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Cyber Security Market

Cyber Security Market Forecasts to 2028 – Global Analysis By Component (Hardware, Software), Deployment Type (cloud, On-Premises), User Type (Large Enterprises, Small & Medium Enterprises) and By Geography

4.4 (34 reviews)
Published: February 2022 ID: SMRC20430
4.4 (34 reviews)
Published: February 2022 ID: SMRC20430

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Cyber Security Market is accounted for $166.27 billion in 2021 and is expected to reach $475.62 billion by 2028 growing at a CAGR of 16.2% during the forecast period. Cyber security, also referred to as IT security, emphasizes on safeguarding computers, programs, networks, and data from unlicensed or spontaneous access. It comprises network security, application security, endpoint security, identity management, data security, cloud security, and infrastructure security. As cyber threats have increased at an alarming rate, security solutions have been gaining traction, globally. Solutions such as antivirus software and firewalls have grown in complexity and proven to be effective at preventing threats and attacks, such as malware, Trojans, and phishing. The success of these solutions has led to rapid development of the cyber security industry, as implementing technical defense has become a standard best practice in every enterprise.

Market Dynamics:

Driver:

Increase in Malware and Phishing Threats


Malware, such as viruses and Trojans, has substantially expanded its ability to enter, control, and harm whole electronic information networks. Malware is frequently used by cybercriminals to obtain control of devices or equipment to make money. This is done so that the machine may be immediately used to undertake fraudulent transactions or criminal operations. Furthermore, because of the criticality of data created in these businesses, industries such as BFSI, healthcare, and government are particularly exposed to such assaults. As a result, an increase in the risk of malware and phishing attacks is a major element driving the cybersecurity market forward. Furthermore, the incidence of malware attacks on major businesses' databases has increased, necessitating the need to tighten database security, driving the worldwide cybersecurity industry. Additionally, market vendors are coming up with innovative solutions to combat such malware and phishing attacks, thereby driving the growth of the global market. For instance, in March 2021, Tech Mahindra announced the launch of a new cloud security offering called ‘CLOUDEFENDER.’ It is a cloud-based attack mitigation service. The solution is powered by cybersecurity and application delivery solutions provider Radware and is an expansion of Tech Mahindra’s global partnership with the company to provide a full suite of cloud-based cyber security services.

Restraint:

Inadequate Funding


Small enterprises are burdened with the proper management of planned budget funds for various operational challenges and business continuity planning. The budget for the market in emerging start-ups is inadequate to implement Next-Generation Firewalls (NGFWs) and Advanced Threat Protection (ATP) solutions. The lack of investments and limited funding are key factors that are projected to restrict the adoption of its solutions among small firms in developing economies. Lesser financial capabilities lead to a dearth of proper IT security infrastructure in these firms, resulting in the slow adoption of new technologies and enterprise security solutions.

Opportunity:

Rising Acceptance of E-Commerce Platforms and Development of Disruptive Technology


It has become a major concern for the citizens as well as the corporate, private, and public sectors. The advancements in disruptive technologies, rising adoption of e-commerce platforms, and increasing proliferation of connected devices have led to greater opportunities for cybercriminals to take advantage of unguarded networks or systems. Such cybercrimes may result in irreversible loss of capital, loss of critical and confidential data; and may also hurt the reputation of any organization or individual. Such threats are increasingly driving the adoption of cyber security solutions for individual systems or connected network ecosystems.

Threat:

Uprising of Block chain and IoT Threats


The rising demand for blockchain systems has made it difficult to predict the rising cyber threat which is hindering the market. Also, the increasing usage of IoT has led to the growing number of IoT threats, as IoT includes the connection of physical devices which have a unique identifier (UID). This device can transfer data over a network without any human interference and human-to-computer interaction. Thus, the software and firmware which are required to run these IoT devices make the user more susceptible to cyber-attacks further hindering the growth of the market.

Healthcare segment is expected to be the largest during the forecast period

Due to the widespread growth of cybercrime activities in the healthcare sector. Cybercrime activities in healthcare facilities involve insider threats, data breaches, ransomware, advanced malware attacks, and distributed denial of service attacks, which may compromise the integrity of systems and disrupt patient care services. Moreover, the creation of misleading websites and phishing activities to obtain sensitive information could also increase investments in cyber preparedness measures. Besides, the growing adoption of cloud applications, connected devices, digital solutions, and open-source information for creating awareness among healthcare providers, payers, and patients also emphasizes the need for security solutions to reduce the risk of vulnerabilities.

The hardware segment is expected to have the highest CAGR during the forecast period

The segment includes next-generation equipment and devices, such as encrypted USB flash drives, firewalls, and Intrusion Prevention System (IPS) that secure an organization's IT networks by monitoring for malicious incidents. These hardware systems and equipment are deployed by large enterprises and Internet Service Providers (ISPs) that have multiple computers to control the network activity. The hardware equipment protects the network from attacks and attempts made to enter computing systems by forming an additional layer of defence.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, owing to the increasing digitalization era at a rapid pace across the province. Enterprises from industries, such as telecom, energy, finance, and technology, in the area are targets of advanced persistent threat actors. Most attacks are prevalent amongst Southeast Asian nations. Governments and enterprises are involved in framing cyber defense strategies for future cyber defense preparedness. Some of the initiatives include strengthening critical infrastructures and developing a strong cyber defense ecosystem comprising skilled professionals. These efforts toward securing IT networks, critical infrastructures, and endpoints are anticipated to contribute to the growth of the regional market over the forecast period.

Region with highest CAGR:

North America is projected to have the highest CAGR, owing to the existence of prominent security vendors that have global and regional headquarters in the U.S. Additionally; increased spending on security solutions and services by large enterprises and SMEs in the region is expected to drive the regional market. Besides, the increasing stringency of data privacy and security standards and policies is contributing to the regional market growth.

Key players in the market:

Some of the key players profiled in the Cyber Security Market include Wipro Limited , Trend Micro Incorporated, Tech Mahindra Limited, Tata Consultancy Services Limited, Pricewaterhousecoopers International Limited, Palo Alto Networks, Inc., McAfee, LLC , L&T Technology Services Limited, Infosys Limited, IBM Corporation, HCL Technologies Limited, Fireeye, Inc., F5, Inc., Cognizant, Cisco Systems, Inc., Check Point Software Technology Ltd., Capgemini, Broadcom, Accenture.

Key developments:

In January 2020, Accenture acquired Symantec’s Cyber Security Service Business from Broadcom Inc. With this acquisition, Accenture Security will become the major provider of managed security services that will enhance the ability of the companies to detect cyber threats.

In October 2020: IBM Security announced new and upcoming capabilities for Cloud Pak for Security that includes a data security solution that enables companies to detect, respond, and protect from threats to their most sensitive data across hybrid cloud environments.

In May 2021: Palo Alto Networks, Inc. introduced “Zero Trust Network Security” to protect from cyber risks. These security solutions secure all devices which are enabled with a hybrid working environment or remote work. The security solution assists in improving the productivity of organizations.

Components Covered: 
• Hardware   
• Software  

Deployment Types Covered:
• Cloud    
• On-Premises 

User Types Covered:
• Large Enterprises   
• Small & Medium Enterprises
   
Use Cases Covered:
• Data Exfiltration   
• Incident Response   
• Network Traffic Analysis  
• Security Monitoring   
• Threat Hunting
       
Services Covered:
• Professional Services  
• Managed Services   
• Integration Services
  
Services Covered:
• Intrusion Detection Systems/Intrusion Prevention Systems  
• Threat Intelligence
• Antivirus/Antimalware  
• Disaster Recovery   
• Distributed Denial Of Service Mitigation Protection Appliance
• Encryption   
• Next Generation Firewall  
• Web Filtering   
• Data Loss Prevention
• Other Solutions

Security Covered:
• Content Security   
• Data Security & Privacy Service  
• Infrastructure Protection
• Network
• Application Security  
• Enterprise   
• Industrial Control System (ICS) Security 
• Internet of Things (IoT) Security 
• Web Security

End Users Covered:
• Aerospace   
• Automotive   
• Banking, Financial Services and Insurance (BFSI)
• Discrete Manufacturing  
• Education   
• Energy & Utilities   
• Government and Defense  
• Healthcare   
• Information Technology (IT) & Telecom 
• Investment Services & Insurance 
• Media & Entertainment  
• Process Manufacturing  
• Public Sector   
• Retail    
• Transportation & Logistics
    
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

1 Executive Summary     
      
2 Preface     

 2.1 Abstract    
 2.2 Stake Holders    
 2.3 Research Scope    
 2.4 Research Methodology    
  2.4.1 Data Mining   
  2.4.2 Data Analysis   
  2.4.3 Data Validation   
  2.4.4 Research Approach   
 2.5 Research Sources    
  2.5.1 Primary Research Sources   
  2.5.2 Secondary Research Sources   
  2.5.3 Assumptions   
      
3 Market Trend Analysis     
 3.1 Introduction    
 3.2 Drivers    
 3.3 Restraints    
 3.4 Opportunities    
 3.5 Threats    
 3.6 End User Analysis    
 3.7 Emerging Markets    
 3.8 Impact of Covid-19    
      
4 Porters Five Force Analysis     
 4.1 Bargaining power of suppliers    
 4.2 Bargaining power of buyers    
 4.3 Threat of substitutes    
 4.4 Threat of new entrants    
 4.5 Competitive rivalry    
      
5 Global Cyber Security Market, By Component     
 5.1 Introduction    
 5.2 Hardware        
 5.3 Software     
      
6 Global Cyber Security Market, By Deployment Type     

 6.1 Introduction    
 6.2 Cloud         
 6.3 On-Premises    
      
7 Global Cyber Security Market, By User Type     
 7.1 Introduction    
 7.2 Large Enterprises        
 7.3 Small & Medium Enterprises     
      
8 Global Cyber Security Market, By Use Case     
 8.1 Introduction    
 8.2 Data Exfiltration        
 8.3 Incident Response        
 8.4 Network Traffic Analysis       
 8.5 Security Monitoring        
 8.6 Threat Hunting        
      
9 Global Cyber Security Market, By Service     
 9.1 Introduction    
 9.2 Professional Services       
  9.2.1 Design and Integration     
  9.2.2 Risk and Threat Assessment     
  9.2.3 Consulting      
  9.2.4 Training and Education     
  9.2.5 Support and Maintenance     
 9.3 Managed Services        
 9.4 Integration Services       
      
10 Global Cyber Security Market, By Solution     
 10.1 Introduction    
 10.2 Intrusion Detection Systems/Intrusion Prevention Systems    
  10.2.1 Wireless       
  10.2.2 Network -Based      
  10.2.3 Host-Based      
 10.3 Threat Intelligence        
  10.3.1 Security and Vulnerability Management    
  10.3.2 Risk and Compliance Management    
  10.3.3 Identity and Access Management     
  10.3.4 Other Threat Intelligence Solutions    
   10.3.4.1 Incident Forensics    
   10.3.4.2 Security Information and Event Management  
   10.3.4.3 Threat Intelligence Platforms   
 10.4 Antivirus/Antimalware       
 10.5 Disaster Recovery         
 10.6 Distributed Denial Of Service Mitigation Protection Appliance    
 10.7 Encryption        
 10.8 Next Generation Firewall       
 10.9 Web Filtering        
 10.10 Data Loss Prevention       
  10.10.1 Network Data Loss Prevention     
  10.10.2 Storage/ Data Center Data Loss Prevention   
  10.10.3 Endpoint Data Loss Prevention    
 10.11 Other Solutions        
  10.11.1 Application Whitelisting     
  10.11.2 Patch Management    
      
11 Global Cyber Security Market, By Security      

 11.1 Introduction    
 11.2 Content Security        
 11.3 Data Security & Privacy Service       
 11.4 Infrastructure Protection       
  11.4.1 Cloud Security      
  11.4.2 Email/Web Gateway     
  11.4.3 Endpoint       
 11.5 Network           
  11.5.1 Internet Service Provider Equipment    
  11.5.2 Unified Threat Management (UTM)    
  11.5.3 Virtual Private Network (VPN)     
 11.6 Application Security       
 11.7 Enterprise        
 11.8 Industrial Control System (ICS) Security       
 11.9 Internet of Things (IoT) Security      
 11.10 Web Security    
      
12 Global Cyber Security Market, By End User     
 12.1 Introduction    
 12.2 Aerospace        
 12.3 Automotive        
 12.4 Banking, Financial Services and Insurance (BFSI)     
 12.5 Discrete Manufacturing       
 12.6 Education        
 12.7 Energy & Utilities        
 12.8 Government and Defense       
 12.9 Healthcare        
 12.10 Information Technology (IT) & Telecom      
 12.11 Investment Services & Insurance      
 12.12 Media & Entertainment       
 12.13 Process Manufacturing       
 12.14 Public Sector        
 12.15 Retail         
 12.16 Transportation & Logistics       
      
13 Global Cyber Security Market, By Geography     
 13.1 Introduction    
 13.2 North America    
  13.2.1 US   
  13.2.2 Canada   
  13.2.3 Mexico   
 13.3 Europe    
  13.3.1 Germany   
  13.3.2 UK   
  13.3.3 Italy   
  13.3.4 France   
  13.3.5 Spain   
  13.3.6 Rest of Europe   
 13.4 Asia Pacific    
  13.4.1 Japan   
  13.4.2 China   
  13.4.3 India   
  13.4.4 Australia   
  13.4.5 New Zealand   
  13.4.6 South Korea   
  13.4.7 Rest of Asia Pacific   
 13.5 South America    
  13.5.1 Argentina   
  13.5.2 Brazil   
  13.5.3 Chile   
  13.5.4 Rest of South America   
 13.6 Middle East & Africa    
  13.6.1 Saudi Arabia   
  13.6.2 UAE   
  13.6.3 Qatar   
  13.6.4 South Africa   
  13.6.5 Rest of Middle East & Africa   
      
14 Key Developments     
 14.1 Agreements, Partnerships, Collaborations and Joint Ventures    
 14.2 Acquisitions & Mergers    
 14.3 New Product Launch    
 14.4 Expansions    
 14.5 Other Key Strategies    
      
15 Company Profiling     
 15.1 Wipro Limited     
 15.2 Trend Micro Incorporated       
 15.3 Tech Mahindra Limited        
 15.4 Tata Consultancy Services Limited       
 15.5 Pricewaterhousecoopers International Limited     
 15.6 Palo Alto Networks, Inc.       
 15.7 McAfee, LLC        
 15.8 L&T Technology Services Limited        
 15.9 Infosys Limited         
 15.10 IBM Corporation         
 15.11 HCL Technologies Limited        
 15.12 Fireeye, Inc.         
 15.13 F5, Inc.         
 15.14 Cognizant         
 15.15 Cisco Systems, Inc.        
 15.16 Check Point Software Technology Ltd.      
 15.17 Capgemini        
 15.18 Broadcom         
 15.19 Accenture        


List of Tables      
1 Global Cyber Security Market Outlook, By Region (2020-2028) (US $MN)      
2 Global Cyber Security Market Outlook, By Component (2020-2028) (US $MN)     
3 Global Cyber Security Market Outlook, By Hardware (2020-2028) (US $MN)     
4 Global Cyber Security Market Outlook, By Software  (2020-2028) (US $MN)     
5 Global Cyber Security Market Outlook, By Deployment Type (2020-2028) (US $MN)     
6 Global Cyber Security Market Outlook, By Cloud (2020-2028) (US $MN)     
7 Global Cyber Security Market Outlook, By On-Premises (2020-2028) (US $MN)     
8 Global Cyber Security Market Outlook, By User Type (2020-2028) (US $MN)     
9 Global Cyber Security Market Outlook, By Large Enterprises (2020-2028) (US $MN)     
10 Global Cyber Security Market Outlook, By Small & Medium Enterprises  (2020-2028) (US $MN)     
11 Global Cyber Security Market Outlook, By Use Case (2020-2028) (US $MN)     
12 Global Cyber Security Market Outlook, By Data Exfiltration (2020-2028) (US $MN)     
13 Global Cyber Security Market Outlook, By Incident Response (2020-2028) (US $MN)     
14 Global Cyber Security Market Outlook, By Network Traffic Analysis (2020-2028) (US $MN)     
15 Global Cyber Security Market Outlook, By Security Monitoring (2020-2028) (US $MN)     
16 Global Cyber Security Market Outlook, By Threat Hunting (2020-2028) (US $MN)     
17 Global Cyber Security Market Outlook, By Service (2020-2028) (US $MN)     
18 Global Cyber Security Market Outlook, By Professional Services (2020-2028) (US $MN)     
19 Global Cyber Security Market Outlook, By Design and Integration (2020-2028) (US $MN)     
20 Global Cyber Security Market Outlook, By Risk and Threat Assessment   (2020-2028) (US $MN)     
21 Global Cyber Security Market Outlook, By Consulting    (2020-2028) (US $MN)     
22 Global Cyber Security Market Outlook, By Training and Education (2020-2028) (US $MN)     
23 Global Cyber Security Market Outlook, By Support and Maintenance   (2020-2028) (US $MN)     
24 Global Cyber Security Market Outlook, By Managed Services (2020-2028) (US $MN)     
25 Global Cyber Security Market Outlook, By Integration Services (2020-2028) (US $MN)     
26 Global Cyber Security Market Outlook, By Solution (2020-2028) (US $MN)     
27 Global Cyber Security Market Outlook, By Intrusion Detection Systems/Intrusion Prevention Systems (2020-2028) (US $MN)     
28 Global Cyber Security Market Outlook, By Wireless (2020-2028) (US $MN)     
29 Global Cyber Security Market Outlook, By Network -Based    (2020-2028) (US $MN)     
30 Global Cyber Security Market Outlook, By Host-Based (2020-2028) (US $MN)     
31 Global Cyber Security Market Outlook, By Threat Intelligence (2020-2028) (US $MN)     
32 Global Cyber Security Market Outlook, By Security and Vulnerability Management  (2020-2028) (US $MN)     
33 Global Cyber Security Market Outlook, By Risk and Compliance Management (2020-2028) (US $MN)     
34 Global Cyber Security Market Outlook, By Identity and Access Management  (2020-2028) (US $MN)     
35 Global Cyber Security Market Outlook, By Other Threat Intelligence Solutions  (2020-2028) (US $MN)     
36 Global Cyber Security Market Outlook, By Antivirus/Antimalware (2020-2028) (US $MN)     
37 Global Cyber Security Market Outlook, By Disaster Recovery (2020-2028) (US $MN)     
38 Global Cyber Security Market Outlook, By Distributed Denial Of Service Mitigation Protection Appliance (2020-2028) (US $MN)     
39 Global Cyber Security Market Outlook, By Encryption (2020-2028) (US $MN)     
40 Global Cyber Security Market Outlook, By Next Generation Firewall (2020-2028) (US $MN)     
41 Global Cyber Security Market Outlook, By Web Filtering (2020-2028) (US $MN)     
42 Global Cyber Security Market Outlook, By Data Loss Prevention (2020-2028) (US $MN)     
43 Global Cyber Security Market Outlook, By Network Data Loss Prevention (2020-2028) (US $MN)     
44 Global Cyber Security Market Outlook, By Storage/ Data Center Data Loss Prevention (2020-2028) (US $MN)     
45 Global Cyber Security Market Outlook, By Endpoint Data Loss Prevention (2020-2028) (US $MN)     
46 Global Cyber Security Market Outlook, By Other Solutions (2020-2028) (US $MN)     
47 Global Cyber Security Market Outlook, By Security (2020-2028) (US $MN)     
48 Global Cyber Security Market Outlook, By Content Security (2020-2028) (US $MN)     
49 Global Cyber Security Market Outlook, By Data Security & Privacy Service (2020-2028) (US $MN)     
50 Global Cyber Security Market Outlook, By Infrastructure Protection (2020-2028) (US $MN)     
51 Global Cyber Security Market Outlook, By Cloud Security (2020-2028) (US $MN)     
52 Global Cyber Security Market Outlook, By Email/Web Gateway   (2020-2028) (US $MN)     
53 Global Cyber Security Market Outlook, By Endpoint (2020-2028) (US $MN)     
54 Global Cyber Security Market Outlook, By Network (2020-2028) (US $MN)     
55 Global Cyber Security Market Outlook, By Internet Service Provider Equipment (2020-2028) (US $MN)     
56 Global Cyber Security Market Outlook, By Unified Threat Management (UTM)  (2020-2028) (US $MN)     
57 Global Cyber Security Market Outlook, By Virtual Private Network (VPN)   (2020-2028) (US $MN)      
58 Global Cyber Security Market Outlook, By Application Security (2020-2028) (US $MN)     
59 Global Cyber Security Market Outlook, By Enterprise (2020-2028) (US $MN)     
60 Global Cyber Security Market Outlook, By Industrial Control System (ICS) Security (2020-2028) (US $MN)     
61 Global Cyber Security Market Outlook, By Internet of Things (IoT) Security   (2020-2028) (US $MN)     
62 Global Cyber Security Market Outlook, By Web Security (2020-2028) (US $MN)     
63 Global Cyber Security Market Outlook, By End User (2020-2028) (US $MN)     
64 Global Cyber Security Market Outlook, By Aerospace (2020-2028) (US $MN)     
65 Global Cyber Security Market Outlook, By Automotive (2020-2028) (US $MN)     
66 Global Cyber Security Market Outlook, By Banking, Financial Services and Insurance (BFSI)  (2020-2028) (US $MN)     
67 Global Cyber Security Market Outlook, By Discrete Manufacturing    (2020-2028) (US $MN)     
68 Global Cyber Security Market Outlook, By Education     (2020-2028) (US $MN)      
69 Global Cyber Security Market Outlook, By Energy & Utilities     (2020-2028) (US $MN)     
70 Global Cyber Security Market Outlook, By Government and Defense (2020-2028) (US $MN)     
71 Global Cyber Security Market Outlook, By Healthcare (2020-2028) (US $MN)     
72 Global Cyber Security Market Outlook, By Information Technology (IT) & Telecomn (2020-2028) (US $MN)     
73 Global Cyber Security Market Outlook, By Investment Services & Insurance   (2020-2028) (US $MN)     
74 Global Cyber Security Market Outlook, By Media & Entertainment (2020-2028) (US $MN)     
75 Global Cyber Security Market Outlook, By Process Manufacturing (2020-2028) (US $MN)     
76 Global Cyber Security Market Outlook, By Public Sector (2020-2028) (US $MN)     
77 Global Cyber Security Market Outlook, By Retail (2020-2028) (US $MN)     
78 Global Cyber Security Market Outlook, By Transportation & Logistics    (2020-2028) (US $MN)     
      
Note- Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.     

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