Cybersecurity Global Market Report 2024

The cybersecurity market size has grown rapidly in recent years. It will grow from $223.7 billion in 2023 to $248.65 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. Historical growth can be attributed to several factors, including the increasing number of cyber-attacks, robust economic growth in emerging markets, the rise of startups, and the impact of the COVID-19 pandemic.

The cybersecurity market size is expected to see rapid growth in the next few years. It will grow to $393.72 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. Expected growth is due to increased internet use, expanding e-commerce, IoT prevalence, and authentication needs. Key trends include AI, machine learning, and blockchain for defense, cloud-based strategies, app-based 2FA adoption, ITIL/ISO certifications alignment, and automation for improved cybersecurity efficiency.

The escalating volume of cyber threats has given rise to an increased demand for cybersecurity solutions. Incidents of cyberattacks targeting individuals, businesses, and governmental organizations are on the rise, resulting in substantial financial losses. For instance, Infosecurity Magazine reported a staggering 108.9 million breached internet user accounts in the third quarter of 2022, reflecting a 70% increase from the previous quarter. Consequently, the heightened expenditure on cybersecurity solutions, driven by the growing threat landscape of cyberattacks, is anticipated to fuel revenue growth in the cybersecurity market throughout the forecast period.

The expanding global population of internet users is poised to be a significant driver for the cybersecurity market. Internet users encompass individuals with access to the Internet at home, utilizing computers or mobile devices. The significance of cybersecurity extends to safeguarding personal information, financial data, and online accounts for all internet users. As of November 2021, the International Telecommunication Union reported a substantial increase of 782 million users in 2021, reaching a total of 4.9 billion people, representing 63% of the world's population. Consequently, the continuous growth in the number of internet users is a key factor propelling the expansion of the cybersecurity market.

The cybersecurity industry is witnessing a significant trend characterized by an upsurge in government investments in cybersecurity solutions. As an illustration, in September 2022, the Department of Homeland Security (DHS) in the United States, a federal executive department responsible for public security, initiated a groundbreaking $1 billion investment for its inaugural cyber grant program tailored for state, local, and territorial governments nationwide. This funding aims to assist governments in addressing cybersecurity risks, including the identification of vulnerabilities, threat mitigation, and fortification of critical infrastructure. Consequently, the increasing global investments by governments are poised to open substantial avenues for expansion for cybersecurity market players in the coming years.

Leading companies in the cybersecurity market are directing their efforts towards the development of cutting-edge technologies, such as generative AI, to deliver reliable services to their clientele. Generative AI refers to artificial intelligence capable of creating new content, encompassing text, images, videos, audio, and 3D models. For instance, in August 2023, Tenable Inc., a cybersecurity company based in the United States, unveiled ExposureAI. This innovative offering is purposefully designed to integrate Tenable's exposure management platform with Large Language Model (LLM) capabilities. Leveraging generative AI, ExposureAI empowers security teams to swiftly and efficiently detect and mitigate cyber risks by transforming Tenable's extensive threat data into actionable intelligence. It provides security teams with insights into their overall cyber risk exposure based on artificial intelligence, enhancing their capabilities in risk management.

In October 2022, Vista Equity Partners, an American investment firm, agreed to acquire KnowBe4 for $4.6 billion. This acquisition provides KnowBe4, a US-based cybersecurity company, with additional resources and support from Vista to fuel its next phase of growth and development.

Major companies operating in the cybersecurity market report are Palo Alto Networks Inc., Cisco Systems Inc., Dell Technologies Inc., McAfee Inc., Charles River Laboratories, Syneos Health, Sartorius AG, Precision for Medicine Inc., Novartis, Eppendorf Asia Pacific Sdn. Bhd., Emmessar Biotech & Nutrition Ltd., Vcanbio Cell & Gene Engineering Corp., Ltd., Ke Rui Gene, Absea Biotechnology Ltd., CStone Pharm-B, Daiichi Sankyo, bitBiome, Taisho Pharmaceutical, AGC Biologics, Hamamatsu Pharma Research, Artios Pharma, AstraZeneca, Bio Products Laboratory (BPL), Cambridge Bioscience, Shire Pharmaceuticals Ltd., BTG Ltd., eXmoor Pharma, 4D Pharma PLC, Touchlight Genetics, Ophidia Medical Technologies, ATAI Life Sciences, Phaseform, Evotec, Sanity Group, Primmbiotech, , Vaccitech, Biolat, Pharmidea, Asla-Biotech, Genera, Anima Lab, Silvanols, OU TBD-Biodiscovery, Qvalitas Arstikeskus AS, Concise Systems OU, GPE Globalpharma OU, Belarusian National Biotechnology Corporation , Innothera , Olainfarm, Pharmaidea, Amgen Inc., Gilead Sciences, Celgene Corporation, Biogen Inc., Vertex Pharmaceuticals, Illumina, Inc., Regeneron Pharmaceuticals Inc., Alexion Pharmaceuticals , Hemostemix Inc., Resverlogix Corporation, Zenith Epigenetics Corp., Bayer, AMEGA Biotech, Pierre Fabre, Pfizer, Quantificare, Apsen Farmaceutica, BioMarin Pharmaceutical, DK Diagnostics, Biosonda Biotechnology, Laboratorios Legrand, Biomerics, Julphar Pharmaceuticals, Medpharma, Pharmax, Neopharma , City Breeze Technical Services, CinnaGen, BioSun Pharmed, AryoGen Pharmed, 4Clinics, 54gene, Amoun, Aspen Pharmacare, BBI Solutions, BioTech Africa, ClinArt MENA, Crux Pharmaceuticals, Genesis Pharmaceuticals, Massive Genomics, Mayne Pharma, Sanofi Genzyme, Teleflex Medical, The Micron Group Broadcom,


Asia-Pacific was the largest region in the cybersecurity market in 2023. North America was the second largest region in the global cybersecurity market. The regions covered in the cybersecurity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cybersecurity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

Key cybersecurity solutions include network security, cloud application security, end-point security, secure web gateway, internet security, and other related measures. Network security employs technologies to defend a company's infrastructure, maintaining its usability and integrity by thwarting potential threats from entering or spreading within a network. These solutions are deployed via cloud and on-premises modes and are utilized by small, medium, and large enterprises across various sectors such as BFSI, IT, telecommunications, retail, healthcare, government, manufacturing, travel, transportation, energy, utilities, among others.

The cybersecurity market research report is one of a series of new reports that provides cybersecurity market statistics, including cybersecurity industry global market size, regional shares, competitors with a cybersecurity market share, detailed cybersecurity market segments, market trends and opportunities, and any further data you may need to thrive in the cybersecurity industry. This cybersecurity market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cybersecurity market includes revenues earned by entities by offering software for protecting the network, computers, mobile devices, hardware, electronic systems, and data from digital or malicious attacks. It is also known as electronic information security and information technology security. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.