The Global Cyber Security Market reached USD 164 million in 2022 and is projected to witness lucrative growth by reaching up to USD 201 million by 2030. The market is growing at a CAGR of 11.3% during the forecast period 2023-2030. In today's technologically advanced world, the global cybersecurity market is crucial in safeguarding businesses, organizations, and individuals against cyber threats and attacks.
With the constant evolution and sophistication of cyber threats, the market opportunities for robust cybersecurity solutions have skyrocketed. The global cybersecurity market has witnessed several notable trends that have shaped its growth and trajectory.
Government agencies, businesses, and individuals increasingly recognize cybersecurity's importance as cyber threats become more prevalent and severe. As per sources, the cloud security segment occupies almost 16% of the market share of the type segment. Further, North America dominates the market with nearly 22% market share.
Metrics |
Details |
CAGR |
11.3% |
Size Available for Years |
2021-2030 |
Forecast Period |
2023-2030 |
Data Availability |
Value (USD ) |
Segments Covered |
Solution, Type, Industrial Sector, and Region |
Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
Fastest Growing Region |
Asia-Pacific |
Largest Region |
North America |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Government Policies And Regulations That Require Companies To Maintain Certain Cybersecurity Standards
One major driver in the global cybersecurity market is government policies and regulations that require companies to maintain certain cybersecurity standards. For example, the European Union's General Data Protection Regulation (GDPR) requires companies to implement appropriate security measures to protect the personal data of EU citizens. According to the U.S. Department of Homeland Security, the global cybersecurity market is expected to reach USD 300 million by 2024.
This growth can be attributed to various factors, including the increasing frequency and sophistication of cyber attacks, the increasing adoption of cloud computing, and the growing number of connected devices. Various governments and organizations have launched initiatives and products to enhance cybersecurity in response to the growing cybersecurity threat. For example, in 2018, the U.S. Department of Defense launched its Cybersecurity Maturity Model Certification (CMMC) program, which requires all defense contractors to obtain a certification to prove that they have appropriate cybersecurity controls.
Lack Of Awareness And Skilled Workforce
In an increasingly digitized world, the importance of cybersecurity cannot be overstated. With the rapid growth of technology and the internet, cyber threats have become a significant concern for individuals, businesses, and governments worldwide. A major restraints in the global cybersecurity market are the lack of awareness and a shortage of skilled professionals.
According to the International Telecommunication Union (ITU) report, approximately 80% of countries lack an adequate cybersecurity strategy. Moreover, the report highlights a significant global shortage of skilled cybersecurity professionals, with an estimated gap of 3.5 million professionals by 2021. The respective shortage and lack of awareness hamper organizations' and countries’ ability to address cyber threats, leaving them vulnerable to attacks effectively.
The Global Cyber Security Market is segmented based on solution, type, industrial sector and region.
Growing Adoption Of Cloud-Based Technologies By Businesses Across Various Industries
Cloud security has become an increasingly crucial aspect of cybersecurity, and its dominance in the global market can be attributed to several factors. One of the main reasons for this is businesses' growing adoption of cloud-based technologies across various industries. As more and more companies are moving their data and applications to the cloud, the need for robust security measures has become more important than ever before.
According to a report published by the U.S. National Institute of Standards and Technology (NIST), cloud computing has become an essential part of modern IT infrastructure, with an estimated 83% of all enterprise workloads expected to be cloud-based by 2020. Additionally, the report states that cloud computing provides several benefits, such as cost savings, scalability, and flexibility, but also raises significant security concerns.
Thus, the growing adoption of cloud-based technologies by businesses across various industries contributes to the growth of cloud security in the global cybersecurity market.
Source: DataM Intelligence Analysis (2023)
North America’s High Adoption Of Advanced Technologies And Strong Cybersecurity Regulations
The North American region has dominated the global cybersecurity market in recent years, primarily due to the high adoption of advanced technologies, strong cybersecurity regulations, and growing awareness among businesses about the importance of cybersecurity. According to the U.S. Department of Homeland Security, cyberattacks on U.S. federal agencies increased by 400% in 2020, highlighting the need for robust cybersecurity measures.
The U.S. government has been taking proactive measures to combat cyber threats and has launched several initiatives to strengthen its cybersecurity infrastructure. In May 2021, President Biden signed an Executive Order on Improving the Nation’s Cybersecurity to modernize the federal government’s cybersecurity and improve information-sharing between the government and the private sector.
In addition to government initiatives, several North American companies have launched innovative products to strengthen cybersecurity measures. For instance, Cisco, a leading technology company, launched its SecureX platform in 2020, which provides an integrated security platform for threat detection and response.
Source: DataM Intelligence Analysis (2023)
The major global players include Check Point Software Technologies, Fire Eye Inc., Intel Security, Cisco Systems, Inc., IBM Corporation, Symantec Corporation, Dell Technologies. Inc., Cyber Ark Software, Inc., Palo Alto Group and Herjavec Group.
Key Developments
The Global Cyber Security Market Report Would Provide Approximately 61 Tables, 69 Figures And 167 Pages.
Target Audience 2023
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