Cybersecurity is the process of shielding internet-connected devices from numerous online dangers. It involves securing hardware, software, and data while preventing hackers from obtaining access to systems or networks. Cybersecurity is necessary for businesses to protect their data, money, and intellectual property.
In 2021, the market for cybersecurity was USD 216.10 billion, and by 2030, it will reach USD 478.68 billion, growing at a 9.5% CAGR during the forecast period.
The rise of cloud solution deployment, e-commerce websites, and the proliferation of smart devices are the causes of an increase in cyber-attacks and major factors driving industry growth. Additionally, a rise in device usage and the acceptance of internet of things (IoT) technology are expected to foster the development of cyber risks. Over the forecast period, the market will grow due to enterprises implementing the most recent cybersecurity solutions to limit, mitigate, and detect cyberattacks.
Since many businesses have adopted cloud-based technology in recent years, consumers can now access software, storage systems, and other resources online rather than through physical locations. The likelihood of cyberattacks and other crimes has consequently risen. Throughout the forecast period, there will be an increase in the market demand for cyber safety solutions due to the growing usage of cloud storage services among small and large businesses.
Data theft is likely because wireless technologies, flexible scheduling, and other changes depend on strong connectedness to large, widely dispersed data sets. The market for cyber security is growing due to the rise in ransomware and hacking attacks against businesses, the increased use of IoT, and the BYOD movement.
Small and emerging companies in developing countries need to be careful with their spending. Otherwise, a huge sum will be generated, which could drastically slow the growth of the cybersecurity industry. The amount of money set aside to support cybersecurity requirements needs to be maintained pace with the expansion of market-based attacks. Emerging companies frequently need help finding the money and the appropriate resources to implement cybersecurity solutions in developing nations in MEA, Latin America, and APAC. Lack of capital funding and security professionals may be a major obstacle for some small and medium-sized companies adopting the cybersecurity strategy.
The idea of cloud computing is popular due to its dependable and adaptable design. Cloud solutions are becoming increasingly common among businesses because they simplify data storage and give customers access to limitless computing power via remote servers that can be accessed over the internet. For instance, according to market share, Amazon Web Services is the world’s largest cloud computing provider. The market is currently dominated by AWS, an Amazon affiliate, with a 31% share, followed by Azure from Microsoft (20%) and Google Cloud from 7%. Organizations can manage all of the apps because cloud-based models offer extremely difficult analytics that runs in the background.
In 2022, the services sector held the largest market, with a revenue share of 50%. This is due to the growing demand from small and medium businesses for advisory services and maintenance and upgrade services.
The hardware segment will grow at the highest rate due to the numerous businesses deploying and upgrading their current cyber security systems.
By Security Type
The infrastructure protection segment had the greatest revenue share of 25% in 2022. The large market share is due to the growth of connected and IoT devices and the development of more data centers. Also, various initiatives launched by governments in some regions, such as the European Programme for Critical Infrastructure Protection (EPCIP) and the Critical Infrastructure Protection Program in the United States, will support market expansion.
The cloud security segment will experience the largest growth throughout the projected period. Businesses are increasingly adopting cloud-based solutions due to their cost-effectiveness and ease of use.
The cloud-based segment will expand at a rate of over 12% during the projected period. The rapid growth is due to the expansion of cloud computing infrastructure deployment and the enterprise transfer of on-premises solutions to the cloud. Also, cloud-based security solutions are simple, affordable, and quick to administer and upgrade, one of the key factors supporting market expansion. Cloud deployment also enables access to solutions remotely from different devices, accelerating the segment’s growth.
By Organization Size
The SMEs segment will increase at the highest rate of 12%. Due to financial limitations, small and medium-sized businesses are more vulnerable to cyber-attacks with low security. Also, one of the major causes of the rise in cyberattacks on SMEs is the need for more security policies and employee capabilities. As a result, the adoption in SMEs will be driven by the growing need to reduce operational and data breach expenses and secure IT assets.
In 2022, the defense/government sector had the biggest market share of more than 20%. Government and defense companies are constantly at risk of security threats from state-sponsored hacktivists due to the sensitive information they possess. As a result, numerous governments worldwide are making significant investments in enhancing their countries’ cyber security, which ultimately contributes to the segment’s growth.
North America led the market with a significant revenue share of nearly 39.10%. A surge in high-level security breaches drives the region’s demand for cloud application security solutions. The rise of online e-commerce platforms in nations like the United States and Canada drives market expansion. The government uses cutting-edge network security methods to give businesses improved security protections. Security solution adoption is accelerating as end-user expenditure rises and demand for enterprise security solutions is high.
- Infosys Limited
- HCL Technologies Limited
- IBM Corporation
- L&T Technology Services Limited
- PwC International Limited Broadcom Inc.
- Tata Consultancy Services
- Broadcom Inc.
- F5 Networks Inc.
- FireEye Inc.
- Tech Mahindra Limited
- Wipro Limited