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Global Cyber Security Market Size to Reach $478.68 Billion by 2030, with at a 9.5% CAGR During 2021-2030

10-26-2022 08:17 AM CET | IT, New Media & Software

Press release from: Strategic Market Research

Global Cyber Security Market Size to Reach $478.68 Billion

The global cyber security Market size in 2022 was worth USD 216.10 billion, and by 2030 it will be worth USD 478.68 billion, growing at a 9.5% CAGR during 2021-2030. The industry growth is propelled by IoT and machine learning, coupled with cloud integration is boosting the cyber security industry growth, states Strategic Market Research. Cybersecurity is a form of protection against malicious attacks by hackers, spammers, and cybercriminals on internet-connected services and devices. Companies employ the procedure to safeguard themselves against ransomware attacks, identity theft, data breaches, and monetary losses.

Cybersecurity Market Insights:
• By components, the services segment contributed 50% of the overall market in 2021
• In 2021, with a market share of 25%, the infrastructure protection segment ruled the overall cybersecurity market.
• In 2021, the IAM segment held a considerable position, with a revenue share of nearly 50% on the basis of the solution.
• The cloud-based segment will grow at a CAGR of nearly 10% during the projected period.
• During the forecast period, SME segment is poised to grow at the highest rate, exceeding 11%.
• In 2021, the defence/government segment had the largest revenue share of nearly 20% on the basis of application.
• On the basis of region, North America ruled the overall cybersecurity market in 2021.

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Factors influencing the Cybersecurity Market growth:
Since many businesses have adopted cloud-based technology in recent years, customers can now access software, storage systems, and other resources via the internet rather than through physical locations. The likelihood of cyberattacks and other crimes has consequently increased. Throughout the anticipated period, there will be an increase in the market demand for cyber safety solutions due to the growing adoption of cloud storage services among small and large businesses.
Wireless technologies, flexible scheduling, and other changes rely on widespread and massive data sets, which increase the risk of data theft.
The market for cyber security is growing as a result of the rise in ransomware and hacking attacks against businesses, as well as the increased use of IoT and the BYOD trend.

Cybersecurity Market: A thorough Segmentation Analysis
The worldwide Cybersecurity Market segmentation has been done on the basis of components, services, solutions, deployment models, enterprise size, industry vehicle, and region.

By Component:
• Solution
• Services

By Service:
• Data Security & Privacy Service Offering
• Unified Vulnerability Management Service Offering

By Solution:
• Infrastructure Security
• Identity & Access Management
• Governance Risk & Compliance
• Others

By Deployment Model
• Cloud
• On-Premise

By Enterprise Size
• Large Enterprises
• Small, medium Enterprise

By Industry Vertical
• Healthcare
• Telecom
• Manufacturing
• IT
• Energy & Utilities
• Automotive
• Retail
• Public Sector
• Others

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By Region

North America
• United States
• Canada

• United Kingdom
• Germany
• France
• Russia
• Italy
• Rest of Europe

Asia Pacific
• Japan
• India
• Australia
• China
• Rest of Asia Pacific

• Latin America
• Africa
• Middle East

In 2021, North America had the largest market share, followed by Europe. The expansion of the North American market over the past few years has been facilitated by the early accessibility and adoption of innovative technologies. Additionally, the large global capital and IT market and their diverse range of businesses necessitate effective endpoint device management and protection across unidentified networks. Such factors are pressuring major corporations and small and medium-sized businesses (SMEs) throughout the region to increase their spending on cybersecurity solutions, which is anticipated to support market expansion.

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Key players in Cybersecurity Market:
• PwC International Limited Broadcom Inc.
• Wipro Limited
• Tech Mahindra Limited
• Cognizant
• HCL Technologies Limited
• Capgemini
• F5 Networks Inc.
• L&T Technology Services Limited
• Tata Consultancy Services
• FireEye Inc.
• Infosys Limited

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