Cybersecurity Market 2023 | Global Industry Report Forecast 2031 | McAfee, Trend Micro Incorporated, IBM Corporation

The global Cybersecurity market was valued at USD 149.7 Billion in 2020 and is projected to reach USD 346.0 Billion by the year 2027. The market is expected to register a CAGR of 13.4% during the forecast period.

Cybersecurity is the application of processes, technologies, and controls to protect networks, systems, devices, data, and programs from potential cyber-attacks. The market is majorly driven by the growing demand for cybersecurity mesh and the rising number of data breach incidents worldwide.

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Furthermore, the rapid technological advancements requiring more advanced, as well as secure business models, are also expected to contribute to the market growth. For instance, in June 2021, Palo Alto Networks' Prisma Cloud announced new updates to its Security Posture Management (CSPM) solution. The solution aids in eliminating unsafe cloud blind spots and frees security teams from the lumber of alert fatigue. In addition, the increasing penetration of IoT devices is estimated to fuel market growth.

Growth Influencers:

Growing demand for cybersecurity mesh
Cybersecurity mesh involves design as well as implementation of an IT security infrastructure. It establishes smaller and individual perimeters around each access point and does not focus on building a single perimeter around all nodes or devices of an IT network. With the COVID-19 pandemic, as functional hybrid working models were developed, there were structural changes that had to be made for businesses. This also resulted in evolving and shifting the way, cybersecurity was dealt with. As the demand for flexible and agile systems is increasing, the demand for cybersecurity mesh has also accelerated.

Rising number of data breach incidents worldwide

With the increasing number of data breaches, the demand for cybersecurity solutions is also rising. According to Varonis, due to the pandemic, around 50% of Americans were concerned regarding data breaches in natural disasters and personal safety. Presently, data breaches impact thousands of consumers in one attack itself on an organization. For instance, according to Varonis, on 18 February 2021, the California Department of Motor Vehicles (DMV) alerted the drivers regarding a data breach, after the billing contractor, Automatic Funds Transfer Services, was hit by a ransomware attack. Furthermore, on April 14, 2020, credentials of around 500,000 Zoom accounts were found on the dark web for sale.

Rapid technological advancements requiring more advanced and secure business models

The ability of small and medium-sized enterprises to survive and also thrive, especially in the pandemic, has been dependent on the use and adoption of technology. As technology has become more integrated into everybody's lives, the importance of cybersecurity has increased more. Many market players are investing in partnerships as well as product launches, to bring in new technologies to the market. For instance, in May 2021, Qualys Inc., introduced a new cybersecurity asset management solution, which is built on the Qualys Cloud Platform, to inventory the complete IT ecosystem, detect potential security gaps and react to the risk, all from a integrated platform. Such technological advancements fuel market growth.

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Increasing penetration of IoT devices

With the advent of technology, the demand for IoT devices is also increasing. These devices are potentially vulnerable, due to the lack of efficient security solutions. This is anticipated to boost the demand for cybersecurity solutions for IoT devices. With the COVID-19 pandemic, the demand for managed security for IoT devices by companies has increased, to safeguard the data of their employees as well as the organization. This is also positively impacting the market growth.

Segments Overview:

The global cybersecurity market is segmented into component, security, deployment, enterprise size, and application.

By component
• Solution
- Threat Intelligence
• Identity and Access Management
• Security and Vulnerability Management
• Risk and Compliance Management
• Others
- Encryption
- Data Loss Prevention
• Network DLP
• Storage/ Data Center DLP
• Endpoint DLP
- Unified Threat Management
- Firewall
- Intrusion Detection Systems/ Intrusion Prevention Systems
- Disaster Recovery
- Distributed Denial of Service
- Others
• Services
- Professional Services
• Design and Integration
• Risk and Threat Assessment
• Consulting
• Training and Education
• Support and Maintenance
- Managed Security Services

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The solutions segment accounts for the largest share of more than 65% due to the high adoption of cybersecurity solutions. The services segment is expected to grow at the fastest CAGR owing to the increasing number of market players adopting cybersecurity services.

By Security,
• Network Security
• Endpoint Security
• Application Security
• Cloud Security
• Others

The network security segment accounted for the largest share of around 25%, as it is meant to protect the integrity, accessibility, and confidentiality of computer networks and data by using both hardware as well as software technologies.

By Deployment,
• Cloud-Based
• On-Premise

The cloud-based segment is expected to be the fastest-growing segment based on deployment. The demand for cloud-based solutions is increasing, as more and more applications are getting deployed on the cloud, hence requiring cybersecurity solutions for the cloud-based solutions.

By Enterprise Size,
• Small and Medium-Sized Enterprises
• Large Enterprises

The small and medium-sized enterprises segment accounted for the largest market share in the enterprise size segment. The rising number of small and medium-sized enterprises is estimated to fuel the market growth of the segment.

By Application,
• BFSI
• Government
• Retail
• Healthcare
• IT and Telecommunication
• Manufacturing
• Others

The BFSI segment accounted for the largest market share of more than 22% in the application segment. The healthcare segment is expected to grow at the fastest growth rate owing to the rampant growth of cybercrime activities in healthcare facilities, such as data breaches, threats, and ransomware, among others.

Regional Overview

On regional basis, the global Cybersecurity market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

The North American region accounted for the largest market share of more than 34% in the global market. This is due to the prominent presence of prominent market players in the region, especially in the U.S. These market players include McAfee, IBM Corporation, Microsoft, and Palo Alto Networks, among others.

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The European region holds the second largest market share in the global market, owing to the rising spending on security services as well as solutions by SMEs and large enterprises in the region. The Asia Pacific region is anticipated to grow at the fastest growth rate owing to a large number of data attacks in the region.

Competitive Landscap

Key players operating in the global Cybersecurity market include McAfee, Trend Micro Incorporated, 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.

The cumulative market share of the four major players is near about 37%. These market players are engaged in partnerships, new product launches, mergers & acquisitions to strengthen their market presence. For instance, in July 2021, McAfee signed a partnership with Visa. This enabled North America and EMEA-based financial partners of Visa to provide internet security to Visa Business cardholders.

The global Cybersecurity market report provides insights on the below pointers:

• Market Penetration: Provides comprehensive information on the market offered by the prominent players
• Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
• Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
• Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Cybersecurity market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
• Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The global Cybersecurity market report answers questions such as:

• What is the market size and forecast of the Global Cybersecurity Market?
• What are the inhibiting factors and impact of COVID-19 on the Global Cybersecurity Market during the assessment period?
• Which are the products/segments/applications/areas to invest in over the assessment period in the Global Cybersecurity Market?
• What is the competitive strategic window for opportunities in the Global Cybersecurity Market?
• What are the technology trends and regulatory frameworks in the Global Cybersecurity Market?
• What is the market share of the leading players in the Global Cybersecurity Market?
• What modes and strategic moves are considered favorable for entering the Global Cybersecurity Market?

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