by The global Cyber Security Market is estimated to be valued at US$ 188.94 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Cyber security refers to the body of technologies, processes and practices designed to protect networks, computers, programs and data from digital attacks, damage or unauthorized access. Cyber security has become increasingly important in today’s digitalized world where most businesses and individuals frequently use internet and store data online. The need for cyber security solutions has grown tremendously with rise in sophisticated cyber threats like malware, spam, phishing and identity theft. Cyber security products and services help detect vulnerabilities, monitor networks and systems to identify anomalies, prevent unauthorized access and attacks, and protect sensitive data and personal information.
Market key trends:
One of the major trends driving the growth of cyber security market is rising popularity and adoption of cloud computing services among individuals and organizations globally. Cloud enables flexible and scalable access to computing resources and data storage over the internet. However, it also exposes businesses to new cyber threats if not properly secured. This has increased the demand for cloud security solutions like cloud identity and access management, data loss prevention, encryption, unified threat management, firewall and antivirus/IPS among others. According to a report, spending on cloud security is expected to reach $13.1 billion by 2027.
Segment Analysis
The Cyber Security Market Scope is segmented into solution, service, security type, deployment mode, organization size and vertical. The solutions segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. This is because solutions such as firewall, antivirus/antimalware, disaster recovery, DDoS mitigation, encryption are widely adopted by organizations to secure their IT infrastructure and mitigate risks.
Key Takeaways
The global cyber security market is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing data breaches and cyber threats across the world. North America dominated the market in 2022 and is expected to continue its dominance during the forecast period owing to rising digitalization and presence of prominent cyber security players in the region.
The global cyber security market size was valued at US$ 188.94 Bn in 2023 and is projected to reach US$ 461.45 Bn by 2030.
Regional analysis – North America is the fastest growing region due to growing adoption of cloud technology and BYOD trend among organizations. The US and Canada are expected to dominate the North American region due to strict data protection regulations and increasing cybercrimes.
Key players – Key players operating in the cyber security market are IBM (US), Cisco (US), Check Point (Israel), Trellix (US), Trend Micro (Japan), NortonLifeLock (US), Rapid7 (US), Micro Focus (UK), Microsoft (US), Amazon Web Services (AWS) (US), Oracle (US), Fortinet (US), Palo Alto Networks (US), Accenture (Ireland) and many more. These players are focusing on adopting organic and inorganic growth strategies such as new product launches, partnerships, and acquisitions to expand their reach and drive revenue growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
