Press release
Cybersecurity Market size is projected to grow USD 221.1 billion by 2027
The global cybersecurity market size is projected to grow from USD 120.1 billion in 2020 to USD 221.1 billion by 2027, at a CAGR of 11.1% from 2021 to 2027. Cybersecurity solutions and services help an organization monitor, detect, report, and counter cyber threats, internet-based attempts to damage or disrupt data or information systems and hack critical information, use malware & spyware, and phishing to maintain data confidentiality.Cybersecurity clusters can grow organically or develop in the current market scenario through intentional, often top-down actions taken by local governments, and government regulations and policies play a significant role in their development. However, several market failures require government attention and action, beginning with concerns about imperfect markets. In Japan, for example, the cybersecurity industry has grown slowly due to dependence on large firms with strong ties to government ministries and the practice of top-down policymaking. On the contrary, in the United States, there are a plethora of companies of all sizes. In Israel, the government created overall umbrella organizations with an annual budget of roughly USD 60 million. Organizations like the Israel National Cyber Directorate merged and incorporated several other units, including the Cyber Emergency Response Team. The global cybersecurity industry, especially in the Big3 clusters, is consolidating rapidly regarding the scale of industry consolidation. For example, 393 firms worldwide have been acquired by larger and more established firms headquartered in the Big3 cybersecurity clusters. However, the industry remains fragmented because of new players' continued entry and is only at Stage 2 (of 4) of the consolidation curve.
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Global Cybersecurity Market Dynamics
Drivers: Current Market Scenario & Evolution Of Cybersecurity Related Practices
Cyber threats are attempts based on the internet to mutilate or disrupt information systems and hack critical information using malware, spyware, and phishing. Cybersecurity solutions help enterprises detect, monitor, handle, and report cyber threats to maintain data privacy. The adoption of cybersecurity in the SMEs and large enterprises is likely to grow with the growing internet penetration among developed and developing countries. Further, the expanding wireless network for mobile devices has increased the vulnerability of the data, making cybersecurity an important and integral part of every organization across the globe.
According to the Center for Strategic International Research (CSIS) and McAfee, cybercrime, including data corruption and destruction, money theft, property loss, intellectual property theft, and other areas, currently causes nearly $600 billion in losses worldwide each year. Or 0.8% of world GDP. Advances in IT, communication technologies, and smart grids are changing the patterns of critical infrastructure and business networks in every country. However, with the rapid advancement of technology comes threats.
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Personal data is valuable, which prompts cybercriminals for a crime. Personal and Private information is being sold on the dark web for as little as USD 30 for an entire identity, USD 5 for a credit card number, and up to USD 1,000 for medical records. These are some factors, which have directed to an augmented demand for cybersecurity. The life science/healthcare industry, across the world, is also witnessing numerous data breaches as health-related data is moving quickly toward electronic records. This has lead to an increase in electronic medical/health records, which requires robust security solutions.
Restraints: Lack of Cybersecurity Professionals
One of the major causes of growing cyberattacks is the lack of skilled cybersecurity personnel in each industry. Experienced cybersecurity professionals, especially in Europe, Asia-Pacific, Latin America, and the Middle East, are less than the need for security professionals, which is required to handle the cyber threats for financial institutes and government organizations, and private sector/industrial businesses.
According to ISC2 data, the number of professionals working in the cybersecurity industry is estimated to be 879,157 in the United States in 2020. In populous countries like Brazil and Mexico, the cybersecurity workforce is also large, amounting to 626,650 and 421,750, respectively, in 2020.
Latin America, Europe, and Middle East & Africa have smaller numbers of cybersecurity workforces, considering there is a high degree of business activities in these regions, making them the most attractive countries for cyberattacks. In Europe and North America, cyber laws are not well defined. Also, the majority of the cybersecurity professionals working in this region are not experienced enough to deal with the intensity of incoming cyber threats. For instance, around 30% of all cybersecurity workforce in the Middle East have just over ten years of experience working in the industry. 60% of these professionals have more than five years of experience. However, industry experts suggest that, to cater to the rising needs of the region, at least 56% of the workforce should ideally have experience of over ten years.
Opportunities: Rise In Trend For IoT, BYOD, Artificial Intelligence, And Machine Learning In Cybersecurity
According to IoT Analytics data, the total installed IoT devices base worldwide is estimated to amount to 30.9 billion units by FY 2025, a sharp jump from the 13.8 billion units anticipated in FY 2021. Also, Bring-your-own-device (BYOD) policies have become common within enterprise organizations.
According to Sapho, the average worker saves 81 minutes per week in productivity by using a personal device at work, and 78% of employees claim BYOD policies support a better work-life balance. However, security has always been the biggest challenge for BYOD devices. User activity is regarded as the most common cause of security breaches.
Promises of machine learning and Artificial Intelligence boost marketers and media alike. The buzz for cybersecurity AI is palpable. In the past two years, the promise of machine learning and AI has enthralled and attracted marketers and media, with many falling victims to feature misconceptions and muddy product differentiations. In the purest sense, Cybersecurity AI is still in its nascent stage, and it is predicted to have evolved more only after 2020.
On the other hand, machine learning provides advantages in outlier detection, much to the benefit of cybersecurity. Machines can handle billions of security events in a single day, clarifying a system's activity and flagging anything unusual for human review.
Scope of the Report
The study categorizes the cybersecurity market based on the component, security type, deployment, and end-use industries, regional and global levels.
By Components (Revenue, USD Billion, 2017-2027)
Solution
Threat Intelligence
Encryption
Data Breaching
Unified Threat Management
Firewall Security
IDP/IDS
Disaster Recovery
Distributed Denial of Service
Others
Services
Design and Integration
Risk and Threat Assessments
Support and Maintenance
Others
By Security Type (Revenue, USD Billion, 2017-2027)
Network Security
Cloud Security
Others
By Deployment (Revenue, USD Billion, 2017-2027)
Cloud-based
On-premises
By End-Use Industries (Revenue, USD Billion, 2017-2027)
BFSI
Medical
Telecom
Manufacturing
Transportation
Others
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By Region (Revenue, USD Billion, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The identity and access management segment of the cybersecurity market is projected to grow with a healthy growth rate
Based on the mode of operation, the Cybersecurity market has been segmented into electric, pneumatic, and others. The Cybersecurity segment accounted for the largest share of 68.3% of the global Cybersecurity market in 2020. Digital identity has become crucial to enforcing access controls. As a result, identity and access management have become a significant priority for modern enterprises. IAM, which was viewed as an operational back-office issue, is now gaining board-level visibility and following several high-level breaches due to the failure of organizations to control & manage user access effectively. The prominence of identity and access management has been further elevated by an evolving regulatory landscape and trends, such as cloud adoption and Bring your Own Device (BYOD).
According to IdentityForce, in 2019, about 14.4 million consumers, which is about one in 15 people, became victims of identity fraud. Apart from this, about 33% of US adults have experienced identity theft, nearly twice the global average. Moreover, one in four older adults, aged over 55 years, have experienced identity theft. Such developments make the IAM a vital part of cybersecurity. Identity theft is directly related to the number of fraud cases worldwide, as most of the breaches are used to gain monetary benefits. According to data published by the Federal Trade Commission in 2020, the entity received over 2.1 million fraud reports from consumers during the year. Imposter endured the most common type of fraud, followed by online shopping.
Asia Pacific is estimated to grow with the highest CAGR during the forecast period in the Cybersecurity market
Based on the regions, the global cybersecurity market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In Asia-Pacific, three main countries, namely, China, India, Japan, are analyzed. Asia-Pacific holds the third position in the global cybersecurity market. China accounted for a major share of this market in 2020, and India is projected to experience rapid growth during the forecast period.
Growing cyberattacks in the country have propelled China to strengthen its defensive capabilities. However, the country also stands to be a major source of origin for cyberattacks in other parts of the world. Microsoft has blamed a Chinese cyber-espionage group for attacks on its mail server software in March 2021. Microsoft's Threat Intelligence Centre attributed the attacks with high confidence to Hafnium, a group assessed to be state-sponsored and operating out of China. In India, Maharashtra's cybersecurity cell noted the increased activity of Chinese state-backed hackers targeting numerous sectors in India. While Chinese threat actors are known cybercrime actors worldwide, the recent surge in hacker activity comes in light of heightened geopolitical tensions in Galway Valley at the Indo-China border. The cell further noted 40,300 cyber-attack attempts in just five days in June 2020.
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Moreover, According to the British Bankers' Association (BBA) report, as of March 2021, 30% of global cyberattacks originate from China. Cybersecurity is gradually gaining attention in other industries as well, for example, the automotive industry. The Internet of Vehicles improves users' driving experience, but at the same time, brings major challenges for car and internet safety.
The increasing adoption of public cloud computing leads to more enterprises re-allocating their business systems to cloud platforms. Issues concerning data security, tenant isolation, access control, etc., have gradually become a focal point of these enterprises. China's pervasive surveillance infrastructure, enabled by weak or sometimes nonexistent encryption, has left much data exposed to manipulation and spying in China. Many websites and login portals about government services, critical national infrastructure, or social media platforms have not implemented HTTPS Hyper-Text Transfer Protocol (Secure), ensuring that the visitor's connection to a website remains confidential and that the website is authentic yet.
Key Market Players
The Cybersecurity market is mildly concentrated in nature with few numbers global players operating in the market such as IBM Corporation, Microsoft, BAE Systems, Inc., Check Point Software Technology Ltd., F5 Networks, EMC Corporation, FireEye, Inc., Proofpoint Inc., Sophos PLC, Fortinet, Inc., Cisco Systems Inc., Symantec Corporation, Juniper Networks, Palo Alto Networks, Inc., and Qualys Inc, among others. These players have been focusing on various winning strategies to gain higher shares or retain leading positions in the market.
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