Cybercrime & Security Market is projected to rise at a higher CAGR of 10.6% during 2022-2029 reaching USD 343.9 billion in 2029 | Size, Share & Trends Report

Cybercrime & Security Market size was valued at USD 153.6 billion in 2021 and is slated to register a double digit CAGR of 10.6% over the period 2022-2029 and is projected to reach USD 343.9 billion in 2029.

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The factors driving growth of the Cybercrime & Security Market includes rise in the number of cyber-attacks around the world, increasing penetration of smart devices, emerging trend of Bring Your Device (BYOD), growing use of cybercrime and security tools to prevent fraud, trafficking in intellectual property theft and improvements in the living standards. Moreover, growing adoption of advanced technologies such as Internet of Things (IoT), Artificial Intelligence (AI) and Machine Learning (ML) by companies, rise in the number of data centers across the globe, increase in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading corporations on research and development, rising disposable incomes, strategic partnerships between companies and growing population growth rates, are further contributing to the market growth.

The major players operating in the market are Check Point Software Technology Ltd., FireEye, Inc., IBM, LogRhythm, Inc., Lockheed Martin Corporation, Fortinet, Inc., Palo Alto Networks, Inc., BAE Systems, Cisco Systems, Inc. and Centrify Corporation, among others.

Based on Solution, the Identity and Access Management (IAM) segment is predicted to grow at a significant CAGR during the forecast period

Identity and access management solutions prevents from risks related to vulnerability and risks, is the major factor pushing Cybercrime and Security Market size.

Based on Industry Verticals, the BSFI segment is projected to capture the largest market share over the forecast period

Rising penetration of smartphones and growing adoption of cloud computing solutions by banks, are propelling segment's growth.

Based on Region, the North American region is anticipated to hold the highest market share during the forecast period

Presence of the leading players such as Lockheed Martin Corporation, IBM, and Cisco Systems, growing penetration of smartphones, rapid industrialization, growing incidences of cyberattacks across United States and Canada and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.

Key Development

In 2017, Cisco Systems, Inc., partnered with IBM security to work closely across products, services, and threat intelligence for the benefit of customers.

Market Segmentation

Segmentation by Solution

Infrastructure Security
Identity and Access Management (IAM)
Unified Vulnerability Management Service Offering
Governance, Risk, & Compliance
Data Security & Privacy Service Offering

Segmentation by Deployment Type

On-Premises
Cloud

Segmentation by Industry Verticals

BFSI
Aerospace & Defense
Retail
Public Sector
IT & Telecom
Healthcare
Manufacturing
Energy & Utilities

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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