Global Cyber Security Market, Industry Insights by Component, Deployment Type, Security Type, Organization Size, and Vertical - Forecast to 2025

The global cyber security market is estimated to be valued at USD 140.3 billion in 2020 and is expected to reach USD 243.6 billion by 2025, growing at CAGR of 11.7% during the forecast period (2020–2025).

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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.

The market for cybersecurity devices 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.

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Among the two components, t solutions hold a larger share in the cyber security market, globally. The services segment is witnessing the higher growth in the market as globally there is serious concern regarding data security and privacy. Also, several new entrants are entering the market who provide security services against 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 verticals the market is segmented into government and public utilities, aerospace, and defense, BFSI, manufacturing, retail, healthcare, IT and telecom, and others.

North America accounted for the major share in the cyber security industry in 2019, 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. Moreover, Asia-Pacific is observed to witness the fastest growth in the cyber security market.

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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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