Global Cyber Security Market Overview
Cyber security refers to the protection of devices connected to the internet from various threats in cyberspace. It entails protecting software, data, and hardware while also assisting in preventing fraudsters from gaining access to devices or networks. Businesses require cyber security to protect their data, cash, and intellectual property. Individuals require it for similar reasons, except that intellectual property is less of an issue and the risk of losing vital information, such as family photos, is greater. When it comes to government or public services, cyber security ensures that the public can continue to rely on them. Citizens, as well as the corporate, private, and public sectors, are increasingly concerned about cyber security. The increasing adoption of E-commerce platforms, advancements in disruptive technologies such as IoT and AI, and the proliferation of connected devices have created more opportunities for cyber criminals to exploit vulnerable networks or systems. Such cybercrimes may result in irreversible capital loss, loss of critical and confidential data, and harm to any organization's or individual's reputation. Such threats are driving an increase in the adoption of cyber security solutions for individual systems or network ecosystems. The global Cyber Security Market size accounted for US$ 200.26 billion in 2020 and is estimated to be US$ 471.49 billion by 2030 and is anticipated to register a CAGR of 9.0%.
Global Cyber Security Market Dynamics
Widely adopted in industries such as automotive
As advanced technologies such as the Internet of Things become more widely adopted in industries such as automotive, cyber security becomes increasingly important. Various cloud-based security solutions are available in the market, positively influencing revenue generation. These solutions are in high demand due to their benefits, which include the ability to handle multiple workloads such as encryption, data backup, and web security against cyber threats such as ransom ware and web exploits. Because of the lack of IT infrastructure, cloud-based solutions are extremely cost-effective, making them accessible to small and medium-sized businesses. Vulnerabilities in various segments, such as financial institutions using blockchain technology, drive up demand for these security services.
The market's expansion can be attributed to the increasing sophistication of cyber-attacks. Over the last decade, the frequency and severity of cyber scams and crimes have increased, resulting in massive losses for businesses. Businesses worldwide have increased their spending on advanced information security technologies to strengthen their in-house security infrastructures as cybercrime has increased significantly. Targeted attacks have grown in popularity in recent years, infiltrating targets' network infrastructure while remaining anonymous. Attackers with a specific goal typically target endpoints, networks, on-premises devices, cloud-based applications, data, and a variety of other IT infrastructures. The primary goal of targeted attacks is to infiltrate the networks of targeted companies or organizations and steal critical information. As a result of these targeted attacks, organizations’ business-critical operations suffer in terms of business disruptions, intellectual property loss, financial loss, and loss of critical and sensitive customer information. Targeted cyber-attacks have an impact not only on targeted organizations but also on domestic and global customers. Attackers steal Personally Identifiable Information (PII) such as names, phone numbers, addresses, driver license numbers, and social security numbers, which can lead to an increase in the number of security breaches and identity thefts.
Global Cyber Security Market Segmentation
The global Cyber Security Market is segmented based on component, deployment model, enterprise size, industry vertical, solution and region.
Component Insights
On the basis of component, the global Cyber Security Market is segmented into Solution and Services. In 2021, the services segment accounted for the highest revenue share, accounting for more than half of total revenue. This can be attributed to the growing demand for consultation, maintenance, and upgrade services from small and medium-sized businesses. Because SMEs have a limited budget and small teams, they frequently rely on consultations before implementing any solutions. Furthermore, the pandemic outbreak increased the use of cyber security services because several organizations planned to strengthen their IT infrastructure and network security while also managing remote working employees and preventing threats from unknown networks and devices.
Deployment Model Insights
On the basis of deployment model, the target market is segmented into Cloud and On-Premise. Over the forecast period, the cloud-based segment is expected to grow at the fastest rate of more than 10%. The high growth can be attributed to the growing deployment of cloud computing infrastructure and migration of on-premises solutions to the cloud by enterprises. Furthermore, cloud-based security solutions are simple and inexpensive to deploy, manage, and upgrade, which is expected to contribute to market growth. Furthermore, cloud deployment enables remote access to solutions across multiple devices, which is expected to drive segment growth even further.
Enterprise Size Insights
Based on enterprise size, the target market is segmented into Large Enterprises and SMEs. Trading captures the largest market share. Over the forecast period, the SMEs segment is expected to grow at the fastest rate of more than 11%. Due to budget constraints, small and medium-sized businesses are more vulnerable to cyber-attacks with a low level of security. Furthermore, a lack of security policies and employee skills are two critical factors contributing to an increase in cyber-attacks on SMEs. As a result, the growing need to reduce operational and data breach costs while also securing IT assets is expected to drive adoption in SMEs.
Industry Vertical Insights
Based on industry vertical, the target market is segmented into Telecom, Automotive, BFSI, Public Sector, Retail, Healthcare, IT and Others. In 2021, the healthcare segment had the highest revenue share of the overall market. Healthcare facilities use a variety of information systems, including practise management support systems, e-prescribing systems, EHR systems, radiology information systems, and clinical decision support systems, to store sensitive patient and hospital data. Furthermore, IoT-enabled systems such as smart HVAC systems, remote patient monitoring devices, infusion pumps, smart elevators, and others are critical in maintaining daily patient-related activities. As a result, healthcare facilities are expected to implement cyber security solutions to protect electronic assets and information from unauthorised use, access, and disclosure, driving market growth.
Solution Insights
Based on solution, the target market is segmented into Identity & Access Management, Infrastructure Security, Governance Risk & Compliance, Unified Vulnerability Management Service Offering and Others. In 2021, the IAM segment accounted for the highest revenue share, accounting for more than 25% of total revenue. The increasing number of mobile endpoint devices exposing the organisation to data breaches and cyber-attacks is attributed to the high market share. Additionally, the growing need to control user access to critical information during the pandemic is expected to drive market growth. Furthermore, the need to automate and track end-user activities and security incidents is expected to drive the adoption of IAM solutions.
Regional Insights:
Source: Prophecy Market Insights |Disclaimer: Data is only a representation. Actual data may vary in the final report.
Global Cyber Security Market size accounted for US$ 200.26 billion in 2020 and is estimated to be US$ 471.49 billion by 2030 and is anticipated to register a CAGR of 9.0%. On region the global Cyber Security Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Over the forecast period, Asia Pacific is expected to grow at the fastest rate due to high deployment of cloud technologies, the proliferation of IoT devices, and the increasing number of data centre constructions. Furthermore, the region's massive working population owns a large number of endpoint devices and generates a large volume of data, prompting several organisations to deploy cyber security solutions. Furthermore, rising government and defence spending in countries such as China, India, Japan, South Korea, and others to protect themselves from cyber warfare is expected to drive market growth.
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Attribute |
Details |
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Base year for estimation |
2020 |
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Forecast period |
2020 – 2030 |
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Market representation |
Revenue in USD Million & CAGR from 2020 – 2030 |
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Market Segmentation |
By Component - Solution and Services By Deployment Model– Cloud and On-Premise By Enterprise Size – Large Enterprises and SMEs By Industry Vertical – Telecom, Automotive, BFSI, Public Sector, Retail, Healthcare, IT and Others By Solution – Identity & Access Management, Infrastructure Security, Governance Risk & Compliance, Unified Vulnerability Management Service Offering and Others |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Recent Development:
- In March 2021 IBM Security announced a new and improved service to assist organisations in managing their cloud security strategies, policies, and controls across hybrid cloud environments. The service combines cloud-native, IBM, and third-party technologies, as well as IBM expertise, to assist organisations in developing a unified security approach across their cloud ecosystems.
- In December 2020 IBM Security announced new technology initiatives leveraging Amazon Web Services (AWS). These initiatives are intended to simplify and broaden clients' security visibility across AWS and hybrid cloud environments. Integrations with AWS security services, quick start deployment for key IBM Security technologies, and expert consulting and managed security services support are among the projects.
Global Cyber Security Market, By Region:
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- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Global Cyber Security Market Key Players
The leading players operating in the Global Cyber Security Market includes IBM Corporation is an American multinational technology corporation headquartered in Armonk, New York, with operations in over 171 countries, Cisco is a multinational American technology conglomerate headquartered in San Jose, California, Check Point is a multinational American-Israeli software and combined hardware and software provider for IT security, including network security, endpoint security, cloud security, mobile security, data security, and security management, FireEye protects by delivering unrivalled detection and response technologies via an extensible, cloud-based XDR platform, Trend Micro is the world's leading provider of enterprise cloud security, XDR, and cybersecurity platform solutions for businesses, data centres, and cloud environments, NortonLifeLock formerly known as Symantec Corporation is an American software company based in Tempe, Arizona, Rapid7 is a provider of security data and analytics solutions that enable businesses to take an active approach to cybersecurity, Micro Focus uses analytics technology which enables law enforcement agencies to work smarter and achieve more precise results from real-time analysis, thereby saving lives and solving crimes, Microsoft is a multinational technology corporation based in the United States that manufactures computer software, consumer electronics, personal computers, and related services, Amazon Web Services is an Amazon subsidiary that offers metered pay-as-you-go cloud computing platforms and APIs to individuals, businesses, and governments.
Global Cyber Security Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Cyber Security Market
- Key Questions this Study will Answer
- Market Snippet, By Component
- Market Snippet, By Deployment Model
- Market Snippet, By Enterprise Size
- Market Snippet, By Industry Vertical
- Market Snippet, By Solution
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Global Cyber Security Market, By Component, 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Solution
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Service
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Cyber Security Market, By Deployment Model , 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Cloud
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- On-Premise
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Cyber Security Market, By Enterprise Size, 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Large Enterprises
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- SMEs
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Cyber Security Market, By Industry Vertical, 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Telecom
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Automotive
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- BFSI
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Public Sector
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Retail
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Healthcare
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- IT
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Others
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Cyber Security Market, By Solution, 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Identity & Access Management
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Infrastructure Security
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Governance Risk & Compliance
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Unified Vulnerability Management Service Offering
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Others
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Cyber Security Market, By Region, 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Component, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Deployment Model, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Enterprise Size, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Industry Vertical, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Solution, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Component, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Deployment Model, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Enterprise Size, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Industry Vertical, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Solution, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Component, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Deployment Model, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Enterprise Size, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Industry Vertical, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Solution, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Component, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Deployment Model, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Enterprise Size, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Industry Vertical, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Solution, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Component, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Deployment Model, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Enterprise Size, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Industry Vertical, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Solution, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- IBM
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Cisco
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Check Point
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Fire Eye
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Trend Micro
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- NortonLife Lock
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Rapid 7
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Micro Focus
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Microsoft
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Amazon Web Services
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
The Last Word
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- Future Impact
- About Us
- Contact
FAQs
The global covid-19 sample collection kits market is segmented based on product, site of collection, application, and region.
Rising initiatives by government bodies due to the COVID-19 outbreak is the major factor driving growth of the global market
Europe is expected to lead the market and estimate for about 35% revenue share in 2020. This is mainly attributed due to large number of coronavirus cases in the European region coupled with high volume of swabs tested in Germany.
Companies are continuously rising the production and supply of specimen collection kits. The volume of swabs coming from COPAN Diagnostics, Italy, in U.S. is constantly growing.