Global Cyber Security Market Report and Forecast 2024-2032

Global Cyber Security Market Size

The global cyber security market reached a value of approximately USD 236.75 billion in 2023. The market is projected to grow at a CAGR of 8.8% between 2024 and 2032, reaching a value of around USD 506.79 billion by 2032.

Cyber Security Market Outlook

• According to GAO, the total number of cybersecurity incidents reported in the United States in 2021 was 2,596,947.

• As per cyber security industry analysis, India registered an average of 7000 complaints per day until May this year.

• As per industry reports, United Kingdom had a strong global reputation for cybersecurity solutions, with exports totalling USD 4.064 billion in 2023.

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Cyber Security Market Growth

Cybersecurity refers to the practice of protecting computer systems, networks, devices, and data from unauthorized access, cyberattacks, damage, or theft. It encompasses a range of measures, technologies, and practices designed to ensure the confidentiality, integrity, and availability of digital information and systems.

The rapid growth of cybersecurity market is driven by interconnected digital ecosystems, evolving cyber threats, regulatory demands, and growing dependence on cloud computing and IoT devices. Addressing these challenges requires innovative cybersecurity strategies, collaboration across sectors, and continuous adaptation to emerging technologies and threat landscapes.

According to the Federal Criminal Police Office, in Austria, the total number of reported cyber-crimes in 2022 reached a new record high of 60,195, marking a 30.4% increase compared to 2021. This significantly supported the cyber security market in the country.

Key Trends and Recent Developments

Zero trust security, increased cyber threats, cloud security, and cybersecurity awareness are the major trends boosting the global cyber security market value.

June 21, 2024

CERT-In and Mastercard India have signed an MoU to collaborate on cybersecurity incident response, capacity building, and sharing cyber threat intelligence specific to the financial sector, along with advanced malware analysis, leveraging their expertise.

June 18, 2024

IMSCO, a non-profit organization, was launched to elevate cyber risk assessment standards in the maritime sector. It certifies security consultants, maintains a professional register, and centralizes validated reports to assess vessel risk profiles.

March 11, 2024

The European Commission has adopted the first EU network code on cybersecurity for the electricity sector. It mandates recurrent risk assessments to identify critical digital processes affecting cross-border electricity flows and prescribe mitigating measures.

January 19, 2024

The United Kingdom and Japan solidified their commitment to advancing cybersecurity through a newly established partnership. The signing of the Memorandum of Cooperation (MOC) marked a pivotal moment in their strategic collaboration in cyber defence.

Zero Trust Security

The shift towards Zero Trust architecture, which assumes every access attempt is a potential threat, is driving investments in identity and access management (IAM) solutions.

Increased Cyber Threats

The increasing frequency and growing sophistication of cyberattacks have become a catalyst for organizations to significantly ramp up their investments in advanced cybersecurity solutions and defence, increasing the cyber security demand.

Cloud Security

With the rapid adoption of cloud computing, there's a growing demand for cloud security solutions to protect data and applications hosted in the cloud.

Cybersecurity Awareness

Greater awareness among businesses and individuals about cybersecurity's crucial significance is stimulating increased investments in a diverse array of security products and services worldwide.

Cyber Security Market Trends

The growing incidence of ransomware attacks, characterized by cybercriminals encrypting data and demanding ransom payments, has driven an increased need for cybersecurity solutions focused on detecting, preventing, and recovering from such malicious activities.

Moreover, advancements in technologies like artificial intelligence (AI) and machine learning (ML) are revolutionizing cybersecurity practices, which will likely impact the cyber security demand forecast. AI and ML algorithms enhance threat detection capabilities, analyse vast amounts of data to identify anomalies, and automate incident response processes, thereby augmenting overall cybersecurity resilience.

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Cyber Security Industry Segmentation

“Global Cyber Security Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Component

• Solution
  • Threat Intelligence
  • Encryption
  • Data Loss Prevention
  • Unified Threat Management
  • Firewall
  • Antivirus/Antimalware
  • Intrusion Detection Systems/Intrusion Prevention Systems
  • Disaster Recovery
  • Distributed Denial of Service Mitigation
  • Web Filtering
  • Others
• Services
  • Professional Services
  • Managed Security Services

Market Breakup by Deployment

• Cloud

• On-Premises

• Others

Market Breakup by Security Type

• Cloud Security

• Application Security

• Endpoint Security

• Data Security

• Network Security

• Infrastructure Protection

• Others

Market Breakup by Organisation Size

• Large Enterprises

• Small and Medium Enterprises

• Others

Market Breakup by End Use

• BFSI

• Government and Defence

• Energy and Utilities

• Healthcare

• IT and Telecom

• Manufacturing

• Retail

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Cyber Security Market Share

Solution components boost the cyber security industry revenue by incorporating advanced threat detection technologies such as AI, machine learning, and behavioural analytics

Network security solutions, including firewalls, intrusion detection systems (IDS), and secure web gateways, safeguard organizational networks from unauthorized access, malware infections, and denial-of-service (DoS) attacks, supporting the cyber security demand growth.

Managed security services providers offer outsourced monitoring, management, and response to cybersecurity threats and incidents. This includes continuous monitoring of IT environments, threat detection, incident response, and remediation.

Cloud security contributes to the cyber security market revenue by offering capabilities such as threat detection, incident response, and forensic analysis specifically tailored to cloud environments

CASBs play a crucial role in cloud security by providing visibility, compliance, and data security across multiple cloud platforms. These solutions enable organizations to monitor and control user access, enforce security policies, and detect anomalous activities in real-time, enhancing overall cloud security posture.

Endpoint security solutions encompass a range of capabilities beyond traditional antivirus software. They include endpoint detection and response (EDR), endpoint protection platforms (EPP), application control, device encryption, and vulnerability management.

Healthcare enhances the cyber security market by increasing investment in cybersecurity training and awareness programs for their staff to reduce the risk of human error and insider threats

The healthcare supply chain involves multiple stakeholders, including pharmaceutical companies, manufacturers, and service providers. Ensuring the security of the supply chain from cyber threats is essential to prevent disruptions and protect sensitive information.

Government and defence agencies are responsible for protecting critical national infrastructure, military data, and sensitive information. Cybersecurity is crucial to safeguarding national security against cyber espionage, cyber warfare, and terrorist activities.

Competitive Landscape

The companies are a provider of products including software, networking, security operations, application security, semiconductors, enterprise software, and others.

Cisco Systems, Inc.: Founded in 1984 and is headquartered in San Jose, CA. The company offers various products and services including networking, software, Internet of Things, security, mobility and wireless, and others.

Palo Alto Networks, Inc.: Established in 2005 and based in Santa Clara, California. The company offers various products and services including Network Security Platform, Code to Cloud Platform, and other services.

Fortinet, Inc.: Founded in 2000 and is headquartered in Sunnyvale, CA. The company offers products including secure networking, user and device security, security operations, application security, and FortiGuard Labs threat intelligence.

Broadcom Inc.: Established in 1961 and based in San Jose, California, the company is a global technology leader specializing in designing and supplying semiconductors, enterprise software, and security solutions.

Other global cyber security market key players are Trend Micro Inc., IBM Corporation, Microsoft Corporation, Check Point Software Technologies Ltd., McAfee Corp, CrowdStrike Holdings, Inc., Sophos Ltd., and ESET, spol. s r.o., among others.

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Cyber Security Market Analysis by Region

North America leads the global cybersecurity industry and is expected to continue dominating the market. This dominance is due to the presence of prominent security companies with global and regional headquarters in the United States. Increased spending on security solutions and services by large corporations and small to medium-sized enterprises is the key trend of cyber security market. In 2022, the Canadian Survey of Cyber Security and Cybercrime documented 5,244 cyber threats, impacting businesses across Canada.

The Asia Pacific region is expected to experience rapid growth during the forecast period. Efforts to secure endpoints, networks, and cloud infrastructure are anticipated to drive market expansion. The widespread adoption of smartphones and increased Internet usage are boosting digital services across the region. As the use of cloud and digital services rises, so do security risks and data theft concerns, further fuelling market growth. According to the ITA, the cyber security market in Australia amounted to USD 5 million in 2022.

Key Highlights of the Report

Cyber Security Market Report Snapshots

Cyber Security Market Size

Cyber Security Market Growth

Cyber Security Market Trends

Cyber Security Market Share

Cyber Security Companies

Cyber Security Market Regional Analysis