Cyber Security Market to Reach $500.70 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, July 3, 2023 /PRNewswire/ -- The global cyber security market size is projected to reach USD 500.70 billion by 2030, registering a CAGR of 12.3% from 2023 to 2030, according to a new study by Grand View Research Inc. The rise in the number of cyber-attacks during the pandemic kept the cyber security solutions' demand upbeat in 2020. The trend is expected to continue post-pandemic and over the forecast period owing to several firms adopting hybrid working and BYOD trends resulting in an increase in the number of endpoint devices and anonymous network access, putting the organization's IT systems at risk.

Key Industry Insights & Findings from the report:

• In hardware segment is expected to exhibit a high growth rate of more than 12% over the forecast period owing to the deployment and upgradation of new hardware for supporting advanced cyber security solutions.
• In terms of infrastructure protection, the cloud security segment held the highest revenue share of more than 25% in 2022. Critical infrastructure programs introduced by governments worldwide are expected to drive the growth of this segment.
• The IDS/IPS segment is expected to register the highest growth of more than 10% over the forecast period. The increasing need for real-time threat detection across unknown networks is anticipated to fuel the market growth.
• The managed services segment is expected to grow at highest growth rate owing to increasing number of organizations outsourcing IT security services such as consultation, implementation, and maintenance.
• The on-premises segment accounted for highest market share of more than 60% in 2022. The high share is attributed to the preference for on-premises solutions by large organizations to maintain confidentiality of their business information.
• Large enterprises held a high market share of more than 60% in 2022 owing to increased spending on IT security solutions to secure large number of end point devices and IT infrastructure equipment.
• The government/defence segment accounted for more than 20% of the overall market in 2022. The high share is attributed to and growing investments by governments worldwide to strengthen defences against cyber-attacks.
• Asia Pacific is expected to register the fastest growth over the forecast period owing to a large number of end point devices and the increasing number of data center constructions.

Read full market research report, "Cyber Security Market Size, Share & Trends Analysis Report By Component, By Security Type, By Solution, By Services, By Deployment, By Organization Size, By Applications, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Cyber Security Market Growth & Trends

The introduction of advanced cyber security solutions, increasing cost of data breaches, emerging enterprise mobility trends, and stringent government regulations are some of the factors expected to drive the market growth. The evolving cyber threat landscape requires sophisticated cyber security solutions that facilitate real-time threat detection and response while also helping in cutting down data breach costs. Further, several governments worldwide have introduced data protection laws, compelling end-user organizations to deploy cyber security solutions to safeguard consumer data.

The market is anticipated to face challenges related to a lack of skilled IT workforce and usage of unlicensed cyber security software, which is expected to hamper the market growth. The high cost of cyber security solutions compels several SMEs to deploy unlicensed solutions, which do offer protection but are largely ineffective against new threats and are often accompanied by trojan, viruses, worms, adware, and spyware, which may put the organizations' security at risk. Further, cyber security vendors are engaged in developing advanced cyber security solutions with ML and AI technologies, but several organizations face an acute shortage of skilled workforce to keep up with cyber security trends and deploy cutting-edge solutions.

Cyber Security Market Report Scope

Cyber Security Market Segmentation

Grand View Research has segmented the cyber security market report based on component, security type, solution, services, deployment, organization size, application, and region

Cyber Security Market - Component Outlook (Revenue; USD Million; 2018 - 2030)

• Hardware
• Software
• Services

Cyber Security Market - Type Outlook (Revenue; USD Million; 2018 - 2030)

• Endpoint Security
• Cloud Security
• Network Security
• Application Security
• Infrastructure Protection
• Data Security
• Others

Cyber Security Market - Solution Outlook (Revenue; USD Million; 2018 - 2030)

• Unified Threat Management (UTM)
• IDS/IPS
• DLP
• IAM
• SIEM
• DDoS
• Risk and Compliance Management
• Others

Cyber Security Market - Services Outlook (Revenue; USD Million; 2018 - 2030)

• Professional Services
• Managed Services

Cyber Security Market - Deployment Outlook (Revenue; USD Million; 2018 - 2030)

• Cloud-based
• On-premises

Cyber Security Market - Organization Size Outlook (Revenue; USD Million; 2018 - 2030)

• SMEs
• Large Enterprises

Cyber Security Market - Application Outlook (Revenue; USD Million; 2018 - 2030)

• IT & Telecom
• Retail
• BFSI
• Healthcare
• Defence/ Government
• Manufacturing
• Energy
• Others

Cyber Security Market - Regional Outlook (Revenue; USD Million; 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Rest of Europe
• Asia Pacific
• India
• China
• Japan
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa (MEA)

List of Key Players In Cyber Security Market

• Cisco Systems, Inc.
• Palo Alto Networks
• McAfee, Inc.
• Broadcom
• Trend Micro Incorporated
• CrowdStrike
• Check Point Software Technology Ltd.

Check out more related studies published by Grand View Research:

• IT & Telecom Cyber Security Market - The global IT & telecom cyber security market size is expected to reach USD 82.64 billion by 2030, expanding at a CAGR of 12.1% from 2022 to 2030 according to a study conducted by Grand View Research, Inc. Expansion of telecom networks, emerging BYOD trend, and the emergence of 5G technology are anticipated to increase the network traffic and create loopholes, thereby increasing the risk of cyber-attacks. Additionally, IT & telecom companies are increasing investments in deploying advanced cyber security solutions to tackle the varied nature of threats and keep up with the evolving threat landscape.
• Artificial Intelligence In Cybersecurity Market - The global artificial intelligence in cybersecurity market size is estimated to reach USD 93.75 billion by 2030, expanding at a CAGR of 24.3% from 2022 to 2030, according to a new study by Grand View Research, Inc. An unprecedented spike in cyber incidents has fostered the demand for AI, cloud, and machine learning for seamless operations, data safety and prompt response to cyber threats. Some factors, such as soaring internet penetration, expanding footfall of connected devices, and escalating data protection concerns, have triggered the need for advanced cybersecurity solutions.
• Zero Trust Security Market - The global zero trust security market size is anticipated to reach USD 82.45 billion by 2030, growing at a CAGR of 16.6% from 2023 to 2030, according to a recent study by Grand View Research, Inc. The growing sophistication of cyber threats and their negative impact on an organization's operational activity have compelled several policymakers, governments, and authorities to implement and form regulations. Currently, more than 120 countries have implemented some form of privacy laws for data protection. This is to promote data security and support consumers in ensuring that data is stored in a secured infrastructure.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.