Press release
Cybersecurity Services Market: Projections and Trends from 2024 to 2029
Cybersecurity Services Market Size
• The cybersecurity services market size will grow from $89 billion in 2024 to $95.01 billion in 2025, registering a compound annual growth rate (CAGR) of 6.8%. This growth is underpinned by economic growth in emerging markets, increase in disposable income, high valuations of software companies, and development in technology.
• Fast-forward to 2029, the market is projected to expand to $163.47 billion marking a striking CAGR of 14.5%. The acceleration in growth will be due to the uptick in frequency and sophistication of cyberattacks, proliferation of internet of things (IoT), expansion of internet penetration, necessity for authentication techniques, and emergence of novel technology.
What Is Driving The Growth In The Cybersecurity Services Market?
The primary trigger for the growth in the cybersecurity services market is the escalating instances of consequential cyber-attacks. These cybercrimes are motivated by political rivalry, financial gain, negative reputation, foreign competition, and the radicals amongst religious groups. A lion's share of cyber-attacks is executed for monetary profit. Brands such as WannaCry, Petya, NotPetya, and BadRabbit ransomed large-scale businesses and government organizations. In a case study, the Department of Defence Australia noted a 23% surge in cybercrime reports in 2022-23 relative to the previous year. Such heightened cyber threat landscape necessitates the integration of cybersecurity in systems and functionality to prevent system failure, eventually boosting the cybersecurity services market.
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Who Are the Key Players Driving Cybersecurity Services Market Growth?
Key active players in the cybersecurity services market encompass:
• International Business Machines Corporation
• Microsoft Corporation
• Oracle Corporation
• Palo Alto Networks Inc.
• Cisco Systems Inc.
• Proofpoint Inc.
• Fortinet Inc.
• Check Point Software Technologies Ltd.
• Sophos Group
• Splunk Inc., and others.
What Are The Key Trends In The Cybersecurity Services Market?
Emerging trends in the market include:
• Leveraging ai, machine learning, and blockchain technologies for cyber defense
• Delivery of cloud-based cybersecurity services
• Application of data analysis to amplify cybersecurity services
• Adoption of ISO 9001 standards to offer quality services
• Deployment of automation and integration in cybersecurity
What Are The Segments Of The Global Cybersecurity Services Market?
The market can be subsegmented into:
1) By Security Type: Network Security, Endpoint Security, Application Security, Cloud Security, Other Security Types
2) By User Type: Large Enterprises, Small & Medium Enterprises
3) By Industry Verticals: Aerospace and Defense, BFSI, Public sector, Retail, Healthcare, IT and Telecom, Energy and Utilities, Manufacturing, Other Industry Verticals
Which Region Leads The Cybersecurity Services Market?
North America emerged as the largest region in the cybersecurity services market in 2024 with Asia-Pacific assuming the second largest role. The regions are categorized as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa in the cybersecurity services market report.
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What Is Covered In The Cybersecurity Services Market Global Market Report?
- Market Size Analysis: Analyze the Cybersecurity Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cybersecurity Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Cybersecurity Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cybersecurity Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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