Cyber Security Services Market reached USD 197 billion in 2020 and will grow at 9.7% CAGR during 2021-2028 | Size, Share & Trends

Cyber Security Services Market

The Cyber Security Services Market was valued around USD 197 billion in 2020 and is expected to grow at a CAGR of 9.7% over the forecast period (2021-2028).

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The factors driving the growth of Cyber Security Services Market includes increasing penetration of smartphones, laptops, and tablets, rising concerns related to cyber-attacks around the world and growing trend of online shopping. According to the report published by IBM, it takes 197 days for a company to discover the data breach and up to 69 days to contain it and companies which can contain a data breach in less than 30 days saves over USD 1 million, on-going incidences of data breach, is pushing the demand for cyber security products across the globe. Moreover, growing adoption of advanced technologies by companies such as Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT), rise in the launch of innovative products and strategic mergers and acquisitions between key players, are some of the additional factors supplementing the Cyber Security Services Market size. In addition, the increasing investments by leading players on research and development, rising disposable incomes, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.  

However, growth of the Cyber Security Services Market is hindered due to insufficient availability of cybersecurity professionals.

The major players operating in the market are Cisco Systems, Inc., Microsoft Corporation, Oracle Corporation, Check Point Software Technologies Ltd., AT&T Inc., Palo Alto Networks, Inc., Dell Technologies Inc., Juniper Networks, Inc., FireEye, Inc. and International Business Machines Corporation, among others.

Based on Type, the Managed Services segment is predicted to grow at a significant CAGR during the forecast period

Managed security service providers help organizations to monitor threat in real time and provides advanced security solutions, are some of the features pushing growth of the segment.

Based on Industry Vertical, the BSFI segment is projected to grow at a robust CARG over the forecast period

Rise in the incidences of data breaches and increasing use of digital payment application such as Google Pay and PayPal, are propelling growth of the segment.

Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period

Presence of the leading players such as Cisco Systems, Inc., Microsoft Corporation and Oracle Corporation, growing adoption of advanced technologies by major corporations, rise in tech savvy population and high per capita incomes, are some of the important factors augmenting the market growth in North American region.

Key Development

In 2019, By Light Professional IT Services LLC., partnered with FireEye, Inc. to expand and enhance its EmberSec portfolio comprising managed services, including Managed Detection and Response (MDR) security incident event management (SIEM), utilizing endpoint detection and response, network security monitoring, security incident event management (SIEM) and email threat protection.

Market Segmentation

Segmentation by Type

Professional Services
Integration
Support and Maintenance
Training, Consulting, and Advisory
Penetration Testing
Bug Bounty
Others

Managed Services
Managed Detection Response (MDR)
Managed Security Incident and Event Management (SIEM)
Compliance and Vulnerability Management
Others

Segmentation by Industry Vertica

IT & Telecom
Retail
BFSI
Healthcare
Defence
Energy
Manufacturing
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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