Cyber Security Services Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

Published Date : Apr 2021 | No. of Pages : 250 Pages | Category : ICT

The global Cyber Security Services market size is expected to be worth around US$ 292.70 billion by 2030, according to a new report by Vision Research Reports.

The global Cyber Security Services market size was valued at US$ 101.15 billion in 2020 and is anticipated to grow at a CAGR of 10.10% during forecast period 2021 to 2030.

Growth Factors

Continued cyber security breaches on the enterprise and individual levels, and the subsequent need to address the vulnerabilities in networks, apps, and systems, are the factors expected to drive the growth. The need for identifying advanced, persistent threats to networks, monitoring critical infrastructure 24/7, and penetration testing applications for meeting various regulatory compliance standards and acts, such as FISMA, MARS-E, PCI DSS, Sarbanes-Oxley (SOX), and HIPAA, is expected to contribute to the growth of the market.

As cyberattacks are getting more and more sophisticated, cyber security services are also evolving accordingly. Some of the common cyber security services include penetration testing, bug bounty, and Managed Detection Response (MDR), and the demand for these and other similar services are growing in line with the continued deployment of digital and cloud-based applications. These services help enterprises identify IT infrastructure vulnerabilities, fix the bugs, and gain access to the necessary remedies for tackling cyberattacks. Additionally, as a result of the outbreak of the COVID-19 pandemic, work-from-home and remote working mandates are impelling employees to connect with unsecured networks. Hackers are taking this opportunity to exploit the loopholes and particularly infiltrate corporate web applications. Hence, incumbents of several industries are in a dire need to continuously monitor the evolving cyber threats and safeguard their enterprise systems.

Testing web applications and databases and identifying their weaknesses and vulnerabilities are expected to emerge as the major focus areas for the incumbents of various industries and industry verticals, including BFSI, healthcare, IT, manufacturing, and retail, over the forecast period. The healthcare industry vertical has been frequently targeted by hackers and cybercriminals. Cybercrimes targeting the healthcare industry are expected to intensify in line with the continued digitalization and the introduction of IoT-based medical devices. In May 2019, the American Medical Collection Agency, a billing services provider, revealed that it was subjected to cyberattacks for a duration of eight months from August 2018 to March 2019 and that approximately 25 million patients may have been affected due to these cyberattacks. Meanwhile, a report published by Radware, a provider of cybersecurity and application delivery solutions, revealed that a healthcare organization needs to spend approximately USD 1.4 million on average to recover from a cyberattack. Thus, the growing need to protect healthcare institutions from cyberattacks has created new opportunities for cyber security services providers.

Report Highlights

The professional services segment dominated the market in 2020 and accounted for a market share of more than 72.0%. Professional security services majorly cover business support, technical management services, advisory, consulting and training, and incident readiness and response services. The need for a single point of contact and reliable technical support during the deployment of security solutions is one of the factors contributing to the growth of the segment. Furthermore, the growing need to manage data efficiently, prevent data losses in the event of a breach, and avoid the costs related to data losses and regulatory violations is emerging as another other major factor contributing to the growth of the segment and opening opportunities for offering consulting and advisory security services that can potentially help in developing data loss prevention strategies.

The managed services segment is expected to register the highest CAGR of around 11.0% over the forecast period. The evolving threat landscape and the hardships in managing every aspect of the cyber threat landscape in-house are prompting organizations to partner with Managed Security Service Providers (MSSPs). Partnering with MSSPs ensures access to advanced security solutions as well as to threat hunting specialists and security experts and helps organizations in monitoring threats in real-time. The growing need among organizations to defend and respond to advanced, persistent threats is driving the demand for managed security services.

The training, consulting, and advisory segment dominated the cyber security services market in 2020 with an overall market share of more than 39.0%. Businesses can typically face a myriad of challenges ranging from the implementation of solutions to managing the regulatory requirements. Regardless of size, every enterprise essentially requires cyber security consulting professionals to manage sophisticated data security threats. Consulting and advisory vendors work alongside the organizations and align security practices and policies for the organizational objectives and goals.

The penetration testing segment is expected to register a CAGR of over 21.0% over the forecast period. Organizations opt for penetration testing services to identify the weaknesses of their infrastructure and applications, gauge the effectiveness of the existing controls, discover new bugs, and test applications that are at the risk of potential cyberattacks. Identifying vulnerabilities helps organizations in addressing the loopholes and annulling the potential threats to enterprise software, hardware, and overall IT infrastructure. Internal and external threats and cyber breaches are particularly necessitating the adoption of penetration testing services. At the same time, incumbents of various industries are shifting toward digitalization by launching web-based applications to run their businesses. However, this paradigm shift has exposed them to potential cyberattacks, thereby leading to an increase in the demand for penetration testing cyber security services.

The Managed Detection Response (MDR) segment is expected to register the highest CAGR of 22.4% over the forecast period. MDR is a managed service outsourced by organizations for threat hunting and responding to discovered vulnerabilities. MDR services envisage identifying malware and tracking malicious activities. A rapid incident response service is also provided to remediate the cyberattack. MDR engineers help companies in understanding the system's weaknesses and also provide mitigation recommendations, root cause analysis, and toolkits to deal with cyberattacks. MDR services also include protection at early stages and on a real-time basis in the event of a cyberattack. Such benefits of MDR services are expected to emerge as another factor contributing to the growth of the segment.

The compliance and vulnerability management segment within the managed services is contributing over 16.9% share in 2020. SMEs and large enterprises operate and deploy several applications across networks and, in turn, increase risks of several unidentified vulnerabilities within networks. Patching all the vulnerabilities is a complex task, and therefore, enterprises consult and outsource security vendors to help them develop vulnerability management strategies, ensuring them to address real-time risk vulnerabilities. Furthermore, as per certain regulatory standards, vulnerability management is one of the primary requirements. For instance, ISO 27001 is a standard that offers guidance on including vulnerability management along with security risk management and assessment. Therefore, the need to ensure meeting all the compliance requirements for and data protection is boosting the adoption of compliance and vulnerability management services.

The defense/ government segment dominated the market in 2020 with an overall market share of more than 23.0%. The vulnerable confidential information regarding the country’s citizens and military strategies are at the highest risk of cyberattacks. Such information is always a prime target of unethical hackers. The large volumes of stored and processed on-premise and cloud data are necessitating the development and deployment of secure systems capable of countering any potential intrusion attempts by hackers. A looming shortage of skilled workforce and hardships in sharing internal information about vulnerabilities are particularly impeding the cyber security efforts across various government agencies. Hence, government agencies have been particularly trying to train and rely on the existing IT staff to avoid outsourcing to ethical hackers, given the confidentiality of the information stored and the time-sensitivity of the vulnerabilities. Nevertheless, crowdsourced bug bounty programs are conveniently available and readily adopted by government agencies.

The healthcare segment is expected to exhibit the highest CAGR of more than 11.2% over the forecast period. While healthcare services are being digitized aggressively, the growing adoption of technology-aided applications to maintain the records of patients, employees, and organizations has equally increased the risks of cyberattacks. Various standards, such as the NIST Cybersecurity Framework and ISO/IEC 800001, which mandate security measures for the healthcare IT system, which includes digital health applications, connected medical devices, and electronic patient records, among others, have already been implemented.

HIMSS Healthcare Security Forum is one such platform to bring awareness among healthcare and technology providers about the repercussions of medical device hacking and the advantages of bug bounty and AI in ensuring the security of medical devices. Meanwhile, the HIPAA standard 164.308(a)(8) puts a strong emphasis on the need to conduct a periodic technological evaluation, such as pen testing, to identify the potential weaknesses, which is also expected to drive the growth of the healthcare segment over the forecast period.

North America accounted for an overall market share of more than 39.0% in 2020. The growing demand for cyber security services in North America is attributed to the aggressive spending on cyber security by the government and public authorities. The U.S. Department of Defense (DoD) has been leveraging white hat hackers' capabilities and using hacker-powered security in unique ways. For instance, Hack the Army targeted the DoD's operationally significant websites and identified over 400 bugs, which allowed them to earn USD 100,000 in total bounties. Moreover, the increased spending on security solutions and services by large enterprises and SMEs coupled with the increasing stringency in standards and policies for maintaining and securing data and protecting privacy is also expected to contribute to the growth of the regional market.

The Asia Pacific regional market is anticipated to register the highest CAGR of more than 16.3% over the forecast period. The aggressive efforts toward securing networks and identifying vulnerabilities are anticipated to contribute to the growth of the regional market. Asia Pacific is expected to offer numerous opportunities for adopting cyber security services, given the continued digitalization in India, Malaysia, Thailand, and Southeast Asian countries.

Developing countries, such as China and India, have strong defense forces, which are aggressively adopting cyber security services for mitigating threats against key resources as a result of the increasing awareness about cyber warfare disruption. In 2019, the Japanese government announced mass penetration testing of all IoT devices as part of the efforts to secure its vast technology landscape, a move that received mixed reactions from the Japanese population. Rapid economic development across various Asian countries is driving the adoption of penetration testing and bug bounty platforms for securing critical information related to the defense industry vertical.

Key Players

  • Accenture

  • AT&T

  • Atos SE

  • Capgemini

  • Cisco

  • CrowdStrike

  • Deloitte Touche Tohmatsu Limited

  • DXC Technology Company

  • IBM

  • Rapid7

Market Segmentation

  • Service Type Outlook

    • Professional Services

    • Managed Services

  • Professional Services Outlook 

    • Integration

    • Support and Maintenance

    • Training, Consulting, and Advisory

    • Penetration Testing

    • Bug Bounty

    • Others

  • Managed Services Outlook 

    • Managed Detection Response (MDR)

    • Managed Security Incident and Event Management (SIEM)

    • Compliance and Vulnerability Management

    • Others

  • Industry Verticals Outlook 

    • IT & Telecom

    • Retail

    • BFSI

    • Healthcare

    • Defense/ Government

    • Energy

    • Manufacturing

    • Others

  • Regional Outlook 

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Mexico

      • Brazil

    • Middle East & Africa

The Cyber Security Services 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 Services market for the base year 2020 and the forecast between 2021 and 2030. 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 Services market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Cyber Security Services 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 Services 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 Services 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 Services 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 Services market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. 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 Services market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Cyber Security Services 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 Services 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 Services 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 Services 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 Services 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 Services market. These factors have benefited the growth of the global market for Cyber Security Services. 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 Services. 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 Services are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

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

Research Methodology:

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

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.

Primary Sources

 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:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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