The Global Cyber Security Services Market size is expected to reach $178 billion by 2027, rising at a market growth of 9.8% CAGR during the forecast period.
Increased usage of online applications and mobile apps has resulted from advancements in Machine Learning (ML), Artificial Intelligence (AI), and the Internet of Things (IoT), resulting in a more sophisticated IT infrastructure that is highly prone to cyber-attacks. Corporations are outsourcing security services to discover flaws, examine the security environment, and respond quickly to assaults in order to solve possible security concerns. Over the forecast period, the requirement to resolve flaws in online and mobile apps, as well as manage loss of data risks associated with cybercrime, is likely to drive the usage of cyber security services.
The incidents of cyber-attacks occurring throughout the world continue to thrive down. Simultaneously, cyber-attacks are becoming more sophisticated, and cyber-attack-related losses are growing. As new networks are now being deployed and current networks are being extended, cyber-attacks are becoming increasingly prevalent.
While many businesses are implementing stringent remote working rules following the outbreak of the COVID-19 pandemic, cyber-attacks on company data and equipment are on the rise. The pandemic's onset has pushed businesses to implement a Work From Home (WFH) practice in accordance with government rules in order to safeguard the safety of their workers. However, due to the increased usage of cloud services via unsecured devices, this operational move has revealed the infrastructure to risks. Financial organizations, manufacturing units, educational institutions, and information technology corporations are all in danger, necessitating the need to change security delivery approaches.
Based on Service Type, the market is segmented into Professional Services (Training, Consulting & Advisory, Integration, Support & Maintenance, Penetration Testing & Bug Bounty, and Others) and Managed Services (into Managed Security Incident & Event Management (SIEM), Compliance & Vulnerability Management, Managed Detection Response (MDR), and Others). The managed services segment obtained a significant revenue share of the market in 2020.
Organizations are partnering with Managed Security Service Providers due to the growing threat landscape and the challenges of controlling all component of the cyber threat scenario in-house (MSSPs). Partnering with MSSPs provides enterprises with access to advanced security solutions, and also problem hunting experts and security professionals, and aids in real-time threat monitoring.
Based on End User, the market is segmented into Government & Defense, Manufacturing, BFSI, IT & Telecom, Retail, Healthcare, and Others. In 2020, the BFSI segment held a significant revenue share of the overall Cyber Security Services market. In the BFSI industry, cybersecurity is used to identify data thefts that disrupt IT systems by hacking key information via malware, spyware, or phishing. By maintaining the confidentiality of information systems, cybersecurity solutions enable firms in the BFSI industry to detect, monitor, report, and counter cyber-attacks. The growing usage of cloud-based security solutions and the increasing danger of data loss are two main drivers of cybersecurity in the BFSI market.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific regional market acquired the promising revenue share in the cyber security services. The regional market is expected to increase as a result of the strong efforts to secure networks and detect vulnerabilities.
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Cisco Systems, Inc. and Deloitte Touche Tohmatsu Limited are the forerunners in the Cyber Security Services Market. Companies such as IBM Corporation, Capgemini SE, Accenture PLC are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Crowdstrike Holdings, Inc., Deloitte Touche Tohmatsu Limited, Capgemini SE, IBM Corporation, Accenture PLC, Cisco Systems, Inc., DXC Technology Company, AT&T, Inc. (AT&T Intellectual Property), Atos Group, and Rapid7, Inc.
Increased usage of online applications and mobile apps has resulted from advancements in Machine Learning (ML), Artificial Intelligence (AI), and the Internet of Things (IoT), resulting in a more sophisticated IT infrastructure that is highly prone to cyber-attacks. Corporations are outsourcing security services to discover flaws, examine the security environment, and respond quickly to assaults in order to solve possible security concerns. Over the forecast period, the requirement to resolve flaws in online and mobile apps, as well as manage loss of data risks associated with cybercrime, is likely to drive the usage of cyber security services.
The incidents of cyber-attacks occurring throughout the world continue to thrive down. Simultaneously, cyber-attacks are becoming more sophisticated, and cyber-attack-related losses are growing. As new networks are now being deployed and current networks are being extended, cyber-attacks are becoming increasingly prevalent.
COVID-19 Impact Analysis
While many businesses are implementing stringent remote working rules following the outbreak of the COVID-19 pandemic, cyber-attacks on company data and equipment are on the rise. The pandemic's onset has pushed businesses to implement a Work From Home (WFH) practice in accordance with government rules in order to safeguard the safety of their workers. However, due to the increased usage of cloud services via unsecured devices, this operational move has revealed the infrastructure to risks. Financial organizations, manufacturing units, educational institutions, and information technology corporations are all in danger, necessitating the need to change security delivery approaches.
Market Growth Factors:
Rising demand for the cybersecurity network
A current conceptual approach to security architectures is the cybersecurity mesh. It allows scattered companies to deliver and enhance security in which it is required the most. It's a decentralised notion that tries to secure users' or computers' identities, and it's one of the hottest techniques right now. Whether on-premises or in the cloud, the goal is to restrict access to an organization's network to authorised individuals (or systems). The cybersecurity mesh, in theory, aids IT professionals in managing security from each access point while also preventing hackers from obtaining access to the device.Acceptance of IoT security
IoT traffic is likely to increase in the coming years as more businesses embrace IoT devices to boost operational efficiency and communication. The expanding use of IoT devices has broadened the attack surface for hackers. In the coming years, organisations dealing with sensitive business and personal data are likely to adopt a cybersecurity model approach because it provides security professionals with more visibility into user can access networks from numerous places, made accessible applications, and the precise time of access.Marketing Restraining Factor:
High cost of deployment
In order to adopt Next-Generation Firewalls (NGFWs) and Advanced Threat Protection (ATP) technologies, young firms' cybersecurity budgets are insufficient. Small businesses in underdeveloped nations are expected to be stymied in their deployment of cybersecurity solutions due to a lack of investment and resources. Because of their limited financial resources, many businesses lack the necessary IT security infrastructure, resulting in a sluggish development of new technologies and corporate security solutions. Small businesses are tasked with managing budget finances for a variety of operational issues and business continuity plans.
Service Type Outlook
Based on Service Type, the market is segmented into Professional Services (Training, Consulting & Advisory, Integration, Support & Maintenance, Penetration Testing & Bug Bounty, and Others) and Managed Services (into Managed Security Incident & Event Management (SIEM), Compliance & Vulnerability Management, Managed Detection Response (MDR), and Others). The managed services segment obtained a significant revenue share of the market in 2020.
Organizations are partnering with Managed Security Service Providers due to the growing threat landscape and the challenges of controlling all component of the cyber threat scenario in-house (MSSPs). Partnering with MSSPs provides enterprises with access to advanced security solutions, and also problem hunting experts and security professionals, and aids in real-time threat monitoring.
End User Outlook
Based on End User, the market is segmented into Government & Defense, Manufacturing, BFSI, IT & Telecom, Retail, Healthcare, and Others. In 2020, the BFSI segment held a significant revenue share of the overall Cyber Security Services market. In the BFSI industry, cybersecurity is used to identify data thefts that disrupt IT systems by hacking key information via malware, spyware, or phishing. By maintaining the confidentiality of information systems, cybersecurity solutions enable firms in the BFSI industry to detect, monitor, report, and counter cyber-attacks. The growing usage of cloud-based security solutions and the increasing danger of data loss are two main drivers of cybersecurity in the BFSI market.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific regional market acquired the promising revenue share in the cyber security services. The regional market is expected to increase as a result of the strong efforts to secure networks and detect vulnerabilities.
Cardinal Matrix - Cyber Security Services Market Competition Analysis
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Cisco Systems, Inc. and Deloitte Touche Tohmatsu Limited are the forerunners in the Cyber Security Services Market. Companies such as IBM Corporation, Capgemini SE, Accenture PLC are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Crowdstrike Holdings, Inc., Deloitte Touche Tohmatsu Limited, Capgemini SE, IBM Corporation, Accenture PLC, Cisco Systems, Inc., DXC Technology Company, AT&T, Inc. (AT&T Intellectual Property), Atos Group, and Rapid7, Inc.
Recent Strategy Deployed in Cyber Security Services Market
» Partnerships, Collaborations and Agreements:
- Jan-2022: AT&T joined hands with Cisco, an American multinational technology conglomerate corporation. This collaboration aimed to develop a new managed SASE offering that can streamline the way businesses provide highly secure, anywhere, anytime access to any application.
- Dec-2021: IBM formed a partnership with Du, Emirates Integrated Telecommunications Company. Under this partnership, Du is expected to leverage IBM's security software and solutions across its Digital Trust portfolio and its Cyber Defense Centre.
- Apr-2021: IBM came into a partnership with HCL Technologies, an Indian multinational information technology. Under this partnership, HCL's Cybersecurity Fusion Centres is expected to draw upon IBM's Cloud Pak to develop a unified platform for connecting security teams, tools, and processes within the threat lifecycle.
» Acquisitions and Mergers:
- Dec-2021: Capgemini took over VariQ, an information technology company. This acquisition aimed to strengthen the company’s position in the Federal market and create momentum for continued growth.
- Aug-2021: Deloitte took over the industrial cybersecurity business (aeCyberSolutions) of Greenville, SC-based Applied Engineering Solutions. This acquisition aimed to strengthen Deloitte's prevailing cybersecurity offerings with the aeCyberSolutions business’ well-tested methodologies, frameworks, and technology-enabled tools for industrial control systems/operational technology (ICS/OT) security.
- Jul-2021: Rapid7 took over IntSights, cybersecurity operations firm. Through this acquisition, Rapid7 is expected to integrate its community-infused threat intelligence and expert understanding of customer environments with IntSights’ external threat intelligence capabilities.
- Jun-2021: Accenture acquired Sentor, a Sweden-based independent provider of cyber defense and managed security services. This acquisition aimed to expand its ability to assist customers to match this challenging cybersecurity environment.
- Jun-2021: Cisco took over Kenna Security, a cybersecurity leader that offers a risk-based vulnerability management platform. This acquisition aimed to transform how security and IT teams work to minimize the attack surface and time it takes to identify and respond
- Feb-2021: Rapid7 completed the acquisition of Alcide, a leading Kubernetes Security Provider. This acquisition aimed to improve Rapid7’s ability to offer a cloud-native security platform to its customers and facilitate constant management of risk and compliance within their cloud environments.
- Feb-2021: Atos completed the acquisition of Motiv ICT Security, a leading cybersecurity services company. This acquisition aimed to expand Atos’s comprehensive network of global SOCs, a pivotal component of the Atos Prescriptive Security approach.
- Jan-2021: Deloitte & Touche took over Root9B, a dynamic provider of cyber security and advanced technology. This acquisition aimed to boost Deloitte’s prevailing Detect and Respond cyber client offering to assist customers to gain enhanced cyber defense, combine fragmented security toolsets, gain efficiencies in security operations programs, boost response time to potential threats and deliver data-driven threat insights.
- Jan-2021: Atos took over In Fidem, a Canada-based specialized cybersecurity consulting firm. This acquisition aimed to is expected to expand Atos' global customer portfolio and expertise in cybersecurity services and is expected to assist in further investing in Canadian businesses and the digital workforce by adding value for local customers and the local talent pool.
- Jan-2021: Accenture took over Real Protect, a Brazil-based Information Security Company. This acquisition aimed to expand its cybersecurity presence and capabilities in Latin America. In addition, Real Protect is expected to support the prevailing managed security services business of Accenture.
- Dec-2020: Atos acquired SEC Consult, a leading Cybersecurity consulting company. This acquisition aimed to strengthen Atos’ prevailing consulting capabilities and is expected to deliver additional value to its digital consulting innovation practice. In addition, the acquisition is expected to also expand the company in APAC and DACH region.
- Apr-2020: Accenture completed the acquisition of Broadcom’s Symantec Cyber Security Services Business. This acquisition aimed to improve Accenture Security’s position as a leading provider of managed security services, which is expected to boost its capability to assist companies to anticipate, detect and respond to cyber threats.
- Apr-2020: Accenture acquired Revolutionary Security, a cybersecurity services firm. Under this acquisition, Revolutionary Security’s service offerings is expected to complement Accenture’s portfolio, and assist the company's mission to better protect and defend clients' organizations across their whole ecosystem.
- Mar-2020: Accenture took over Context Information Security, a UK-Based Cybersecurity Consultancy. This acquisition is expected to complement Accenture by integrating a group of highly skilled cybersecurity professionals across the globe along with offering distinct services to customers in the U.K. market.
» Product Launches and Product Expansions:
- Dec-2021: Atos released Managed Detection and Response for media. This service is expected to address media and video content piracy and protect companies against targeted cyber threats.
- Nov-2021: AT&T Cybersecurity unveiled a new managed solution. This solution aimed to assist U.S. Federal Agencies to modernize and protect their IT Infrastructure in compliance with Trusted Internet Connection (TIC) 3.0 cybersecurity guidance.
- Mar-2021: AT&T Cybersecurity introduced Managed SASE Solution. This solution is expected to expand the company's portfolio of Managed Security Services through its collaboration with Fortinet to develop Secure Access Service Edge (SASE) for enterprises.
- Jan-2020: Cisco launched Cisco Cyber Vision, an IoT security architecture. This solution is expected to offer improved visibility across IT and OT environments, and secures industrial procedures. In addition, the solution is expected to allow the collection and generation of data from the IoT edge so companies can improve efficiencies to make informed business decisions and escalate digitization projects.
» Geographical Expansions:
- Dec-2021: Capgemini expanded its geographical footprint by opening a center in Katowice, Poland. This center is expected to offer regional and international cybersecurity services, which is expected to support organizations across the region.
Scope of the Study
Market Segments Covered in the Report:
By Service Type
- Professional Services
- Training
- Consulting & Advisory
- Integration
- Support & Maintenance
- Penetration Testing & Bug Bounty
- Others
- Managed Services
- Managed Security Incident & Event Management (SIEM)
- Compliance & Vulnerability Management
- Managed Detection Response (MDR)
- Others
By End User
- Government & Defense
- Manufacturing
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Crowdstrike Holdings, Inc.
- Deloitte Touche Tohmatsu Limited
- Capgemini SE
- IBM Corporation
- Accenture PLC
- Cisco Systems, Inc.
- DXC Technology Company
- AT&T, Inc. (AT&T Intellectual Property)
- Atos Group
- Rapid7, Inc.
Unique Offerings from the Publisher
- Exhaustive coverage
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- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Cyber Security Services Market by Service Type
Chapter 5. Global Cyber Security Services Market by End User
Chapter 6. Global Cyber Security Services Market by Region
Chapter 7. Company Profiles
Companies Mentioned
- Crowdstrike Holdings, Inc.
- Deloitte Touche Tohmatsu Limited
- Capgemini SE
- IBM Corporation
- Accenture PLC
- Cisco Systems, Inc.
- DXC Technology Company
- AT&T, Inc. (AT&T Intellectual Property)
- Atos Group
- Rapid7, Inc.
Methodology
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