Wilmington, Delaware, Oct. 25, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Global Cyber Security Market by Component (Solution, Services), by Solution (Identity Access Management, Infrastructure Security, Governance, Risk & Compliance, Unified Vulnerability Management Service Offering, Data Security & Privacy Service Offering, Others), by Deployment Model (On-Premise, Cloud), by Enterprise Size (Large Enterprise, SMEs), by Industry Vertical (Telecom, Automotive, BFSI, Public Sector, Retail, Healthcare, IT, Energy & Utilities, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030”. According to the report, the global cyber security industry generated $197.36 billion in 2020, and is anticipated to generate $478.68 billion by 2030, witnessing a CAGR of 9.5% from 2021 to 2030.
Prime determinants of growth
The software industry is the major consumer of cybersecurity solutions. In the present corporate environment, both developed and emerging areas have seen an increase in the usage of this technology. In order to provide unique and contemporary security products to clients, businesses use effective strategies. Increased awareness among enterprises of all kinds when it comes to securing their information as well as an increase in ransom-ware assaults among small businesses, charities, and government agencies, are developing trends in the cybersecurity sector. As a result, every firm is increasing their expenditure in order to preserve their sensitive and critical data.
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Report coverage & details:
|Market Size in 2020||$197.36 Billion|
|Market Size in 2030||$478.68 Billion|
|No. of Pages in Report||385|
|Segments covered||Component, Solution, Deployment Mode, Enterprise Size, Industry Vertical, and Region.|
|Drivers||Rise in malware and phishing threats among enterprises
Increase in adoption of IoT and BYOD trend
Surge in demand for cloud-based cybersecurity solutions
|Opportunities||Increase in adoption of mobile device applications and platforms
Need for strong authentication methods
Transformation in traditional antivirus software industry
|Restraints||Budget constraints among organizations
Complexities of device security
- The outbreak of COVID-19 is anticipated to have a positive impact on the growth of cybersecurity market. This is attributed to the fact that with the emergence of COVID-19, the use of cybersecurity will enable enterprises to address security issues and facilitate secured information access while remote working.
- Corporations use technology to increase revenues by doing the majority of their activities on the internet. Because internetwork activities include many hazards, they must be protected by thorough and rigorous rules. Existing cybersecurity legislation include several areas of corporate operations and may fluctuate depending on the location or nation in which a company operates.
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The solution segment to maintain its leadership status throughout the forecast period
Based on component, the solution segment held the highest market share in 2020, accounting for nearly two-thirds of the global cyber security market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the fact that growing need for vulnerability assessment, penetration testing, and ensuring compliance with top government, defense, and industry security standards is one of the primary reasons enterprises are increasing their investments in the cybersecurity solutions market. However, the service segment is projected to manifest the highest CAGR of 11.0% from 2021 to 2030, owing to increase in adoption of digital technologies across various industries and availability of desired information from anywhere at any time are putting data privacy and protection at greater risk.
The data security and privacy service offering segment to maintain its leadership status throughout the forecast period
Based on solution, the data security and privacy service offering segment held the highest market share in 2020, accounting for more than one-fourth of the global cyber security market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to a rise in security incidents causes loss of IT assets & data and damages brand equity. Thus, industries such as healthcare, BFSI, and education institutions deploy incident management solutions. However, the unified vulnerability management service offering segment is projected to manifest the highest CAGR of 11.1% from 2021 to 2030, owing to the fact that the unified vulnerability management solution offers features such as reduced network complexity and single-point & single-window administration for all security functions, which is a major factor expected to boost the growth of this segment.
The on-premise segment to maintain its lead position during the forecast period
Based on deployment mode, the on-premise segment accounted for the largest share in 2020, contributing to more than half of the global cyber security market revenue, as the on-premises deployment model is most prevalent with large enterprises, as it requires significant investment to purchase and implement interconnected hardware, servers, and software to manage the system. However, the cloud segment is expected to portray the largest CAGR of 10.7% from 2021 to 2030, and is projected to maintain its lead position during the forecast period. This is owing to a increase in usage of mobile devices and surge in demand for scalable, agile solutions are driving the demand for cloud-based cybersecurity solutions.
The large enterprise segment to maintain its lead position during the forecast period
Based on enterprise size, the large enterprise segment accounted for the largest share in 2020, contributing to more than three-fifths of the global cyber security market revenue, as large enterprises have focused on implementing effective security solutions such as user access management, identity & access management, and security incident management, due to the increase in instances of cyberattacks in recent years. However, the SMEs segment is expected to portray the largest CAGR of 10.9% from 2021 to 2030, and is projected to maintain its lead position during the forecast period. This is owing to the fact that SMEs cannot manage to pay for layered defense security strategies, which is usually present in larger enterprises. Thus, the need to implement cost-effective cybersecurity solutions, such as risk & compliance, encryption, and incident management drives the adoption of cybersecurity among SMEs.
The BFSI segment to maintain its lead position during the forecast period
Based on industry vertical, the BFSI segment accounted for the largest share in 2020, contributing to nearly one-fifths of the global cyber security market revenue, as An increase in the number and frequency of cyberattacks in the BFSI sector has led to the development of complete cybersecurity programs that adhere to the governance, risk, and compliance standards. However, the energy & utilities segment is expected to portray the largest CAGR of 11.7% from 2021 to 2030. This is owing to the fact the energy & utilities industry has incorporated new technologies, which are crucial for the functioning of electric grids. Electric, gas, and water utilities are based on highly regulated structures that acquire considerable infrastructure investment.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly one-third of the global cyber security market revenue, owing to an increase in cloud-enabled activities and growth in cloud marketplace trends such as the adoption of multi & hybrid cloud environments and private cloud repatriation in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.0% from 2021 to 2030, and is likely to dominate the market during the forecast period, owing to the fact that cyberattack cases have increased at a substantial rate in Asia-Pacific, due to an increase in penetration of the internet, a surge in usage of mobile data, and a rise in the trend of using BYOD among organizations.
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Leading Market Players: –
- Accenture Inc.
- FS, Inc.
- HCL Technologies Ltd.
- IBM Corporation
- Infosys Limited
- L&T Technologies Services Ltd.
- Tata Consultancy Services Limited
- Tech Mahindra Limited
- Wipro Limited
The report provides a detailed analysis of these key players of the global cyber security market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Industry Development –
December 2021 – Accenture collaborated with Generali and Vodafone Business to introduce a new integrated insurance platform which offers cyber risk management and incident response services to corporate and small-andmedium-sized enterprise.
April 2021 – Accenture announced to acquire Openminded, a France-based cybersecurity services company that provides advisory, cloud & infrastructure security, cyber defense, and managed security services.
January 2021 – Accenture acquired Real Protect, a privately held Brazil based provider of managed security and cyber defense services. This acquisition helps in extending its cybersecurity presence and capabilities in Latin America.
April 2021 – Accenture completely acquired Symantec Cyber Security Services business from Broadcom Inc. This acquisition helped to enhance Accenture Security’s position as one of the world’s leading providers of managed security services, further boosting its ability to help organizations anticipate, detect and respond to cyber threats.
February 2021 – Cognizant completed the acquisition of Magenic Technologies, Broadening Its Global Software Product Engineering Network. The acquisition expands Cognizant’s software product engineering footprint, adding 475 employees in the U.S. across seven locations, and more than 350 employees in Manila, Philippines.
January 2021 – Cognizant announced to acquire Servian, a Sydney, Australia-based, privately-held enterprise transformation consultancy. This acquisition helped to expands Cognizant’s integrated, end-to-end digital transformation capabilities in Australia and New Zealand (ANZ) to help clients move to the cloud, build digital products and services, unlock value from data, modernize enterprise applications, and achieve operational excellence.
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