Global Cybersecurity Market Research Report: Forecast (2024-2030)

Market Definition

Cybersecurity is the process of defending computer networks, systems, applications, and data from online threats, illegal access, loss, or theft. It includes a range of tools, procedures, and methods intended to protect data and stop tampering with or abuse digital assets. The goal of cybersecurity measures is to guarantee computer system functionality as well as the availability, confidentiality, and integrity of data. To protect against cyber-attacks, this entails putting security protocols, encryption, firewalls, intrusion detection systems, antivirus software, and other instruments into place.

Market Insights & Analysis: Global Cybersecurity Market (2024-30):

The Global Cybersecurity Market size was valued at around USD 181 billion in 2023 & is estimated to grow at a CAGR of around 10% during the forecast period, i.e., 2024-30. The cybersecurity market has witnessed substantial expansion due to the rising demand for data security that complies with stringent regulatory requirements. The worldwide proliferation of digital technologies, such as cloud computing and IoT, has additionally contributed to this growth. Both individuals and organizations, including businessmen, entrepreneurs, and consumers, are increasingly acknowledging the vulnerabilities associated with cybersecurity and are actively pursuing resilient protection measures for their online endeavors, including remote work and digital transactions. For instance,

• The IBM Data Breach Report disclosed that a staggering 83% of organizations encountered a higher number of data breaches throughout the year 2022 worldwide.

It is noted that the ever-increasing complexities of IT environments, incorporating on-premises, cloud-based, and hybrid systems, demand advanced and diverse cybersecurity strategies. Such strategies often exceed the capabilities of internal IT teams. In dealing with these complexities, MSPs are fully equipped to offer comprehensive solutions, including unceasing monitoring, threat detection, and incident response. In addition, the threat of cyber-attacks has created the need for advanced security solutions that integrate AI, ML, IoT, and cloud computing. The demand for skilled cybersecurity professionals and service providers has led to a significant increase in the adoption of managed security services (MSS).

Furthermore, the amalgamation of a technologically advanced landscape, regulatory pressures, a high incidence of cyber threats, and significant investment in cybersecurity solutions make North America the leading region in the Global Cybersecurity Market. Thus, with the development of the cybersecurity market, the sustainable reduction of cyber-attacks and their ongoing significance will propel the economy in the future.

Global Cybersecurity Market Driver:

Increasing Number of Target-Based Cyber-Attacks Augmenting Market Demand – Over the past few years, increasing cybercrime and target-based attacks have vigorously driven the growth of the Cybersecurity Industry. Cyber attackers target network infrastructure, endpoints, and cloud-based applications to cause significant financial losses and disrupt business operations. Rising cybercrimes like the theft of sensitive & critical data or information result in huge financial losses; thus, advanced information security technologies have been adopted by businesses across the globe to safeguard their security infrastructure. For instance,

• In 2022, according to the FBI's Internet Crime Report, 8,00,944 complaints of cybercrime were reported to the FBI by the public on a global level.
• Among the complaints received in 2022, phishing and personal data breaches were the top incidents reported. While phishing ranked number one, the associated dollar loss of USD 52 million is small in comparison to investment fraud, which resulted in a USD 3.3 billion loss, an increase of 127% from the previous year.

Target-based cyber-attacks lead to operational disruptions in various sectors such as aviation, defense, telecom, IT, ITeS, and so on; thus, adopting comprehensive cybersecurity solutions to defend against sophisticated attacks has become a crucial factor that is anticipated to augment the size & volume of the Global Cybersecurity Market during the forecast period.

Global Cybersecurity Market Opportunity:

Increasing Adoption of Cloud Computing Solutions by SMEs Offers Lucrative Opportunities – The Global Cybersecurity Market is experiencing significant growth due to the widespread implementation of resilient and adaptable cloud-based cybersecurity solutions. The powerful cloud computing resources and accessible cloud solutions have made SMEs implement the ease of data privacy, security, and storage. Cloud computing solutions are based on effective application management, complex data analytics, and software-defined perimeters to enhance the security and privacy of organizational platforms.

The platforms of cloud computing like SaaS and IaaS are being implemented by SMEs, which leads to the vulnerability of cybercrimes. To deal with these vulnerabilities, SMEs are adopting enhanced protection, i.e., cloud-based cybersecurity solutions like SSO and MFA. Moreover, the government actively promotes the growth of the cybersecurity industry by enforcing regulations and guidelines for cloud security parameters on a priority basis.

Thus, the enhanced utilization of cloud-based cybersecurity solutions among small and medium-sized enterprises creates favorable prospects for the growth & expansion of the cybersecurity industry on a global scale. The main objective is to safeguard and store sensitive data or information in the cloud, paving the way for a secure future for this industry.

Global Cybersecurity Market Challenge:

Complex Implementation & Deployment of Cybersecurity Models Posing Challenges – The deployment and implementation of the cybersecurity market face challenges due to the various designs and infrastructures of the existing or new cybersecurity models. The approaches to network security need to shift from traditional network perimeter-based models to user- and application-based security models in various IT enterprises. Before implementing a cybersecurity framework on the current networks, it is necessary to undertake a comprehensive analysis of hardware services and traffic patterns, followed by the redesign and redeployment of these networks. In addition, cybersecurity solutions need to be bifurcated as application access and network access to make cybersecurity solutions foolproof and address DDoS attacks, human errors, and misconfiguration in devices. In recent years, traditional firewalls have been replaced with NGFWs for the comprehensive security of networks.

Thus, numerous cybersecurity solutions persist in overlooking the growing vulnerabilities of cyber risks and instead prioritize role-based user access, user analytics, and micro-perimeters. As a result, they contribute to the ongoing challenges faced by the cybersecurity market.

Global Cybersecurity Market Trend:

Increasing Inclination Towards a Zero Trust Security Model – In recent years, there has been a growing movement towards implementing the Zero Trust Security Framework, which is becoming the fundamental concept of not automatically trusting a user or device. Given the limitations of traditional perimeter-based security strategies to address cyber threats in today's complex environment, companies are adopting Zero Trust to strengthen their security measures and prevent unauthorized access to critical assets. In addition, source access is carefully monitored and confirmed using standards such as users' connections, device conditions, network conditions, and behavioral models.

The Zero Trust Security model works on key principles like verifying identity, least privilege access granting, micro-segmentation, continuous monitoring & assessment of risks involved, encrypting data, and application-centric security solutions. With this shift, the cybersecurity industry is projected to register a healthy growth rate in the coming years.

Global Cybersecurity Market (2024-30): Segmentation Analysis

The Global Cybersecurity Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. According to the analysis, the market has been further classified as:

Based on Security type:

• Network Security
• Cloud Security
• Endpoint & IoT Security
• Application Security
• Others

The Application Security segment would account for a prominent share of the Global Cybersecurity Market in the coming years, as enterprises are rapidly shifting their operational activities online along with the adoption of digital solutions. Application usage is increasing, thus becoming more susceptible to cyber risks. These applications integrated with cloud services need advanced and specific security measures to combat the expanded cyberattacks. In software development, the agility of DevOps methodologies is highly required, which has enhanced the need for application security for identifying and mitigating vulnerabilities to cyber risks. Thus, regulatory compliance and data protection laws are being implemented by businesses to ensure application security and the protection of sensitive customer & business data. Therefore, the increased demand for application security solutions in the cybersecurity market has been bolstered by all of these factors.

Based on Offering:

• Solution
  • Standalone Hardware
  • Software Solution
• Services
  • Professional Services
    • Design, Consulting & Implementation
    • Risk & Threat Management
    • Training & Education
    • Support & Maintenance
  • Managed Services

The managed services segment holds a major share of the market, and during the forecast year, it is anticipated to follow the same trend. An increasing sophistication of cyber threats was initially observed, leading many businesses, particularly SMEs, to face difficulties managing their cybersecurity needs in-house. This is primarily due to limited resources and a lack of expertise. Managed cybersecurity services, offering specialized skills and current technology, present a solution that is essential to effective cyber defense.

In addition, there is a rising necessity for regulatory compliance across different industries, which calls for stringent cybersecurity measures. Compliance with these measures and industry standards is ensured by managed service providers, thus aiding businesses. Finally, the transition towards remote working has amplified the cyber threat landscape, rendering businesses increasingly susceptible to attacks. The necessary tools and expertise to secure these remote work environments can be provided by managed services, thereby further stimulating demand for this segment. Overall, the amalgamation of these factors contributes to the accelerated growth of the managed services segment within the cybersecurity market.

Global Cybersecurity Market (2024-30): Regional Projections

Geographically, the Global Cybersecurity Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

The North American region is anticipated to lead the cybersecurity industry in terms of market size. There are prominent cybersecurity companies and technology giants based in North America, specifically the United States, that emphasize the concentration of technology, resulting in an increased adoption rate of cybersecurity solutions. The region has been confronted with a significant number of cyber threats and attacks, compelling vigorous cybersecurity measures. As a result, tremendous investment in cybersecurity has been made by both private and public sectors.

In addition, stringent regulatory requirements regarding data protection and privacy, such as the GDPR and the CCPA, are imposed by North America. Thus, demand for cybersecurity solutions is being driven by compliance with these regulations.

Global Cybersecurity Industry Recent Development:

• In 2023: Cisco Secure Access, a new SSE solution intended to enhance hybrid work experiences, was introduced by Cisco. The aim was to simplify access across a variety of locations, devices, and applications; thus, it was designed to offer a common access experience, providing users with a single, effortless way to access all resources by intelligently and securely directing traffic.
• In 2023: IBM entered into a strategic partnership with Palo Alto Networks with the primary aim of enhancing enterprise security. This expansion was centered around AI-driven security operations and cloud transformation. This collaboration was intended to bolster end-to-end security postures for clients. It aimed to address the rapidly escalating threats in the realm of cybersecurity.

Gain a Competitive Edge with Our Global Cybersecurity Market Report

1. Global Cybersecurity Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Cybersecurity Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.