Cyber Security Market Report 2022: Sector to Reach $657.02 Billion by 2030 at a 12.8% CAGR

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Jan 21, 2023, 15:10 ET

DUBLIN, Jan. 21, 2023 /PRNewswire/ -- The "Cyber Security Market by Component, Security Deployment Mode, Organization Size, Vertical - Global Opportunity Analysis and Industry Forecast 2022-2030" report has been added to ResearchAndMarkets.com's offering.

Cyber security market size was valued at USD 197.4 billion in 2021, and is predicted to reach USD 657.02 billion by 2030 with a CAGR of 12.8% during the forecast period, 2022 to 2030.

Rise in number of cyber-attacks from hackers and data miners, which can maliciously disable computers, steal data, or use a breached computer as a launch point for other attacks is thus expected to fuel the Cyber security market share.

However, high cost for small and medium size enterprises hinders the cyber security market trends. On the contrary, introduction of blockchain cybersecurity is expected to create ample opportunities for key players operating in the cyber security industry during the coming decade.

Market Dynamics

Drivers

Rise in Threats of Phishing and Malware Among Businesses
Increase in Adoption of the Internet of Things, AI, and BYOD Trend by Various E-Commerce Platforms
Increase in the Number of Cyber-Attacks

Restraints

High Cost for SMEs and Lack of Cybersecurity Experts

Opportunities

Introduction of Blockchain Cybersecurity

Segment Overview

The global Cyber security market is segmented on the basis of component, security, deployment mode, organization size, vertical, and region.

By component, the market is classified into hardware, software, and services.
By security, the market is segmented into network security, endpoint security, application security, cloud security, and others.
By deployment mode, the market is categorized into cloud and on-premise.
By organization size, the market is divided into small & medium-sized enterprises and large enterprises.
By vertical, the market is divided into BFSI, IT & telecommunication, healthcare, retail, manufacturing, energy & utilities, government, travel & transportation, and others.
Region wise, the market is segmented into North America, Europe, Asia-Pacific, and RoW.

Regional Analysis

North America market is projected to hold a dominant share by 2030.

North America dominates the Cyber security market share and is potently expected to remain dominant throughout the forecast period. This is attributed to high adoption of cyber security solutions owing to surging cases of cyber-attacks in North America, especially in government and education sectors propel growth of the market. For instance, in February 2020, the economy ministry of Mexico detected an intrusion on some of its servers, but no sensitive information got leaked as some Internet Service Providers (ISPs) temporarily isolated their networks and servers.

In addition, introduction of various laws and regulations to prevent cybercrimes in the region further increases growth of the market. For instance, in June 2022, the government of Canada introduced Bill C-26, an Act Respecting Cyber Security (ARCS). This proposed legislation protects Canadians and bolster cyber security across financial, telecommunications, energy, and transportation sectors, which in turn drives the cyber security market growth.

Key Market Players

Emerging and efficient key players in the cyber security industry research include companies such as:

IBM
Cisco Systems Ltd.
Norton Lifelock
Fortinet Inc.
Check Point Software Technologies Ltd.
Trend Micro
Amazon Web Services
Microsoft
Proofpoint Inc.
Trellix
Palo Alto Networks

Recent Developments
September 2022

Norton LifeLock announced its commitment of Cybersecurity Awareness Month campaign, It's Easy to Stay Safe Online. Cybersecurity Awareness month will provide access to resources that help keep people safe and secure online. These resources are available to all consumers, small and medium-sized businesses, corporations, educational institutions, and young people worldwide.

April 2022

Fortinet Inc announced the launch of Security Awareness and Training service for companies for protection of their security posture by advancing their employees' cybersecurity skillsets and knowledge.

June 2022

IBM aquired 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.

May 2022

Microsoft launched three new cybersecurity services for businesses in an effort to provide more support in the battle against ransomware and other online threats. The three new services will be placed under an umbrella service category that also includes Microsoft's pre-existing security services such as Microsoft Security Services for Incident Response.

May 2022

Cisco System Ltd launched a cybersecurity assessment tool to enable small and medium-sized businesses (SMBs) in the Asia Pacific for understanding their overall security posture. The new online assessment tool assesses the cybersecurity readiness of each organization through the lens of Zero Trust, the concept that all attempts to access an organization's network architecture is not granted until trust can be verified.

Key Topics Covered:

1. Introduction

2. Cyber Security Market - Executive Summary

3. Market Overview

4. Market Share Analysis

5. Global Cyber Security Market, by Component

6. Global Cyber Security Market, by Security Type

7. Global Cyber Security Market, by Deployment Mode

8. Global Cyber Security Market, by Organization Size

9. Global Cyber Security Market, by By Vertical

10. Global Cyber Security Market, by Region

11. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/qhi8bq

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