Global Cyber Security Market Has Huge Growth In Industry | Size, Share, Trends | Covid19-omicron Updated

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The global cyber security market was valued at US$176.4 billion in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 10.2% between 2022 and 2029, mainly driven by increasing number of data breaches and advanced malware threats. While the adoption of emerging technologies in the BFSI, retail, IT, and manufacturing sectors have offered new capabilities and ease of working, they have also driven the global threat landscape of exploits, vulnerabilities, and malware.

AgileIntel’s global cyber security market study is a 168 slide report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, component, and security type perspective.

The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.

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Key insights from the Global Cyber Security report

Insights on Components:

Cyber ...
... security solutions protect the network, system, or applications from cyber-attacks such as ransomware, malware, phishing, etc. The cyber security market is classified into hardware, software, and services based on components.

The services segment holds the largest market share and is expected to continue doing so during the forecast period, driven mainly by the robust growth in connected devices which are already creating system vulnerabilities. Moreover, the increasing need for automation for efficiency in enterprise Security Operations Centers is also expected to contribute to the growth of this segment.

Furthermore, large and small enterprises face challenges in securing data, thereby increasing the demand for cyber security software and solutions such as anti-malware, anti-spyware, identity management, and network access control (NAC) to protect their IT systems and networks from unauthorized access and intrusions.

Additionally, the growing adoption of hardware components such as encrypted flash drives, network firewalls, and intrusion prevention system (IPS) equipment that secures IT networks from cyber threats is driving the growth of the hardware segment.

Insights on Key Markets:

The U.S. cyber security market was valued at US$53.9 billion in 2021. It remains the largest market for cyber security solutions due to increased spending by the government to improve the cyber security infrastructure of the country. An increasing number of SMEs, presence of major IT hubs, and the growing adoption of cloud solutions by the SMEs in the U.S. are expected to lead to new security-related issues concerning the network and security of organizational systems, thereby warranting the need for more effective cyber security measures to be put in place. The government has introduced policies that support, encourage, and regulate businesses to adopt cyber security measures.

Insights on Regional Growth:

North America is expected to remain the largest market, accounting for a 35% share of the global cyber security products and services market during the forecast period. This can be attributed to the rising cyber security spending by the government and public authorities in the region due the increasing instances of security breaches. Further, the increased spending on security solutions and services by large enterprises and SMEs and stringent standards and policies for maintaining data privacy and security contribute to the region's market growth.

Meanwhile, Asia Pacific is expected to be the fastest-growing market during the forecast period, mainly due to growing efforts towards securing endpoints, networks, and cloud infrastructure. Countries such as India and China have strong defense forces, encouraging governments and defense sectors of these countries to adopt advanced technologies to mitigate threats rising from cyber-espionage and to be prepared to ward off any disruptions due to cyber warfare.

Market dynamics

Trends

Banking and financial institutions are leveraging emerging technologies such as artificial intelligence (AI) and blockchain for thwarting cyberattacks on their systems. Integration of AI capabilities in cyber security solutions such as Security Information and Event Management (SIEM) will help develop a security system that adapts automatically to changing threat patterns, predicts, detects, and neutralizes threats before they can attack the systems.

Drivers

The main driver of cyber security spending worldwide is not only the sheer increase in the number of cyberattacks over the last few years but also the use of more advanced methods and techniques by hackers, which makes existing solutions redundant. Therefore, governments and providers are under pressure to constantly innovate and develop new solutions, which are then used by all concerned stakeholders to upgrade their security infrastructure.

Opportunities

The defense/government sector is expected to remain one of the most attractive growth markets for cyber security solution providers. The defense/government sector stores vulnerable information regarding the country’s residents and military strategies, which is always a target for independent hackers, unethical hackers from other countries, and terrorist cells. The growing reliance on digital storage of information using computers and cloud service, coupled with the rapidly changing technology, necessitates the development and deployment of secure systems that remain ahead of the hackers. Thus, countries across the globe are expected to increase their spending on cyber security solutions in the coming years.

Challenges

A shortage of skilled workforce and lack of training to stay abreast with the current cybersecurity trends are significant challenges faced by market participants. This lack of skills can be attributed to the rapidly evolving cybersecurity threat landscape, the growing adoption of IoT, mobile technology, cloud computing, and data centers.

The use of unlicensed software is also restraining the growth of the cyber security market.

Impact of COVID-19

The COVID-19 pandemic had a positive impact on the cyber security market.

With most companies asking their employees to work from home, the number of cyber-attacks on enterprise data and devices has proliferated, thereby driving continuous investments in security solutions. This has exposed vulnerabilities due to the increased use of cloud service via unmanaged devices. Thus, the ongoing pandemic presents an opportunity for enterprises to assess their IT infrastructure and deploy robust cyber security solutions.

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