Cyber Security Market: Industry Trends and Global Forecasts, Till 2035: Distribution by Type of Component, Deployment Mode, Solution Type, Type of Technology, End-user and Geography

The global cyber security market size is estimated to grow from USD 215 billion in the current year to USD 697 billion by 2035, at a CAGR of 11.3% during the forecast period, till 2035.

CYBER SECURITY MARKET: GROWTH AND TRENDS

Cybersecurity has become an essential part of every business strategy as the risks of data breaches, hacking, and cybercrime continue to escalate. Its significance lies in safeguarding sensitive data, ensuring employee efficiency, and boosting customer trust in products and services. With the growing dependence on digital systems and networks, the necessity for strong cybersecurity measures has become increasingly urgent. In this scenario, zero trust security has emerged as a practical solution.

The cybersecurity industry faces a substantial deficit of qualified professionals, with over 3.5 million unfilled positions worldwide. This gap presents a significant opportunity for individuals to make a career change and for companies to enhance the skills of their current workforce. For example, Simplilearn provides extensive courses in cybersecurity, including the Certified Ethical Hacking (CEH) and Certified Information Systems Security Professional (CISSP) certifications, which are in high demand in the field.

The need for cybersecurity professionals is fueled by the constantly changing landscape of cyber threats. Ransomware attacks, social engineering tactics, and vulnerabilities associated with IoT are just a few of the obstacles that organizations must address to maintain their cybersecurity defenses. Consequently, companies are making substantial investments in cybersecurity strategies, encompassing network security, cloud security, and safeguarding critical infrastructure. The cybersecurity sector is anticipated to grow, as businesses acknowledge the essential need for strong cybersecurity practices to defend their information and systems against the rising complexity of cyber assaults.

CYBER SECURITY MARKET: KEY SEGMENTS

Market Share by Type of Component

Based on the type of component, the global cyber security market is segmented hardware, software and services. According to our estimates, currently, hardware segment captures the majority share of the market. However, owing to the rising implementation of advanced security solutions and the increasing incorporation of artificial intelligence and machine learning in cyber security offerings, the software segment is anticipated to grow at a higher CAGR during the forecast period.

Market Share by Deployment Mode

Based on deployment mode, the cyber security market is segmented into on-premises, cloud and hybrid. According to our estimates, currently, on-premises segment captures the majority share of the market. This can be attributed to the advantages of on-premises solutions in providing organizations with complete ownership and control over their data, which is essential for sectors that have strict regulatory compliance mandates.

Market Share by Solution Type

Based on solution type, the cyber security market is segmented identity and access management, antivirus / antimalware, intrusion detection systems / intrusion prevention systems, security information, log management and event management, firewall, encryption and tokenization, compliance and policy management, patch management, and other solutions. According to our estimates, currently, identity and access management solutions capture the majority share of the market. However, owing to the rising adoption of network security products and increasing expenditure on IT security, the market for intrusion detection systems/intrusion prevention systems is anticipated to grow at a higher CAGR during the forecast period.

Market Share by Type of Technology

Based on type of technology, the cyber security market is segmented 5G security, AI / ML security, blockchain security, cloud security, DevSecOps, IoT security and other technologies. According to our estimates, currently, cloud security captures the majority share of the market. This can be attributed to the rising adoption of cloud services and the necessity to safeguard cloud assets from unauthorized access, malware, and other threats.

Market Share by Type of End-user

Based on type of end-user, the cyber security market is segmented into government / defense, BFSI, healthcare, aerospace, retail and ecommerce, energy and utilities, telecommunication, transportation and logistics, media and entertainment, and other end-users. According to our estimates, currently, government / defense segment captures the majority share of the market. This can be attributed to numerous investments made by government bodies to enhance national cybersecurity systems.

Market Share by Geography

Based on geography, the cyber security market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and Rest of the World. According to our estimates, currently, North America captures the majority share of the market. However, market in Asia is anticipated to experience the highest CAGR during the forecast period

CYBER SECURITY MARKET: RESEARCH COVERAGE

The report on the cyber security market features insights on various sections, including:

• Market Sizing and Opportunity Analysis: An in-depth analysis of the cyber security market, focusing on key market segments, including [A] type of component, [B] deployment mode, [C] solution type, [D], type of technology [E] end user, and [G] geography.
• Competitive Landscape: A comprehensive analysis of the companies engaged in the cyber security market, based on several relevant parameters, such as [A] year of establishment, [B] company size, [C] location of headquarters, [D] type of component, [E] deployment mode, [F] solution type, [G], type of technology [H] end user.
• Company Profiles: Elaborate profiles of prominent players engaged in the cyber security market, providing details on [A] location of headquarters, [B]company size, [C] company mission, [D] company footprint, [E] management team, [F] contact details, [G] financial information, [H] operating business segments, [I] cyber security portfolio, [J] moat analysis, [K] recent developments, and an informed future outlook.
• Patent Analysis: An insightful analysis of patents filed / granted in the cyber security market, based on relevant parameters, including [A] type of patent, [B] patent publication year, [C] patent age and [D] leading players.
• Porter’s Five Forces Analysis: An analysis of five competitive forces prevailing in the cyber security market, including threats of new entrants, bargaining power of buyers, bargaining power of suppliers, threats of substitute products and rivalry among existing competitors

KEY QUESTIONS ANSWERED IN THIS REPORT

• How many companies are currently engaged in cyber security market?
• Which are the leading companies in this market?
• What factors are likely to influence the evolution of this market?
• What is the current and future market size?
• What is the CAGR of this market?
• How is the current and future market opportunity likely to be distributed across key market segments?

REASONS TO BUY THIS REPORT

• The report provides a comprehensive market analysis, offering detailed revenue projections of the overall market and its specific sub-segments. This information is valuable to both established market leaders and emerging entrants.
• Stakeholders can leverage the report to gain a deeper understanding of the competitive dynamics within the market. By analyzing the competitive landscape, businesses can make informed decisions to optimize their market positioning and develop effective go-to-market strategies.
• The report offers stakeholders a comprehensive overview of the market, including key drivers, barriers, opportunities, and challenges. This information empowers stakeholders to stay abreast of market trends and make data-driven decisions to capitalize on growth prospects.

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