Cybersecurity Market

Cybersecurity Market Forecasts to 2028 - Global Analysis By Security Type (Infrastructure Protection, Cloud Security, Network Security, Application Security, Data Security), Component (Services, Solution, Other Components), End User (Healthcare, Government & Defence, Manufacturing, Energy & Utilities, IT & Telecom, Banking, Financial Services and Insurance (BFSI), Retail, Other End Users) and Geography

4.2 (40 reviews)
4.2 (40 reviews)
Published: 2023 ID: SMRC22803

This report covers the impact of COVID-19 on this global market

Years Covered


Estimated Year Value (2022)

US $173.5 BN

Projected Year Value (2028)

US $322.7 BN

CAGR (2022 - 2028)


Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America

According to Stratistics MRC, the Global Cybersecurity Market is accounted for $173.5 billion in 2022 and is expected to reach $322.7 billion by 2028 growing at a CAGR of 10.9% during the forecast period. Solutions for ensuring data confidentiality that helps firms discover, monitor, report, and combat cyber threats are referred to as cybersecurity solutions. Cyber security is a category that includes safeguarding internet-connected gadgets that aid in defending against numerous online dangers.

According to the UK government’s 2022 Cyber Security Breaches Survey, 40% of businesses and almost a third of charities (32%) use at least one managed service provider.

Market Dynamics:


Increasing number of e-commerce platforms

The development of blockchain, cloud computing, and artificial intelligence has strengthened internet security measures in linked network architecture. Network security solutions are currently the main focus of e-commerce companies' electrical and IT security systems. As more people are using these technologies to defend against cyber attacks, there is a rising need for network security solutions. Nevertheless, the growing number of internet security risks, which has led to a sharp increase in demand for cutting-edge solutions, may pose challenges to the worldwide cyber security market's expansion.


Lack of budget among SMEs and start-ups in developing economies

Budgets allocated to solve cyber security issues are not keeping up with the requirements' rapid growth. In order to protect their networks and IT infrastructures from different cyber-attacks, the majority of small businesses lack the financial resources and IT security experience to implement upgraded cyber security solutions. The implementation of cyber security solutions by small businesses in emerging economies is anticipated to be constantly constrained by a lack of investments and a lack of funds. Because many businesses lack adequate IT security infrastructures due to their lower financial capacity, new technologies and corporate security solutions are adopted more slowly.


Rising Cyber Attacks

One of the main causes propelling the expansion of the cyber security sector is the rise in the incidence and difficulty of cyber attacks. Small and large businesses' growing requirement for improved cyber protection is probably one of the biggest drivers of the market throughout the projected period. Major Cyber attacks are happening more often all around the world. Attack by cyber terrorists against endpoints, data, networks, and other IT infrastructure result in significant financial damages for organisations, people, and governments. In consequence, it is anticipated that this would hasten the growth of the cyber security industry.


High cost of deployment

A significant obstacle to the expansion of the global cybersecurity business is the high implementation cost. The high implementation costs of cybersecurity solutions are one of the main issues facing the worldwide industry. The whole installation expense takes into account the cost of software licence, system planning and modification, implementation, training, plus maintenance for a specific company. High implementation costs would emerge from the ongoing need for internal IT administration workers to manage and control difficulties with on-premises cyber security systems. An additional hidden cost of a cyber security system is the expense of imparting information, expertise, and skill necessary to comprehend the solution's performance.

Covid-19 Impact

It is projected that the COVID-19 outbreak would support the expansion of the cyber security sector. Due to the COVID-19 outbreak, businesses will be able to handle security concerns and encourage secured information access while operating remotely by utilising cyber security services. The increase in internet traffic has also increased the potential of cyber attacks for many businesses, necessitating the deployment of cyber security measures.

The services segment is expected to be the largest during the forecast period

The services segment is estimated to have a lucrative growth. Since cloud-based services are increasingly used to manage essential infrastructure for businesses, managed services are predicted to experience rapid growth. The services category was expected to increase more quickly during the projected period due to the rising number of new players offering security solutions against cyber attacks and rising concerns over the security and privacy of personal data.

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

The healthcare segment is anticipated to witness the fastest CAGR growth during the forecast period. Healthcare institutions use a variety of information systems, including radiological information systems, practise management support systems, electronic prescription, electronic health record, and clinical decision support systems, and many others, that store sensitive patient and hospital data. In addition, there is several IoT-enabled equipment, including as intelligent HVAC systems, remote patient monitoring tools, infusion pumps, intelligent elevators, and more, that are crucial to the continuity of routine patient-related operations. As a result, the market expansion will be drived by healthcare facilities using cyber security solutions to protect electronic data and assets from illegal use, access, and disclosure.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to rise as endpoint, network, and cloud infrastructure security initiatives increase. Digital services are becoming more prevalent across the nation as a result of the quick adoption of cell phones and Internet use. The market is expanding as a result of the increasing usage of cloud and digital services, which also increases the danger of security breaches and data theft.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to increasing popularity of cyber security solutions by end-user industries, the transition from traditional IT services to internet-based IT systems, the expansion of end-user industries, the rise in government initiatives to put cyber security solutions into practise, and the rising number of IT companies and IT start-ups. Even though the US economy is predicted to be saturated throughout the projection period, a number of government efforts and rules regarding the usage of cyber security solutions are anticipated to increase demand for these products in North America.

Key players in the market

Some of the key players profiled in the Cybersecurity Market include Broadcom Inc., CrowdStrike Holdings, Inc., Accenture, Amazon Web Services, Cisco Systems, Inc., Microsoft Corporation, HCL Technologies, Oracle, Fortinet, Inc., IBM Corporation, Wipro Limited, Cognizant, Symantec Corporation and Dell Technologies Inc.

Key Developments:

In June 2022 Fortinet Inc launched FortiRecon, a complete Digital Risk Protection Service (DRPS) offering which uses a powerful combination of machine learning, automation capabilities. It also uses FortiGuard Labs cybersecurity experts to manage a company’s risk posture and advise meaningful action to protect their brand reputation, enterprise assets, and data.

In June 2022, IBM acquired cybersecurity platform Randori, as Randori helps in identify external-facing assets, both on-premise or in the cloud, that are visible to attackers. The company also announced that by this acquisition the company will strengthens its portfolio of AI-powered cybersecurity products and services, which in turn will drive the growth of cyber security market.

In June 2022 Microsoft partnered with EY to launch new cyber center in New Zealand. The new centres will be supported by Microsoft Azure Sentinel, and it will also provide customers with a protection through access to the knowledge and experience of a large international network.

In May 2022, Cisco unveiled a brand-new item named Cloud Controls Framework. (CCF). The Cisco CCF is a thorough framework that gathers compliance and certification requirements for both domestic and global security. It assists teams in ensuring that cloud products and services adhere to security and privacy standards while saving a considerable amount of money by using a simplified and rationalised compliance and risk management approach.

Security Types Covered:
• Infrastructure Protection
• Cloud Security
• Network Security
• Application Security
• Data Security
• Endpoint Security
• Other Security Types

Components Covered:
• Services
• Solution
• Other Components

Organisation Sizes Covered:
• Small & Medium Enterprises
• Large Enterprises
• Other Organisation Sizes

Deployments Covered:
• Cloud Based
• On Premise

End Users Covered:
• Healthcare
• Government & Defence
• Manufacturing
• Energy & Utilities
• IT & Telecom
• Banking, Financial Services and Insurance (BFSI)
• Retail
• Other End Users

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 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

Table of Contents

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 Cybersecurity Market, By Security Type
5.1 Introduction
5.2 Infrastructure Protection
5.3 Cloud Security
5.4 Network Security
5.5 Application Security
5.6 Data Security
5.7 Endpoint Security
5.8 Other Security Types

6 Global Cybersecurity Market, By Component
6.1 Introduction
6.2 Services
6.2.1 Managed Security Services
6.2.2 Professional Services
6.3 Solution
6.3.1 Firewall
6.3.2 Threat Intelligence
6.3.3 Web Filtering
6.3.4 Distributed Denial of Service Mitigation
6.3.5 Intrusion Detection Systems/Intrusion Prevention Systems
6.3.6 Encryption
6.3.7 Disaster Recovery
6.3.8 Unified Threat Management
6.3.9 Antivirus/Antimalware
6.3.10 Data Loss Prevention
6.4 Other Components

7 Global Cybersecurity Market, By Organisation Size
7.1 Introduction
7.2 Small & Medium Enterprises
7.3 Large Enterprises
7.4 Other Organisation Sizes

8 Global Cybersecurity Market, By Deployment
8.1 Introduction
8.2 Cloud Based
8.3 On Premise

9 Global Cybersecurity Market, By End User
9.1 Introduction
9.2 Healthcare
9.3 Government & Defence
9.4 Manufacturing
9.5 Energy & Utilities
9.6 IT & Telecom
9.7 Banking, Financial Services and Insurance (BFSI)
9.8 Retail
9.9 Other End Users

10 Global Cybersecurity Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa

11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies

12 Company Profiling
12.1 Broadcom Inc.
12.2 CrowdStrike Holdings, Inc.
12.3 Accenture
12.4 Amazon Web Services
12.5 Cisco Systems, Inc.
12.6 Microsoft Corporation
12.7 HCL Technologies
12.8 Oracle
12.9 Fortinet, Inc.
12.10 IBM Corporation
12.11 Wipro Limited
12.12 Cognizant
12.13 Symantec Corporation
12.14 Dell Technologies Inc.

List of Tables
1 Global Cybersecurity Market Outlook, By Region (2020-2028) ($MN)
2 Global Cybersecurity Market Outlook, By Security Type (2020-2028) ($MN)
3 Global Cybersecurity Market Outlook, By Infrastructure Protection (2020-2028) ($MN)
4 Global Cybersecurity Market Outlook, By Cloud Security (2020-2028) ($MN)
5 Global Cybersecurity Market Outlook, By Network Security (2020-2028) ($MN)
6 Global Cybersecurity Market Outlook, By Application Security (2020-2028) ($MN)
7 Global Cybersecurity Market Outlook, By Data Security (2020-2028) ($MN)
8 Global Cybersecurity Market Outlook, By Endpoint Security (2020-2028) ($MN)
9 Global Cybersecurity Market Outlook, By Other Security Types (2020-2028) ($MN)
10 Global Cybersecurity Market Outlook, By Component (2020-2028) ($MN)
11 Global Cybersecurity Market Outlook, By Services (2020-2028) ($MN)
12 Global Cybersecurity Market Outlook, By Managed Security Services (2020-2028) ($MN)
13 Global Cybersecurity Market Outlook, By Professional Services (2020-2028) ($MN)
14 Global Cybersecurity Market Outlook, By Solution (2020-2028) ($MN)
15 Global Cybersecurity Market Outlook, By Firewall (2020-2028) ($MN)
16 Global Cybersecurity Market Outlook, By Threat Intelligence (2020-2028) ($MN)
17 Global Cybersecurity Market Outlook, By Web Filtering (2020-2028) ($MN)
18 Global Cybersecurity Market Outlook, By Distributed Denial of Service Mitigation (2020-2028) ($MN)
19 Global Cybersecurity Market Outlook, By Intrusion Detection Systems/Intrusion Prevention Systems (2020-2028) ($MN)
20 Global Cybersecurity Market Outlook, By Encryption (2020-2028) ($MN)
21 Global Cybersecurity Market Outlook, By Disaster Recovery (2020-2028) ($MN)
22 Global Cybersecurity Market Outlook, By Unified Threat Management (2020-2028) ($MN)
23 Global Cybersecurity Market Outlook, By Antivirus/Antimalware (2020-2028) ($MN)
24 Global Cybersecurity Market Outlook, By Data Loss Prevention (2020-2028) ($MN)
25 Global Cybersecurity Market Outlook, By Other Components (2020-2028) ($MN)
26 Global Cybersecurity Market Outlook, By Organisation Size (2020-2028) ($MN)
27 Global Cybersecurity Market Outlook, By Small & Medium Enterprises (2020-2028) ($MN)
28 Global Cybersecurity Market Outlook, By Large Enterprises (2020-2028) ($MN)
29 Global Cybersecurity Market Outlook, By Other Organisation Sizes (2020-2028) ($MN)
30 Global Cybersecurity Market Outlook, By Deployment (2020-2028) ($MN)
31 Global Cybersecurity Market Outlook, By Cloud Based (2020-2028) ($MN)
32 Global Cybersecurity Market Outlook, By On Premise (2020-2028) ($MN)
33 Global Cybersecurity Market Outlook, By End User (2020-2028) ($MN)
34 Global Cybersecurity Market Outlook, By Healthcare (2020-2028) ($MN)
35 Global Cybersecurity Market Outlook, By Government & Defence (2020-2028) ($MN)
36 Global Cybersecurity Market Outlook, By Manufacturing (2020-2028) ($MN)
37 Global Cybersecurity Market Outlook, By Energy & Utilities (2020-2028) ($MN)
38 Global Cybersecurity Market Outlook, By IT & Telecom (2020-2028) ($MN)
39 Global Cybersecurity Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2020-2028) ($MN)
40 Global Cybersecurity Market Outlook, By Retail (2020-2028) ($MN)
41 Global Cybersecurity Market Outlook, By Other End Users (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.

Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.

For more details about research methodology, kindly write to us at

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