicit cyber security monitoring and data protection. SMR conducted a global survey where it was discovered that around 54% of respondents stated that almost 50% of the sales of software platforms were deployed on premises. Around 32% of respondents stated that (50 to70) % of their software was deployed on premises, and nearly 6% of respondents stated that approximately 90% of their software sales were deployed on premises. 

For the application section, the government and defence sector accounted for the maximum market share of 21.23%. The government and defence organizations are much more vulnerable to cyber-attacks as the criminals are always on the hunt to penetrate through the websites that contain some highly confidential information about these sectors. Hence, the Japanese government increased its defence-budget to almost USD 47.26 billion in 2022, out of which it allotted nearly USD 300 million for strengthening its defence against the dangerous cyber-attacks.

For the regional section, North-America comprehensively led the overall growth of the market with a share of nearly 43.78%. The US government has taken some serious steps to mitigate the risks of cyber-attacks by investing huge funds into this sector. Last year, in the USA, around 13,654 cyber-attacks were reported by federal agencies, out of which 5.6% of the cases were of data-breaching.  

APAC region registered the fastest growth rate of 15.88% of the cybersecurity market due to the rise in usage of IoT devices in the countries like India, Japan, and China. In 2020, nearly 4.2 billion IoT connections were established in China, out of which nearly 47% were developed for protection against cyber-attacks.

Players operating in Cyber Security Market:

• HCL 
• Google
• IBM Corp.
• Infosys 
• Broadcom Inc.

• Accenture
• Cognizant

• Capgemini
• FireEye Inc.

• F5 Networks Inc.
• L&T 
• PwC International 
• TCS
• Tech Mahindra 
• Wipro 

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Recent Developments

• On 25th August 2022, Google announced that it is planning to launch an online cyber security training program for upgrading the skills of the employees who are working in the cyber security departments worldwide. It also announced a grant of USD 2 Million for non-profit companies to develop various cyber-safety tools for protection against several forms of cyber-attacks worldwide.

• On August 2022, Bishop Fox received funding assistance of nearly USD 75 Million from Carrick Capital for the enhancement of its cyber security firm. This funding will be thoroughly utilized for the development of its cyber security experts and in the technological advancements of its Cosmos platform. Bishop Fox’s Cosmos platform has the capability to detect the particular assets or software platforms of the organization that are highly vulnerable to cyber-attacks.

• On 25th May 2022, Palo Alto and Infosys collaborated to provide a higher level of cyber security for large enterprises worldwide. The aim of this collaboration is to provide 100% protection to the hybrid-cloud infrastructure of the organizations like Mercedes Benz, BMW, etc. under a unified platform by adopting some of the most cost-effective ways as well as developing the technologies of Zero-Trust, and Service Edge components of the organizations. 

• On 24th May 2022, IBM Corp. announced that it is planning to provide a grant of USD 5 million for the improvement of cyber security resiliency in schools all over the world. Also, it announced that the sponsor teams of IBM would help the schools to be prepared proactively against malicious cyber-attacks. This program is gradually gaining popularity across the countries like UAE, Ireland, Costa Rica, Brazil, etc.

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