Locks and Security News: your weekly locks and security industry newsletter
30th November 2022 Issue no. 633
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Global cyber security market is set to reach USD 282.3 Billion by 2024
The global cyber security market is predicted to grow at 11.1% CAGR during the forecast period with the market size reaching USD 282.3 billion by 2024.
The market is driven by factors such as increasing cyber security threats, increasing internet penetration, and increasing adoption of IoT solutions across different industry verticals.
Industry players are developing advanced solutions to tackle cyber-attacks and threat such as firewall, encryption, identity and access management, security, and vulnerability management, which are further fuelling the growth of the market.
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Increasing cyber-attacks worldwide to drive the cyber security market
The market for cyber security solutions and services is primarily driven by increasing cyber-attacks worldwide. With the increasing number of cyber threats daily and evolving techniques by attackers, different organizations and consumers are compelled to adopt advanced security systems to tackle these threats. Different governments and organizations across the globe are collaborating and cooperating to deal with these threats. This offers market players immense opportunities to develop advanced security systems, which will drive their revenue growth.
Cyber security solutions to generate larger revenue in the global market
Based on components, the cyber security market is categorized into solutions and services, of which solutions hold the larger share in the cyber security market, globally. The increasing number of new entrants providing security services against cyber-attacks and increasing concern regarding the data security and privacy led to the faster growth of the services segment during the historical period, which is also predicted to continue during the forecast period.
Among different types of security solutions (identity and access management, security and vulnerability management, risk and compliance management, encryption, firewall, unified threat management, web filtering, disaster recovery, distributed denial of services mitigation, antivirus or antimalware, data loss prevention, and intrusion detection systems), web filtering solution market is predicted to grow at the fastest CAGR during the forecast period. Among the different types of services (managed and professional), managed security services market size will witness faster growth during the forecast period in the cyber security services market.
Based on deployment type, the cyber security market is segmented into cloud-based and on-premise. Of these two deployment types, the cloud-based category is predicted to witness the higher CAGR of 15.1% during the forecast period owing to the higher susceptibility of cloud-based systems to cyber-attacks.
On the basis of security type, the cyber security market size for application security is expected to grow at the fastest rate during the forecast period, globally. Based on organization size, the cyber security market size is larger for large enterprises; however, its growth rate is higher for small and medium enterprises due to the increasing awareness and increasing incidence of security breaches in these organizations.
BFSI to account the largest demand for cyber security solutions and services
Based on verticals the market is segmented into government and public utilities, aerospace, and defense, BFSI, manufacturing, retail, healthcare, IT and telecom, and others. Of all the verticals, cyber security solutions and services witness the highest demand from the BFSI sector. Banking and financial sectors are more prone to cyber-attacks as these industries are vulnerable to cyber risk and owing to the transactions happening on a daily basis. This makes it of the utmost need to utilize cyber security solutions and services.
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North America remains the largest cyber security market
North America accounted for the major share in the cyber security industry in 2017, globally as the players in the region are continuously investing capital for the advancement of technology in cyber security. U.S. is home to most of the major players worldwide, which is due to the fact that the U.S. population and government are more aware regarding the issues concerning to cyber-crime and attacks. This creates traction for the industry players to invest in the region.
Also, Asia-Pacific is observed to witness significant growth in the market during the forecast period as the region comprises of a large population with internet access, the increasing penetration, and increasing awareness among masses and government bodies for tackling cyber threats and crimes.
Industry players investing in technology to differentiate their offerings
Key players in the cyber security industry are investing in the development of advanced solutions including security and vulnerability management, risk and compliance management, and encryption among others, which is strengthening their position in the market. Hewlett Packard Enterprise, McAfee Inc., IBM Corporation, Symantec Corporation, Trend Micro, Inc., Check Point Software Technologies Ltd., Palo Alto Networks, Inc., Cisco Systems, Inc., Fortinet, Inc., Sophos Ltd., F-Secure, Kaspersky Lab, Webroot, Inc., and LogRhythm, Inc. are some of the key players offering solutions and services for cyber security.
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