Cyber Security Market size is set to grow by USD 203.5 bn from 2023-2027, increase in use of mobile devices to boost the market growth, Technavio

NEW YORK, May 13, 2024 /PRNewswire/ -- The global cyber security market  size is estimated to grow by USD 203.5 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of  13.57%  during the forecast period. 

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Market Driver

• The rise in mobile device usage, particularly through arc furnaces, is surpassing traditional BF-BOF routes, becoming a primary driver of the cybersecurity market.
• Increased adoption of mobile devices like phones, laptops, and tablets escalates the need for cybersecurity solutions.
• Expanded internet access via mobile devices heightens vulnerability to cyber threats.
• Growing usage of mobile devices for both personal and professional purposes amplifies the risk of unauthorized data access if devices are lost or stolen.
• Technological advancements promote mobile device usage for m-commerce, bill payment, and GPS, necessitating heightened security measures to protect confidential information.
• The demand for advanced cybersecurity solutions is on the rise to safeguard against hacking attempts, consequently fueling market growth during the forecast period.

Market Challenges

• The considerable expense associated with implementation poses a significant obstacle to the expansion of the global cybersecurity sector.
• Among the primary hurdles facing the global market is the exorbitant deployment cost of cybersecurity solutions.
• The overall installation expenditure encompasses various components, including software licensing, system design, customization, implementation, training, and maintenance tailored to each organization.
• To ensure proper implementation of cybersecurity software, organizations must allocate resources to recruit IT personnel, incurring additional expenses.
• Additionally, existing staff members require training to comprehend the operation of cybersecurity solutions.
• The maintenance of on-premises cybersecurity solutions necessitates in-house IT administration staff to address and manage issues, resulting in elevated implementation costs.
• Moreover, cybersecurity solutions entail hidden costs, such as expenses associated with imparting knowledge, experience, and skill development to comprehend their functionality.
• The substantial cost presents a challenge for organizations seeking to adopt in-house cybersecurity solutions, thereby hindering the growth of the global cybersecurity industry.
• Consequently, the high deployment expense is poised to impede the market's growth during the forecast period.

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Segment Overview 

This cyber security market report extensively covers market segmentation by

1. Deployment 
• 1.1 On-premise
• 1.2 Cloud-based
2. End-user 
• 2.1 Government
• 2.2 BFSI
• 2.3 ICT
• 2.4 Manufacturing
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 On-premise- 

• The on-premise segment is projected to experience substantial market share growth throughout the forecast period.
• On-premise cybersecurity is highly regarded for its robust security measures, as it is managed and overseen by enterprises within the end-user industry.
• Enterprises enjoy full control over their on-premise solutions, facilitated by monitored and restricted access, enabling customization according to their specific requirements.
• These factors are anticipated to drive segment growth in the foreseeable future.
• The on-premise segment achieved a valuation of USD 63.27 billion in 2017, demonstrating continuous growth through 2021.
• However, the market for on-premise cybersecurity is expected to witness a decline due to the increasing adoption of cloud-based cybersecurity solutions.
• On-premise cybersecurity necessitates enterprises to purchase software licenses and maintain IT staff for solution management, software upgrades, and data protection measures.
• Moreover, it entails the utilization of in-house hardware, entailing significant capital investment, which is expected to constrain the growth of the on-premise solutions segment during the forecast period.

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Research Analysis

The Cyber Security Market is a dynamic and evolving landscape, encompassing various digital technologies to safeguard IT systems and data from cyber threats. Key players in this market include CSIS and McAfee, offering solutions for regulatory compliance, data protection, and cyber threat mitigation. With the rise of digital transactions, IoT, e-commerce platforms, and cloud computing, the demand for advanced cybersecurity solutions has surged. AI, machine learning, and blockchain are increasingly being integrated into cybersecurity systems to enhance threat detection and response capabilities. Regulatory frameworks such as HIPAA and GDPR mandate strict data protection and privacy standards, making it crucial for businesses to adhere to these regulations. MSS providers offer comprehensive security services, ensuring organizations in sectors like healthcare and finance remain compliant. Broadcom and NBER contribute to the market through research and development in areas like Big Data Analytics and AI, driving innovation and improving cybersecurity solutions. Cybersecurity is an essential investment for businesses in today's digital world, ensuring secure remote work and digital transactions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Deployment
• On-premise
• Cloud-based
• End-user
• Government
• BFSI
• ICT
• Manufacturing
• Others
• Geography
• North America
• APAC
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
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Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio