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Cyber security refers to the protection of internet-connected systems like hardware, software and data from cybercrimes. It aims to prevent unauthorized access, damage and exploitation of both computer network systems as well as internet-enabled consumer electronics. With the growing digitalization across industries and rising use of internet-enabled devices, concerns around data breaches and cyber threats have further increased. As a result, there is a rising need amongst enterprises and governments to adopt robust cyber security solutions to protect their digital infrastructure and sensitive data from cyber attackers.
The Global Cyber security Market is estimated to be valued at US$ 218.79 Bn in 2023 and is expected to exhibit a CAGR of 8.10% over the forecast period 2023-2030.
Key Takeaways
Key players operating in the Cyber Security are Symantec Corporation, IBM Corporation.
The key opportunities in the cyber security market include growing spending on cyber security by organizations, increasing number of high-profile cyber incidents propelling the need for adequate security measures and supportive government regulations for cyber security adoption.
Globally, the cyber security market is witnessing expansion owing to rising digitalization of economies worldwide and stringent data protection laws being enforced by regulatory bodies which is prompting enterprises to boost their cyber security investments and protocols.
Market drivers
The rising instances of sophisticated cybercrimes such as phishing, malware attacks, ransomware are one of the major factors driving the demand for robust and comprehensive cyber security solutions. According to Cybersecurity Ventures, ransomware damage costs are predicted to exceed $20 billion by 2021, up from $11.5 billion in 2019. With increasing dependency of enterprises on digital infrastructure, safeguarding these assets and data from cyber threats has become a top priority to minimize financial and reputational losses. This has propelled many organizations to increasingly adopt next-gen cyber security technologies and services to combat growing cyber risks effectively.
PEST Analysis
Political: Cyber Security regulations and data privacy laws have been strengthened across regions in recent times to safeguard confidential data and reduce cyber crimes. This has increased demand for advanced cyber security solutions from enterprises.
Economic: Strong economy and higher GDP growth in developed nations has led to rise in IT investments including security software/services spending. Rise in BYOD and digitalization of businesses also boost security budgets across industries.
Social: Increased usage of internet-based applications, social media, digital payments and growing online content consumption has introduced new cyber risks. People are more aware about identity/data theft driving security product adoption.
Technological: Emergence of disruptive technologies like AI, cloud computing, IoT, 5G has expanded the attack landscape for hackers. It has necessitated advanced security measures to protect increasingly complex IT infrastructure and decentralized network edge.
North America holds the largest share in cyber security market in terms of value owing to extensive digitalization, BYOD trend and stringent regulatory norms. Presence of global security giants and large enterprises with substantial IT budgets have propelled spending on advanced solutions in the region.
Asia Pacific is identified as the fastest growing regional market for Cyber security Market. Rapid increase in internet users, expanding middle class adopting online services and growing digitization of Asian economies are fueling security investments. Initiatives to develop digital infrastructure and focus on innovation have opened up opportunities for cyber security vendors to tap rising security requirements of enterprises across sectors.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
