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The cyber security market size is forecast to increase by USD 203.5 billion between 2023 and 2027. The change in mobile device usage prompts a shift away from the traditional network perimeter-based model in cybersecurity. Traffic patterns are evolving, demanding innovative approaches like implementing firewall as disruptive deception capability. As users increasingly access data remotely, service providers leverage automation to manage security protocols amidst staff shortages. To adapt, organizations are allocating more resources to bolster their IT security budget, reflecting a growing awareness of the importance of cybersecurity. The market size, historical market size (2017-2021), and forecasts are provided on the basis of value (USD billion) for all the above segments.
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The market size for the market is projected to experience a CAGR of 13.57% between 2023 to 2027 with a Year over Year (YoY) growth of 11.69%.
The North American cybersecurity market saw steady growth in 2020 due to COVID-19. Lockdowns compelled many in the ICT sector to work from home, increasing the demand for cybersecurity solutions. Remote work heightened cyber risks, pushing companies to prioritize cybersecurity. With the widespread use of smartphones and internet access, remote work gained traction. The North American cybersecurity market is expected to keep growing due to the continued demand for cloud-based solutions and cloud computing security and the widespread acceptance of remote work in the US and Canada, fueling its growth in the coming years.
The increase in use of mobile devices is a key factor driving the growth of the market share. The proliferation of mobile devices, such as smartphones, laptops, and tablets, has led to an increased demand for cybersecurity solutions. This surge is due to the expanded Internet usage on these devices, heightening the risk of cyber threats. Mobile devices now store and access critical personal and professional data, making them vulnerable to unauthorized access if lost or stolen.
Additionally, the growth of m-commerce, bill payments, and GPS on mobile devices has intensified the need for robust security measures. Businesses expanding globally have employees traveling worldwide, necessitating secure network access via mobile devices. However, this also introduces new security challenges. As a result, users are increasingly turning to cybersecurity solutions to data protection and networks, contributing to the market growth and trends in the forecasted period.
On-premise Segment Shows a Significant Growth During the Forecast Period
The on-premise segment was valued at USD 63.27 billion in 2017 and continued to grow by 2021. On-premises cybersecurity, while highly secure and customizable, faces a declining market due to the growing preference for cost-effective cloud-based solutions. Maintaining on-premises security requires substantial investments in software licenses, IT staff, hardware, and ongoing expenses. Small-medium enterprises (SMEs) increasingly opt for cloud-based security for its cost-efficiency. While on-premises security hides internal systems, its adoption by enterprises is decreasing. Its high implementation costs deter SMEs, although some in the BFSI sector prioritize security over expenses. The emergence of more affordable cloud-based solutions will likely increase their market share. On-premises solutions lack real-time behavioral analysis, suffer from slow software updates, lack agility in rearchitecting, and have high deployment costs. These drawbacks will limit the growth of the on-premises cybersecurity segment.
Market - Revenue Share by On-premise Segment, 2017-2027
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North America Holds a Prominent Position Market
North America is estimated to contribute 34% to the growth of the global market during the forecast period. The US was its largest revenue contributor and will maintain its position during the forecast period. One of the major reasons for the growth is the rise in cyber threats in North America due to technological advances and the use of cloud-based systems to store data. Furthermore, an increase in the adoption of mobile devices for personal and professional purposes has increased the adoption of cyber security solutions, which is positively impacting market revenue. Cyberattacks that have targeted the IT infrastructure of North America in the past were mobile malware, spear phishing, distributed denial-of-service (DDoS) attacks, and e-mail-borne attacks. Such factors will boost the growth of the market during the forecast period.
Market Dynamic
The market is rapidly expanding as digital technologies, cloud computing, and IoT (Internet of Things) devices proliferate. However, heightened awareness of cybersecurity risks underscores vulnerabilities, especially in digital transactions. Furthermost to address evolving threats, AI (Artificial Intelligence) and ML (Machine Learning) technologies are leveraged, particularly for cybersecurity for IoT devices.MSS (Managed Security Services) play a vital role, countering challenges like budget constraints and cyber talent shortage of skilled cybersecurity professionals.
The target-based cyber-attacks persist, causing operational disruptions and cybercrimes such as data breaches and business disruptions, leading to financial loss. Strengthening the cybersecurity workforce via training programs and promoting flexible work conditions and diversity, equity, and inclusion are crucial. Cloud-based security services, with AI and ML technologies, gain traction, especially among SMEs using SaaS and IaaS solutions. Nonetheless, challenges like deployment and implementation, including network security approaches, remain. The zero-trust implementation and prioritizing user and application-based security, notably for web and mobile applications, is vital in this evolving landscape, where cloud-based cybersecurity solutions offer scalability and adaptability
Market Size, By Region, Global, 2017-2027
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The market is fragmented in nature. Some significant players include AO Kaspersky Lab, Booz Allen Hamilton Holding Corp., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2021.
Cyber Security Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.57% |
Market growth 2023-2027 |
USD 203.5 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
11.69 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 34% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis,Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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