The global cyber security market size is projected to reach USD 500.70 billion by 2030, registering a CAGR of 12.0% from 2022 to 2030, according to a new study by Grand View Research Inc. The rise in the number of cyber-attacks during the pandemic kept the cybersecurity solutions’ demand upbeat in 2020. The trend is expected to continue post-pandemic and by the forecast period owing to several firms adopting hybrid working and BYOD trends resulting in an increase in the number of endpoint devices and anonymous network access, putting the organization's IT systems at risk.
The introduction of advanced cyber security solutions, increasing cost of data breaches, emerging enterprise mobility trends, and stringent government regulations are some of the factors expected to drive the market growth. The evolving cyber threat landscape requires sophisticated cyber security solutions that facilitate real-time threat detection and response while also helping in cutting down data breach costs. Further, several governments worldwide have introduced data protection laws, compelling end-user organizations to deploy cyber security solutions to safeguard consumer data.
The market is anticipated to face challenges related to a lack of skilled IT workforce and usage of unlicensed cyber security software, which is expected to hamper the market growth. The high cost of cybersecurity solutions compels several SMEs to deploy unlicensed solutions, which do offer protection but are largely ineffective against new threats and are often accompanied by trojans, viruses, worms, adware, and spyware, which may put the organizations' security at risk. Further, cyber security vendors are engaged in developing advanced cyber security solutions with ML and AI technologies, but several organizations face an acute shortage of skilled workforce to keep up with cyber security trends and deploy cutting-edge solutions.
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The hardware component segment is expected to exhibit a high CAGR of more than 12% in the forecast period owing to the deployment and upgrades of new hardware for supporting advanced cyber security solutions
In terms of infrastructure protection, the cloud security segment held the highest revenue share of more than 25% in 2021. Critical infrastructure programs introduced by governments worldwide are expected to drive the growth of this segment
The IDS/IPS segment is expected to register the highest CAGR of more than 10% in the forecast period. The increasing need for real-time threat detection across unknown networks is anticipated to fuel the market growth
The managed services segment is expected to attain the highest CAGR owing to the increasing number of organizations outsourcing IT security services such as consultation, implementation, and maintenance
The on-premises segment accounted for the highest market share of more than 60% in 2021. The high share is attributed to the preference for on-premises solutions by large organizations to maintain the confidentiality of their business information
Large enterprises held a high market share of more than 60% in 2021 owing to increased spending on IT security solutions to secure a large number of endpoint devices and IT infrastructure equipment
The government/defense segment accounted for more than 20% of the overall market in 2021. The high share is attributed to growing investments by governments worldwide to strengthen defense against cyber-attacks
Asia Pacific is expected to register the fastest CAGR in the forecast period owing to a large number of endpoint devices and the increasing number of data center constructions
Grand View Research has segmented the global cyber security market based on component, security type, solution, services, deployment, organization size, application, and region:
Cyber Security Component Outlook (Revenue, USD Million, 2018 - 2030)
Cyber Security Type Outlook (Revenue, USD Million, 2018 - 2030)
Cyber Security Solution Outlook (Revenue, USD Million, 2018 - 2030)
Unified Threat Management (UTM)
Risk and Compliance Management
Cyber Security Services Outlook (Revenue, USD Million, 2018 - 2030)
Cyber Security Deployment Outlook (Revenue, USD Million, 2018 - 2030)
Cyber Security Organization Size Outlook (Revenue, USD Million, 2018 - 2030)
Cyber Security Application Outlook (Revenue, USD Million, 2018 - 2030)
IT & Telecom
Cyber Security Regional Outlook (Revenue; USD Million, 2018 - 2030)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
List of Key Players in the Cyber Security Market
Cisco Systems, Inc.
Palo Alto Networks
Trend Micro Incorporated
Check Point Software Technology Ltd.
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