The global cyber security market size is expected to reach USD 372.04 billion by 2028, registering a CAGR of 10.9% over the forecast period, according to a new report by Grand View Research, Inc. An increase in the number and intensity of data breaches across enterprise networks is driving the adoption of cyber security solutions and services globally. Developments in the field of digital applications and cloud-based solutions are driving the volume of cyber threat vectors and vulnerabilities. Thus, continued cyber threats and cyber-attacks are leading to a rise in sustained investment into security services and advanced solutions driving the market.
Add-ons and upgrades in the existing solutions with new features are creating avenues for threat vulnerabilities. Cyber threat actors aim to infiltrate and access unauthorized information from such vulnerabilities. To combat such threat activities, enterprises and governments across countries are implementing and timely updating their cyber security development strategies. These development strategies are inclined toward upgrading the existing security infrastructures, improving awareness, and establishing a cyber-defense workforce. For instance, in 2020, the Malaysian government introduced the Malaysian Cyber Security Strategy and allocated around USD 0.44 billion (RM 1.8 billion) for national cyber security preparedness.
The strategy comprised five pillars consisting of 113 programs, 35 action plans, and 12 strategies. The continued rise in electronification across several industries/sectors is exponentially increasing data breach risks. Market players, such as financial service providers, retailers, and telecom vendors, are relying extensively on digital channels and technologies. This, in turn, increases exposure to risks, and a cyber attack can have a multi-fold negative impact on the financial and operational aspects of an organization. The scenario has increased the emphasis on data protection and securing critical IT infrastructures.
Furthermore, growing stringency in regulations for data privacy and safety is compelling organizations to create an additional layer in the security framework, driving the market growth. The market in Asia Pacific is anticipated to register the fastest CAGR over the forecast period. The growing instances of cybercrimes in Asian countries over the years and the increasing adoption of advanced technologies and mobile endpoints across businesses are driving the regional market. Disruption in technologies is increasing the market fragmentation and competition among market players. Leading players focus on product updates, new product launches, and strategic initiatives, such as mergers & acquisitions, to enhance their market position.
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The need to develop a cyber defense framework and safeguard the evolving IT infrastructure from targeted ransomware, vulnerabilities in applications, phishing attacks, and malware is compelling enterprises to adopt cyber security solutions, thereby, driving the market growth
The increased risk of data breaches across networking systems in critical infrastructures is compelling enterprises to adopt hardware solutions, such as encrypted drives and intrusion detection systems
These solutions help enterprises safeguard the outgoing and incoming network traffic on IP addresses
The growing usage of mobile devices, coupled with the implementation of Bring-Your-Own-Device (BYOD) concepts across businesses, is driving the adoption of endpoint security solutions & services to defend against fraudulent email activities, ransomware, and malware
In terms of deployment, the cloud-based segment is expected to register the fastest CAGR over the forecast period. This can be attributed to its low-cost infrastructure maintenance and flexibility in data sharing across devices and remote places
The large enterprise segment held the maximum revenue share in 2020 due to the increased spending on security solutions and services by large-scale organizations
The demand for security solutions and services among healthcare institutions is expected to register a significant CAGR over the forecast period owing to the proliferation of digital applications and stringency in data protection standards and laws
Grand View Research has segmented the global cyber security market on the basis of component, solution, services, security type, deployment, organization, application, and region:
Cyber Security Component Outlook (Revenue, USD Billion, 2016 - 2028)
Cyber Security Solution Outlook (Revenue, USD Billion, 2016 - 2028)
Risk & Compliance
Cyber Security Services Outlook (Revenue, USD Billion, 2016 - 2028)
Cyber Security Type Outlook (Revenue, USD Billion, 2016 - 2028)
Cyber Security Deployment Outlook (Revenue, USD Billion, 2016 - 2028)
Cyber Security Organization Outlook (Revenue, USD Billion, 2016 - 2028)
Cyber Security Application Outlook (Revenue, USD Billion, 2016 - 2028)
IT & Telecom
Cyber Security Regional Outlook (Revenue, USD Billion, 2016 - 2028)
Middle East & Africa (MEA)
List of Key Players of Cyber Security Market
Broadcom (Symantec Corp.)
Check Point Software Technology Ltd.
Cisco Systems, Inc.
Palo Alto Networks, Inc.
Trend Micro, Inc.
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