Cybersecurity Market Is Expected to Reach USD 266.2 Billion by 2030, Grow at a CAGR Of 12.3% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.
Contrive Datum Insights Pvt Ltd
10 min read
Contrive Datum Insights Pvt Ltd
According to a market research study published by Contrive Datum Insights, North America is the largest market for cybersecurity solutions, accounting for a significant share of the global market.
Farmington, March 30, 2023 (GLOBE NEWSWIRE) -- The Global Cybersecurity Market Is Estimated To Be Worth Over USD 202.72 Billion In 2022 And Is Projected To Expand USD 266.2 Billion By 2030 at a CAGR Of 12.3% From 2023 To 2030. The global cybersecurity market is growing quickly because cyberattacks are becoming more common and more dangerous, more people are using cloud-based services, there are more connected devices and the Internet of Things (IoT), and more industries are becoming aware of how important cybersecurity is. The COVID-19 pandemic has also sped up the move toward remote work and digital transformation, which has increased the need for cybersecurity solutions even more.
The global cybersecurity market is the total demand and supply of products, services, and technologies that are meant to protect computer systems, networks, and data from unauthorized access, theft, damage, or other bad things. This market has many different kinds of security solutions, such as firewalls, antivirus software, intrusion detection and prevention systems, encryption technologies, security analytics, and risk management tools.
Network security solutions stop hackers and other cyber-attacks from getting into computer networks without permission. This part talks about firewalls, intrusion prevention systems, and virtual private networks (VPNs). One of the biggest parts of the cybersecurity market is network security. This is because companies want to protect their networks from possible threats.
Endpoint security solutions keep cyber threats out of devices like laptops, desktops, mobile phones, and other endpoints. This section includes anti-virus and anti-malware solutions, host intrusion prevention systems, and mobile device management (MDM) solutions. Endpoint security is a fast-growing market because companies want to protect the growing number of devices that their employees use.
Application security solutions keep cyber threats from harming software applications. This section talks about safe ways to code, firewalls for web applications, and solutions for penetration testing. The application security market is growing because companies want to protect their software applications from bugs and attacks.
Cyber threats can hurt data and apps that are stored and run in the cloud. This part talks about cloud workload protection platforms, cloud encryption solutions, and cloud access security brokers (CASBs) (CWPPs). As more and more businesses use cloud-based services, the cloud security market is growing quickly. Identity and access management (IAM), security information and event management (SIEM), and data loss prevention (DLP) are some other types of security solutions. These solutions help businesses control who has access to their systems, keep track of security events, and stop data breaches.
Regional Outlook:
The global cybersecurity market is expected to be worth more than $200 billion by 2021, and it is expected to keep growing at a rate of around 10% per year over the next few years. At the moment, North America is the biggest market for cybersecurity solutions. Europe and the Asia-Pacific region come next. Companies like Cisco Systems, IBM, Microsoft, Symantec, Palo Alto Networks, and Trend Micro are some of the most important ones in this market.
North America is the biggest market for cybersecurity solutions, making up a large portion of the market around the world. The region is home to a number of well-known cybersecurity companies and has a lot of spending on cybersecurity, especially in the financial services, healthcare, and government sectors.
Europe is the second largest market for cybersecurity solutions. Countries like the UK, Germany, France, and the Netherlands invest a lot in cybersecurity. The region has a high level of regulatory compliance requirements and is home to a number of well-known cybersecurity companies.
In the Asia-Pacific region, the cybersecurity market is growing quickly because more people are using cloud-based services, more devices are becoming connected, and more people are becoming aware of cybersecurity threats. The largest markets in the area are in China, Japan, and India.
The Latin American cybersecurity market is marked by a growing need for cybersecurity solutions. This is because cyber threats are getting worse and regulations are getting stricter. The largest markets in the area are Brazil and Mexico.
The cybersecurity market in the Middle East and Africa is marked by a growing need for solutions, especially in the financial services, healthcare, and government sectors. The largest markets in the area are the United Arab Emirates, Saudi Arabia, and Israel.
North America: (US, Canada, Mexico, Rest of North America)
Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America(Brazil, Argentina, Rest of Latin America)
Rest Of the World
Base Year
2022
Historical Year
2017 to 2022
Forecast Year
2023 to 2030
Market Dynamics:
Driving Factors:
Increasing frequency and sophistication of cyber-attacks: Cyber threats are getting more common and more complicated. Attackers are using more advanced methods to get into even the most secure systems. Because of this, more people want better cybersecurity solutions.
Growing adoption of cloud-based services: Companies have changed the way they store and manage their data because of how many of them use cloud-based services. This has led to new vulnerabilities and risks, which has made people want cybersecurity solutions that are stronger and can be used in more places.
The proliferation of connected devices and the Internet of Things (IoT): IoT and the growing number of connected devices have opened up new ways to attack that are hard to protect against. Because of this, more and more devices and networks need specialized security solutions to keep them safe.
Increasing awareness of the importance of cybersecurity: In recent years, cyber-attacks that got a lot of attention have made businesses, governments, and consumers more aware of how important cybersecurity is. Because of this, more money is being put into cybersecurity solutions to protect against possible threats.
Regulatory compliance requirements: Many industries have to follow certain security standards and protocols because they are required by regulations. If a company doesn't meet these requirements, they could face big fines. This has made companies want cybersecurity solutions that can help them meet these requirements.
Digital transformation and remote work: The COVID-19 pandemic has sped up the move toward remote work and digital transformation. This has led to a higher demand for cybersecurity solutions that can protect against new threats and secure remote access.
Restraining Factors:
High costs of cybersecurity solutions: Solutions for cybersecurity can be pricey, especially for small and medium-sized businesses. This can make it harder for people to use cybersecurity solutions, especially in places where money is tight.
Lack of skilled cybersecurity professionals: There aren't enough skilled people who can design, implement, and manage cybersecurity solutions. This can make cybersecurity solutions less effective and slow the growth of the market.
The complexity of cybersecurity solutions: Cybersecurity solutions can be hard to set up and use, especially for organizations that don't have a lot of technical knowledge. This can make it harder for people to use cybersecurity solutions and harder for new companies to get started.
Lack of standardized regulations and compliance requirements: Compliance regulations and requirements for cybersecurity vary by region and industry. This can make it hard and confusing for organizations to follow multiple regulations.
Reluctance to invest in cybersecurity: Some organizations may not fully understand the risks that come with cyber threats or may not see the immediate value of investing in cybersecurity solutions. This can slow the growth of the market and make it harder for people to use cybersecurity solutions.
Emergence of new threats: As attackers get smarter and use new methods, cybersecurity solutions can quickly become out of date, which can make them less effective and open up new holes. This can make it hard for companies to keep up with new threats and stop the market from growing.
Key Segments Covered:
Top Market Players: Cisco Systems, Inc., Palo Alto Networks, McAfee, Inc., Broadcom, Trend Micro Incorporated, CrowdStrike, Check Point Software Technology Ltd., and others.
By Component
Hardware
Software
Services
By Security Type
Endpoint Security
Cloud Security
Network Security
Application Security
Infrastructure Protection
Data Security
Others
By Solution
Unified Threat Management (UTM)
IDS/IPS
DLP
IAM
SIEM
DDoS
Risk And Compliance Management
Others
By Services Outlook
Professional Services
Managed Services
By Deployment
Cloud-based
On-premises
By Organization Size
SMEs
Large Enterprises
By Application
IT & Telecom
Retail
BFSI
Healthcare
Defense/Government
Manufacturing
Energy
Others
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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