The global Cyber Security market size is expected to be worth around US$ 326.5 billion by 2028, according to a new report by Vision Research Reports.
The global Cyber Security market size was valued at US$ 156.4 billion in 2020 and is anticipated to grow at a CAGR of 10.01% during forecast period 2021 to 2028.
The rising number of cyber-attacks across networks, applications, and endpoints severely impact organizations in terms of both losses of sensitive data and costs associated with it. Moreover, the increased usage of (IoT), cloud computing environment for improved data sharing and storage, and the rising trend towards the digital business transformation expose cases of cyber espionage, phishing, and other security incident breaches. The magnitude of such sophisticated cyber threats is compelling every industry and businesses to secure their networks, protect their data, and enhance their systems to detect threats in advance.
The cyber threat landscape is continuously evolving with the advancement in technologies such as, online payment transaction models, digital file-sharing platforms, and digital collaboration and marketing tools. Such technologies increase the potential risk factors for cybersecurity threats. This is due to the influx of the high volume of user traffic that shares sensitive data such as transaction information, demographics, and psychographic information across the web. According to Verizon’s Data Breach Investigations Report published in 2020, 86% of the overall breaches were financially motivated, and 22% of the overall breaches involved phishing. On the other hand, 37% of the overall breaches involved were of stolen or used credentials. With rising cases of data breaches, cybersecurity vendors are increasingly investing in analytics, data science models, and predictive machine learning technologies to detect, block and quarantine device vulnerabilities at real-time.
The services segment dominated in 2019 with a 54.8% revenue share of the cyber security market. It is also anticipated to continue its dominance over the forecast period. cyber security vendors offer both professional and managed services to provide IT support and assistance for troubleshooting software issues and carrying out regular maintenance. Furthermore, the need for continuous event monitoring, vulnerability management, and real-time dedicated security support for timely delivery of products is compelling enterprises to adopt these services. Thus, the need for timely support and professional assistance is expected to aid the growth of the cyber security market subsequently. Moreover, the rising trend of employing third-party vendors by organizations owing to their robust solutions offered at optimum costs thereby boosts the growth of Security as a Service (SaaS).
The infrastructure protection segment dominated the market in 2019 and accounted for 27.9% revenue share. Due to the increase in the number of online attacks globally, mitigation of the losses arising out of these incidents has become a significant concern across all the sectors. Furthermore, the growing adoption of connected systems across industries that share sensitive data over the internet increases cyber risks. The increasing online attacks on the organization’s critical infrastructures, IT infrastructure space, and industrial processes are anticipated to boost demand for infrastructure protection. Additionally, an increasing number of government regulations worldwide regarding data safety and privacy and compliance is anticipated to be a key factor boosting the segment growth.
The IDS/IPS segment is anticipated to expand at the highest CAGR of over 11.2% during the forecast period. The solutions improve network security by analyzing and monitoring the events of known threats, thereby mitigating detected incidents in the networks. Furthermore, the increase in IT security spending and increase adoption of network security products is expected to drive the market over the forecast period. Additionally, the sophistication of hacking attempts and an increase in cyber threats are expected to fuel the market growth.
The managed services segment is expected to register the fastest CAGR over the forecast period, owing to increased threats from conventional insurgent activities. Further, the increasing cybercrime and danger posed by Advanced Persistent Threats (APTs), Managed Security Service Providers (MSSPs) are helping SME and large enterprises to build cyber-capabilities with services such as prevention, detection, and remediation. The IT support extends their support to manage, monitor, and analyze the cyber capabilities of the implanted solution.
enterprises are migrating from on-premise to cloud-based solutions due to the cost-effectiveness of the latter. Thus, the cloud-based segment is anticipated to register the highest CAGR of 10.8% over the forecast period. Furthermore, organizations are transforming business over cloud aimed at providing access to information for in-house and cross-border operation to its employees. Increasing adoption of public cloud is driving the demand for cloud-based safety solutions.
The SME segment is expected to grow at a significant rate over the forecast period. SMEs lack the required security infrastructure and skilled professionals as compared to large enterprises. As a result, they are more prone to cyber-attacks. Furthermore, the increasing adoption of cloud-based services to conduct business by SMEs is expected to increase the security vulnerabilities, which is expected to increase the demand for the cyber security solutions over the forecast period. Additionally, the increasing regulatory compliance is expected to increase the demand from SMEs over the forecast period.
The defense/ government application segment led the market in 2019 and accounted for 24.4% share in terms of revenue. The growth can be attributed to the increasing spending on security solutions, research and development activities, and financial activities related to cyber security and growing concerns related to data breach, which can potentially lead to cyber terrorism. Moreover, the government sector is increasingly targeted with attacks including negligent insiders, malicious malware, and zero-day attack. Thus, mitigation of online attacks through robust security architect is a key trend, which will drive the segment over the forecast period
North America dominated the market in 2019 with a revenue share of 36.7%. The demand for cyber security solutions is attributed to the presence of prominent security vendors that have global and regional headquarters in U.S. Furthermore, the increased spending on security solutions and services by large enterprises and SMEs are the other factors driving growth. Additionally, the increasing stringency in standards and policies for maintaining data privacy and security also contributes to the regional market growth.
Broadcom (Symantec Corporation)
Cisco Systems, Inc.
Check Point Software Technology Ltd.
Palo Alto Networks, Inc.
Trend Micro Incorporated
Security Type Outlook
Risk & Compliance
Small and Medium Enterprise (SME)
IT & Telecom
Middle East & Africa (MEA)
The Cyber Security market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Cyber Security market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Cyber Security market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Cyber Security market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Cyber Security market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Cyber Security capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Cyber Security by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Cyber Security market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Cyber Security market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Cyber Security market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Cyber Security industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Cyber Security market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Cyber Security market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Cyber Security market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Cyber Security market. These factors have benefited the growth of the global market for Cyber Security. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Cyber Security. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Cyber Security are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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