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The Global Cyber Security Market size is estimated to grow by USD 203.5 billion, at a CAGR of 13.57% between 2022 and 2027. The market is experiencing substantial growth, propelled by the widespread adoption of mobile devices and the increasing demand for robust IT security measures. Key trends include integrating firewall technology with deceptive capabilities to combat sophisticated cyber threats. Additionally, there's a focus on enhancing defense mechanisms to counter evolving cybersecurity challenges. This surge is underscored by the rise in IT security budgets, reflecting the heightened awareness and prioritization of cybersecurity across industries globally. As organizations recognize the critical importance of safeguarding their digital assets, investments in advanced security solutions and technologies continue to escalate. This trend not only addresses current threats but also prepares businesses to navigate future cybersecurity landscapes with resilience and confidence.
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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.
The on-premise segment was valued at USD 63.27 billion in 2017. 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.
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 such solutions by end-user industries, the shift of conventional IT services to internet-based IT systems, the 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 such solutions are expected to fuel the demand for cyber security solutions in North America.
The market is experiencing rapid expansion fueled by the increasing adoption of digital technologies across industries. Leading players like McAfee, Cisco Systems, and Broadcom are at the forefront, offering robust solutions to combat cyber threats. With the rise of remote work and digital transactions, awareness of cybersecurity risks has heightened, driving demand for advanced safety measures. Regulatory compliance, including HIPPA and GDPR, underscores the importance of data protection. Technologies such as AI, machine learning, and Big Data analytics are deployed for threat detection and prevention. The retail, financial, and healthcare sectors are prioritizing cybersecurity to safeguard sensitive information, propelling 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.
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.
Further, 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 market growth and trends during the market forecast period.
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.
In addition, 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 being 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 market in focus during the forecast period.
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.
This market research and growth 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 market analysis and report also include key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies 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.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
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The market is witnessing exponential growth, driven by the proliferation of cloud computing and the increasing threat landscape. Key players like CSIS are addressing challenges such as operational disruptions and cyber attacks, particularly in the retail and financial sectors. The adoption of Cloud Security Services and Cloud-Based Security Solutions is on the rise, bolstered by the demand for secure cloud environments in response to budget constraints and cyber talent shortages. However, deployment and implementation challenges persist, necessitating skilled Cybersecurity Professionals to navigate the complex cybersecurity market ecosystem. With the advent of IoT devices and e-commerce platforms, the need for end-point security and application security is paramount. As large enterprises and SMEs alike prioritize cybersecurity, innovative solutions leveraging artificial intelligence and blockchain are emerging to safeguard against evolving cyber threats.
In the dynamic market, key factors such as PCI DSS compliance and the Open Commerce initiative shape the landscape. Organizations grapple with deployment challenges and network security concerns, leading to a surge in demand for Cloud-Based Security Services and Cloud-Based Cybersecurity Solutions. However, the Cyber Talent Shortage remains a pressing issue, highlighting the critical need for skilled Cybersecurity Workforce and Cybersecurity Personnel. With the advent of SaaS and IaaS models, businesses seek innovative approaches to mitigate risks, including the adoption of Next-Generation Firewalls (NGFWs) and blockchain technology. The proliferation of Internet of Things (IoT) devices further underscores the importance of Internet security solutions and services. As cloud application security becomes paramount, enterprises focus on securing web platforms to safeguard sensitive data. In navigating this complex landscape, organizations rely on MSS providers and the expertise of the cybersecurity workforce to mitigate emerging threats.
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 (%) |
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 |
Market trends and 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. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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
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