Cyber Security Market Overview, Scope and Technology Advancement Outlook 2021-2030

The Global Cyber Security Market size was valued at USD 183.34 billion in 2020 and is predicted to reach USD 539.78 billion by 2030, with a CAGR of 11.6% from 2021-2030.

Cyber Security or Information Technology (IT) security, provides protection against phishing, malware, ransomware, identity theft, cyber theft, cyber-attacks, and other types of cybercrimes. Cyber security safeguards user interface, networks, hardware, software, and electronic data from unauthorized and unlicensed access. It holds wide applications at individual level, as well as in small, medium, and large enterprises, to safeguard the overall digital ecosystem.

The Cyber Defense Magazine has presented cyber security statistics for the year 2019, wherein it has reported the annual cost of damage caused by cybercrime to be around USD 5 trillion by 2020 . Moreover, the cyber security expenditures are anticipated to reach USD 1 trillion by the year 2024. These generate soaring demand for efficient cyber security solutions, thereby propagating the growth of global cyber security market.

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Competitive Landscape

The cyber security market is highly competitive and consists of various market players. Some of the major market players include IBM Corporation, FireEye Inc., ProofPoint Inc., Symantec Corporation, Cisco Systems, Inc., Check Point Software Technologies Ltd, Imperva Inc., Palo Alto Networks Inc., AVG Technologies NV, Dell Technologies Inc., Trend Micro Inc., Cyber Ark Software Ltd, Fortinet, Rapid7 Inc., and Intel Security (Intel Corporation) among others.

The key players are employing strategies such as product launches, joint ventures, acquisition, technical collaboration, and capacity expansion, in-order to gain stronger position in the cyber security market.

In February 2020, FireEye Inc., one of the major players of global cyber security market, announced the launch of its ‘FireEye Mandiant Threat Intelligence Suite’, offering the organizations intel-led cyber securities. The incremental tire bundles were designed to offer curated threat intelligence services and subscriptions, customizable as per client requirement

In May 2020, Cyber Ark Software Ltd., one of the major players of global cyber security market announced its acquisition over IDaptive Holdings, Inc., with an aim to reinforce CyberArk’s SaaS delivered innovations in identity security as well as to extend the value of its Privileged Access Management credentials.

In May 2020, Check Point Software Technologies Ltd., one of the major players of global cyber security market announced the launch of ZoneAlarm Web Secure solution, a 100% free advanced chrome extension that offers protection against malwares, malicious download, phishing attacks, access to dangerous websites, and other common cyber threats.

In June 2020, Check Point Software Technologies Ltd., introduced its ‘CloudGuard Cloud Native Security,’ a fully-automated cloud based platform that delivers complete protection for any cloud deployments and workloads, hence safeguarding the organizations from cyber-attacks, as well as enables the user to perform cloud computing with enhanced speed and agility of the cloud platform.

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Market Segmentations and Scope of the Study:

The global cyber security market share has been analyzed based on components, user type, deployment, industry vertical and geography.

Based on components, the market is segmented into solution and services. The solutions segment is further sub segmented into Identity and Access Management (IAM), infrastructure security, governance, risk, & compliance, unified vulnerability management service offering, and data security and privacy service offering. Based on user type, the market is large enterprises and Small & Medium Enterprises (SMEs). Based on deployment, the market is further categorized into cloud and on-premise. Based on industry vertical, the cyber security market is bifurcated into BFSI, IT & telecom, aerospace & defense, public sector, retail, healthcare, energy & utilities, manufacturing, and others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to dominate the global cyber security market throughout the forecast period, accounting for the major market share. This is attributed to higher penetration of cyber security solutions at core level in business enterprises, presence of key service providers in this region, well established IT infrastructures, and stringent corporate safety standards regarding digital security.

Asia Pacific is expected to grow with the highest CAGR values in the global cyber security market throughout the forecast period, owing to increasing incidences of cybercrimes, growing standardization of online streaming policies, higher adoption of cyber security solutions in SMEs, increasing penetration of Multinational Companies especially in developing economies, as well as untapped market opportunities offered by emerging economies specifically India and China.

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