|Status : Published||Published On : Aug, 2021||Report Code : VRICT5004||Industry : ICT & Media||Available Format :||Page : 235|
The global cyber security market is estimated to be valued at USD 150.3 billion in 2020 and is expected to reach USD 323.6 billion by 2027, growing at CAGR of 12.3% during the forecast period (2021–2027). The increasing number of cyber-attacks and increasing adoption of digital solutions by most industries, propelling the growth of the market.
Insight by Component
Based on component, the global cyber security market is categorized into solutions and services, wherein the solutions category accounted for a larger share in 2020. The category is expected to lead throughout the forecast period; however, the services category is expected to witness the faster growth during the forecast period owing to the increasing number of new entrants providing security services against cyber-attacks and increasing concern regarding the data security and privacy.
Further, the cyber security solutions market is sub-segmented into identity and access management, security and vulnerability management, risk and compliance management, encryption, firewall, unified threat management, web filtering, disaster recovery, distributed denial of services mitigation, antivirus or antimalware, data loss prevention, and intrusion detection systems. Among all these categories, the web filtering solution category is expected to witness the fastest growth in the market during the forecast period.
Further, the cyber security services market is sub-divided into managed and professional, wherein the managed services are expected to witness the faster growth in the market during the forecast period.
Insight by Deployment Type
On the basis of deployment type, the global cyber security market is divided into cloud-based and on-premise. Among the two categories, the cloud-based category is expected to witness the faster growth in the market during the forecast period owing to higher susceptibility of cloud-based systems to cyber-attacks.
Insight by Security Type
Based on security type, the global cyber security market is categorized into network, endpoint, wireless, application, cloud, and others. Of all, the application category is expected to witness the fastest the growth during the forecast period.
Insight by Organization Size
Based on organization size, the global cyber security market is segmented into small and medium enterprises, and large enterprises. Among the two categories, the large enterprises category accounted for the larger share in 2020, however, small and medium enterprises category is expected to witness the faster growth during the forecast period.
Insight by Vertical
On the basis of vertical, the global cyber security market can be segmented into government and public utilities, aerospace and defense, BFSI, manufacturing, retail, healthcare, IT and telecom, and others. Of all, the BFSI sector is expected to witness the fastest growth during the forecast period. BFSI sector is the target of the major cyber-attacks which requires these organizations to ensure high-level security from such threats, thus leading to the higher demand for security solutions and services against cyber threats and attacks.
The global cyber security market has been driven by several key factors, predominantly the stringent directives for data privacy, increasing number of cyber-attacks, increasing adoption of digital solutions by most industries, and increasing inclination towards cloud-based solutions from on-premise. Owing to security reasons, enterprises are inclining towards the usage of cloud-based solutions to keep data safe at third-party servers. However, with the increasing adoption of cloud-based solutions, the chances of cyber-attacks also increase, thus creating a huge demand for security solutions and services against cyber-attacks. Another key factor driving the growth of the industry is the increasing adoption of IoT solutions in healthcare, BFSI, and across other different industries.
Key factors hindering the growth of the cyber security market are rapidly increasing distribution of pirated security solutions, and limitation of security budget against cyber-attacks especially in developing and underdeveloped countries. In addition, the dearth of skilled security professionals for cyber threats is also having a negative impact on the growth of the market.
North America has been one of the largest consumers of cyber security during the forecast period. The region is home to a large number of industry players and also spends a large amount of capital to tackle cyber threats. Asia-Pacific is observed to witness significant growth in the global cyber security market during the forecast period. APAC region comprises of a large population with internet access, the increasing penetration, and increasing awareness among masses and government bodies for tackling cyber threats and crimes.
Market players in the global cyber security industry are investing capital to develop technologically advanced systems for security and vulnerability management, risk and compliance management, and encryption among others.
Some of the key players operating in the global cyber security market are Hewlett Packard Enterprise, McAfee Inc., IBM Corporation, Symantec Corporation, Trend Micro, Inc., Check Point Software Technologies Ltd., Palo Alto Networks, Inc., Cisco Systems, Inc., Fortinet, Inc., Sophos Ltd., F-Secure, Kaspersky Lab, Webroot, Inc., and LogRhythm, Inc.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research