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The cyber security market is estimated to grow at a CAGR of 13.57% between 2022 and 2027. The size of the market is forecast to increase by USD 203.5 billion. The growth of the market depends on several factors, including the increase in the use of mobile devices, the implementation of the firewall as a disruptive deception capability, and increasing the IT security budget.
This report extensively covers market segmentation by deployment (on-premise and cloud-based), end-user (government, BFSI, ICT, manufacturing, and others), and geography (North America, APAC, Europe, Middle East and Africa, and South America. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increase in the use of mobile devices is notably driving the market growth, although factors such as the high cost of deployment may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Cybersecurity Market Driver
The increase in the use of mobile devices arc furnaces route than the BF-BOF route is the key factor driving the cybersecurity market. With the increasing adoption of mobile devices, such as mobile phones, laptops, and tablets, the need for cybersecurity solutions is increasing. One of the major reasons for this is the increasing access to the Internet through such devices, which is increasing the chances of cyber threats. Furthermore, the use of mobile devices for personal and professional use is increasing access to critical data and information, which will increase the chance of unauthorized access in case of a stolen mobile device.
With technological advances, the acceptance of mobile devices for m-commerce, bill payment, and GPS is also increasing. The confidential information accessed by mobile devices requires high-level security against hacking. Hence, there is a high demand for advanced cybersecurity solutions, which in turn will boost the growth of the market in focus during the forecast period.
Key Cybersecurity Market Trend
The adoption of IoT is the primary trend in the global cybersecurity industry. IoT enables better connectivity and resolves all critical situations. The technology is expected to be integrated with advanced features in the future, empowering it to perform better functions. For instance, devices installed in homes can be controlled with mobile applications, such as controlling power and temperature with thermostats. Certain wearable devices are expected to help count the number of stairs climbed, calories burned, and distance traveled. IoT has enabled proper communication between systems, devices, and services.
This has facilitated the transmission of a huge amount of data through networks at high speed. Owing to an increase in the use of wireless networks for interaction between people and machines, IoT is getting affected by cyber threats. Thus, organizations implementing the IoT are investing heavily in cyber security solutions to overcome their concerns about data theft which in turn will boost the growth of the cybersecurity market in focus during the forecast period.
Key Cybersecurity Market Challenge
The high cost of deployment is a major challenge to the global cybersecurity industry growth. One of the major challenges for the global market is the high deployment cost of cybersecurity solutions. The total installation cost includes the cost of software licensing, system designing and customization, implementation, training, and maintenance for an individual organization. An organization must recruit IT staff, for proper implementation of the cyber security software, which incurs additional costs. In addition, existing employees must be trained in the functioning of cybersecurity solutions. The maintenance of on-premises cyber security solutions requires in-house IT administration staff to manage and control issues, which would result in high implementation costs.
Furthermore, a cyber security solution contains additional hidden costs, such as costs involved in providing knowledge, experience, and skill development of the solution to understand its functionality. The high cost is a challenge for the organization to implement in-house cybersecurity solutions, which is inhibiting the growth of the global cybersecurity industry. Thus, the high cost of deployment will impede the growth of the market in focus during the forecast period.
Key Cyber Security Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cyber Security Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Kaspersky - The company offers cyber security such as Kaspersky Total Security. The company also offers solutions such as antivirus, internet security, cloud-based security, and other security solutions to individual customers that can be used on a single PC or mobile device.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the on-premise segment will be significant during the forecast period. On-premises cyber security is considered highly secure as it is managed and maintained by enterprises in the end-user industry. Enterprises have complete control over their on-premises solutions because of monitored and restricted access, and it also allows them to customize the cyber security solution according to their requirements. Such factors will increase segment growth during the forecast period.
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The on-premise segment was valued at USD 63.27 billion in 2017 and continued to grow by 2021. The market for on-premises cyber security is expected to decline due to the growing adoption of cloud-based cyber security. Also, for on-premises cyber security, enterprises must buy software licenses as well as maintain IT staff to manage the solution, regularly upgrade the software, and install data-protection solutions. It also requires in-house hardware, which, in turn, requires high capital investment. This is expected to limit the growth of the on-premises solutions segment during the forecast period.
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North America is projected to contribute 34% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape during the forecast period. North America is the largest geographical segment of the global market and will continue to remain the largest segment during the forecast period. The cybersecurity industry in North America is expected to grow at a steady rate during the forecast period. The key market in North America is the US. A few important factors contributing to the market growth in North America are the increased adoption of cyber security solutions by end-user industries, the shift of conventional IT services to internet-based IT systems, growth of end-user industries, increased government initiatives for the implementation of cyber security solutions, and the growing number of IT companies and IT startups. Although the saturating economic condition of the US is expected to hamper market growth during the forecast period, several government initiatives and regulations over the use of cyber security solutions are expected to fuel the demand for cyber security solutions in North America.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for North America. However, in 2020, COVID-19 changed the work scenario of end-users, particularly in the ICT sector, by making their employees work from home, which is further generating the need for cyber security solutions. The increase in remote working puts a greater focus on cybersecurity due to the greater exposure to cyber risk. Companies are accelerating their digital transformation, and cybersecurity is becoming a major concern. Increased smartphone and Internet penetrations encouraged the adoption of remote working solutions among individuals in 2020. The cybersecurity industry in North America will continue to grow during the forecast period owing to the continued demand for cloud-based solutions and the wide acceptance of remote working solutions in countries such as the US and Canada. Such factors will fuel the growth of the regional market during the forecast period.
Technavio categorizes the global market as a part of the global systems software market within the global IT software market. The super parent global IT software market covers companies engaged in developing and producing application and systems software. It also includes companies offering database management software. The global systems software market covers organizations that are engaged in developing application development and management software, a cloud computing software, data center and hosting software, IT management software, mobility software, networking software, security software, and storage software. It excludes companies classified in the development and production of home entertainment software. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Deployment (On-premise and Cloud-based), End-user (Government, BFSI, ICT, Manufacturing, and Others), and Geography (North America, APAC, Europe, Middle East and Africa, and South America).
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Cybersecurity Market Scope |
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.57% |
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Market growth 2023-2027 |
USD 203.5 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
11.69 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 34% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AO Kaspersky Lab, Booz Allen Hamilton Holding Corp., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., Dell Technologies Inc., Fortinet Inc., F Secure Corp., General Dynamics Corp., Hewlett Packard Enterprise Co., International Business Machines Corp., Juniper Networks Inc., Lockheed Martin Corp., McAfee LLC, Microsoft Corp., Northrop Grumman Corp., Raytheon Technologies Corp., Sophos Ltd., The Boeing Co., and Trend Micro Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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