Cyber Security Market Size, Trends, Industry Analysis Report

The global cyber security market was valued at USD 217.65 billion in 2021 and is expected to grow at a CAGR of 9.7% during the forecast period. Increasing adoption of modern technologies such as the Internet of Things and artificial intelligence across numerous domains is anticipated to propel the cyber security market during the forecast period.

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Addressing the COVID-19 outbreak is expected to be among the most challenging issues for cybersecurity firms in the coming periods. The outbreak has expedited the digitization of corporate operations and led to the broad use of cloud technology amongst enterprises. Another important concern for the business is the increasing use of cloud technology and the scarcity of professional safety personnel. The outbreak has led to an increase in cyber crimes, which has led to the rise in the market demand for security solutions.

Industry Dynamics

Growth Drivers
Many organizations have implemented cloud-based technology solutions in recent years, allowing customers to obtain software programs, storage systems, as well as other resources through an internet network instead of traditional facilities. This, in turn, has increased the chances of cyber attacks and crimes. Increasing adoption of cloud storage services among small and large enterprises is expected to increase the market demand for cyber safety solutions throughout the projected period.

Wireless technologies, flexible scheduling, and other changes rely on high connectivity to widespread and massive data sets, heightening the risk of data theft. The surge in ransomware and hacking attacks amongst companies, as well as the increased usage of IoT and the BYOD trend, are propelling the cyber safety market forward.

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Report Segmentation

The market is primarily segmented based on type, deployment model, end-user, organization size, solution, component, and region.

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Insight by Deployment Mode

The cloud-based deployment segment is expected to dominate the cyber security market over the forecast period due to increasing market demand for storage applications that need to keep and safeguard data using advanced safety approaches. Furthermore, cloud-based safety technologies are simple and inexpensive to adopt, maintain, and update, which in turn will attract new businesses, propelling segment market growth.

Moreover, cloud-based privacy systems provide online storage solutions, social connection safety, network performance, along with other related benefits. Increasing awareness regarding these advantages of adopting cloud-based deployment is expected to contribute to the segment market growth.

Insight by End-Use

The defense and government end-user segment is expected to dominate the global cyber security market during the forecast period because of the sensitive nature of data and information they hold. Furthermore, the usage of trustworthy and advanced cybersecurity technologies for the military sector has become necessary as digital technology advances, upgraded weapons analytics, monitoring, and the amount of sensitive data acquired from multiple systems grows.

The healthcare segment is expected to grow at a considerable pace throughout the forecast period. Cyberattacks are especially concerning in the healthcare market because they can directly jeopardize the safety of networks and data, as well as the wellness & security of individuals. Increasing awareness regarding cyber safety along with rising cyberattacks across the globe is expected to increase the segment growth.

Geographic Overview

North America dominated the global cyber security market in 2021 and is anticipated to maintain its dominance throughout the forecast period. With the growing use of the web in countries such as the U.S. and Canada, cybersecurity technologies are predicted to become more popular. Several of the country's largest banking organizations, including JP Morgan Chase, Citibank, and Bank of America, have deployed sophisticated cybersecurity technologies to provide 24/7 defense against hackers. Furthermore, the growing wireless infrastructure for portable gadgets data risk, rendering security a necessary and vital aspect of any firm in the region.

The Asia Pacific is anticipated to grow at the fastest pace throughout the projected period due to rapid industrialization along with the rising adoption of digital transactions. Furthermore, increasing awareness regarding security threats coupled with growing I.T. security systems across developed and developing nations is expected to contribute to the rising trends.

Competitive Insight

Some of the major market players operating in the global cyber security market include  AlgoSec, BAE Systems Inc., Centrify Corporation, Cisco Systems Inc., CyberArk, DataVisor, EMC Corporation, F5, Fortinet, Inc., F-secure, Hewlett-Packard Enterprise, IBM Corporation, Intel Security, LogRhythm Inc., Palo Alto Networks, Proofpoint Inc., Qualys, RevBits, SentinelOne, SonicWall, Symantec Corporation, and Wi-Jungle.

These market players are investing in research & development and are indulging in marketing strategies such as partnerships & collaborations, mergers & acquisitions, product launches, and developments in order to increase their market footprint and acquire more clients. For instance, in April 2021, IBM Security and HCL Technologies (HCL) have teamed together to assist clients in unifying and streamlining threat monitoring through an updated security operation center (SOC) infrastructure.

Cyber Security Market Report Scope