The new report by Expert Market Research titled, ‘Global Cyber Security Market Size Report and Forecast 2023-2028’, gives in-depth analysis of the Global Cyber Security market, assessing the market based on its segments like Component, Security Type, Organization Size, End-Uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028): –
- Historical Market Size (2020): USD 180 Billion
- Forecast CAGR (2023-2028): 10 %
- Forecast Market Size (2026): USD 300 Billion
In today’s changing digital world, cyber security and protection against online threats are taking on greater significance. Because of increasingly growing fraud, cybercrime, danger, risks, and vulnerabilities, it has become critical inside the company. In the recent past, disruptive and evolving technologies in the banking, retail, IT, security, and manufacturing industries have offered new capabilities, encouraged automation, and offered ease of operation.
However, in the growth of the global threat environment of exploits, vulnerabilities, and malware, these innovations have also emerged as a powerful factor. With an increased amount of cybercrime, an evolving threat environment is observed in the global digital era.
Industry Definition and Major Segments
Cybersecurity is a mechanism that protects digital threats from networks, computers, and programs. Usually, cyber-attacks are aimed at altering, accessing, or harming confidential information; extorting customer money; or disrupting routine business processes. It is also known as information technology safety and security of digital documents.
On the basis of Component, the industry is divided into:
- Solution
- Threat Intelligence
- Encryption
- Data Loss Prevention
- Unified Threat Management
- Firewall
- Antivirus/Antimalware
- Intrusion Detection Systems/Intrusion Prevention Systems
- Disaster Recovery
- Distributed Denial of Service Mitigation
- Web Filtering
- Others
- Services
- Professional Services
- Managed Security Services
On the basis of Security Type, the industry is divided into:
- Cloud Security
- Application Security
- Endpoint Security
- Data Security
- Network Security
- Infrastructure Protection
- Others
On the basis of Organization size, the industry is divided into:
- Large Enterprises
- Small and Medium Enterprises
- Others
On the basis of End-Uses, the industry is divided into:
- BFSI
- Government and Defence
- Energy and Utilities
- Healthcare
- IT and Telecom
- Manufacturing
- Retail
- Others
On the basis of Region, the industry is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Market Trends
Digitalization’s increasing popularity has forced organisations to rely extensively on digitised information. In an external and internal world as well as across the globe, exchanging a large amount of data has made organisations fall victim to cybercrime through various types of attacks. As well as its credibility and brand, an effective online attack will damage the company. It can also lead to a loss of competitive advantage and cause substantial financial harm.
It becomes important for a company to assess potential risks in the aftermath of breaches and high-profile data theft, signalling them to redesign their cybersecurity stance. Because of the businesses that use cybersecurity solutions for security purposes, North America accounted for the largest market share as the number of cyber-attacks is increasingly growing.
As it is the most technologically advanced country, the US leads the market in North America and has a high level of cloud technology adoption. Due to the increasing need to escape cyber-attacks, Asia-Pacific is anticipated to be the fastest-growing market during the review period. In addition, companies across all verticals are rapidly adopting these options to protect their network and information.
Key Market Players
The major players in the market are BAE Systems plc, Cisco Systems, Inc., Check Point Software Technologies Ltd, Dell Inc., IBM Corporation, Intel Security, and others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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