Cyber Security Market

Cyber Security Market Outlook (2024 to 2034)

Expanding at a CAGR of 8.6%, the global cyber security market is projected to increase from a valuation of US$ 200.1 billion in 2024 to US$ 455.23 billion by 2034.

A technique for defending programs, networks, and systems from online threats is cybersecurity. Cyberattacks often extort users of their money, alter, access, delete sensitive data, or interfere with regular corporate operations. Throughout the forecast period, the market is sure to increase as a result of the growing use of enterprise security solutions in the manufacturing, banking, financial services, insurance (BFSI), and healthcare sectors.

The cybersecurity market is driven by the increasing sophistication and frequency of cyberattacks, the need to comply with regulations on data protection, and the expanding use of digital technologies, including cloud computing and the Internet of Things. The market is also growing because of the growing awareness of cybersecurity concerns among more consumers and organizations, as well as the necessity for strong protection against the growing amount of remote labor and digital transactions.

Cybersecurity is essential for preserving sensitive data, ensuring business continuity, and preventing cyber threats such as hacking, phishing, and malware. It increases trust by assuring data protection and regulatory compliance. Effective cybersecurity measures are helping organizations maintain their competitiveness and resilience in an increasingly digital world by preventing financial losses and reputational risk.

Because of the growing frequency of cyberattacks and the resulting demand for sophisticated security solutions, the cybersecurity industry is seeing tremendous growth. Opportunities are opening up in domains, including cybersecurity for IoT devices, cloud security services because of the move to cloud computing, and AI and ML for threat detection and response. Additionally, the industry is witnessing an increase in MSS and a demand for qualified cybersecurity specialists, providing significant opportunities for cybersecurity service providers and job seekers.

It is now essential to become an adaptable, multi-layered, and self-learning security system since the cyber environment is evolving into a highly interconnected system. Furthermore, as mobile-networked devices proliferate, electronic communications become more common, social media grows, and big data becomes more important. Defense cybersecurity systems are adapting to the ever-changing landscape of cyber threats. To safeguard devices and private information from cyberattacks, governments are increasing their expenditure on cybersecurity solutions, which has fueled market expansion.

Developments in cutting-edge technologies, such as artificial intelligence (AI) in cyber security, machine learning (ML), big data analytics, the Internet of Things (IoT), 5G, edge computing, and cloud computing, are enabling market participants to launch new products based on these technologies, draw in new customers, and increase their revenue streams.

• For example, as part of Symantec's Endpoint Security Solution, Broadcom Inc. introduced Adaptive Protection, a new security solution, in June 2021.

Utilizing artificial intelligence (AI) to tailor endpoint protection, the service reduces overhead costs for clients while offering tailored and automated better defense against cyberattacks. It is driven by machine learning (ML).

Report Attribute	Detail
Cyber Security Market Size (2024E)	US$ 200.1 Billion
Forecasted Market Value (2034F)	US$ 455.23 Billion
Global Market Growth Rate (2024 to 2034)	8.6% CAGR
East Asia Market Value (2034F)	US$ 156.6 Billion
North America Market Share (2034F)	27.8%
Network Security Segment Value (2034F)	US$ 137.02 Billion
United States Market Value (2034F)	US$ 92.76 Billion
Key Companies Profiled	Cisco Systems, Inc.; IBM Corporation; Fortinet, Inc.; Proofpoint, Inc.; Microsoft Corporation; Palo Alto Networks, Inc.; Zscaler, Inc.; Broadcom, Inc.; F5 Networks, Inc.; Check Point Software Technologies; Sophos Ltd.

What is Making the Market Strong for Cyber Security?

“Rising Cases of Cyber Attacks Making Expansion Escalate”

Over the past ten years, there has been a considerable increase in the sophistication and frequency of cyberattacks, which has led to the expansion of the cybersecurity industry. There have been significant business interruptions and losses because of the surge in cybercrimes, which include targeted assaults on networks, endpoints, and cloud-based services. Frauds and assaults frequently seek to steal sensitive and important data, which adversely affects enterprises by interfering with operations, resulting in losses, and compromising private client information.

Several businesses all around the world are investing more in cutting-edge information security technology to strengthen their security infrastructures in response to the expanding threat landscape. These risks are sophisticated, as demonstrated by cyber espionage groups such as Dragonfly, Thrip, and Chafer, who are well-known for their focused cyberattacks on a range of industries, including defense, telecom, and aviation. One of the main reasons businesses are adopting complete cybersecurity solutions is the necessity to guard against such sophisticated assaults.

“Cloud Computing Becoming a New Global Trend”

With its dependable and adaptable infrastructure, cloud computing is widely used, which is opening up potential for cybersecurity service providers. Cloud solutions are becoming very popular among organizations as a convenient way to store data and gain online access to strong computer capabilities. This change makes advanced analytics and application administration possible. Furthermore, platform security is improved by the cloud's integration with technologies like software-defined perimeters.

The worldwide cybersecurity industry is expanding due to particular government rules and laws that are putting an increased emphasis on cloud security. SaaS and IaaS platforms are used by SMEs in particular. They are now more susceptible to assaults, though, as cloud settings render conventional security techniques less effective. SMEs are increasingly in need of cloud-based cybersecurity solutions to solve these risks. These solutions, which frequently consist of SSO and MFA, offer improved security without requiring a large on-premises security architecture since they function on the premise that networks are hostile by nature.

A large potential opportunity in the market is indicated by the increasing demand for these cloud-based cybersecurity solutions, especially as SMEs want to safeguard their data and information on the cloud, contributing to the overall expansion of the cyber security market size.

What is Bringing Challenges in Front of Cyber Security Providers?

“Huge Cost of Experienced Hired to Work Hampering Market”

A cybersecurity model's design and execution present several difficulties in both new and old infrastructures. It requires IT teams in businesses to make a fundamental change in their approach to network security: instead of focusing on a traditional network perimeter-based paradigm, they should prioritize user and application-based security. Redesigning and redeploying online and mobile apps is often necessary, and it takes time. Before implementing a cybersecurity model, several networks that were not created with cybersecurity as a top priority need to keep their hardware, services, and traffic patterns thoroughly examined.

A thorough understanding of every person, device, application, and resource on the network is required for the procedure. Furthermore, cybersecurity solutions could not be 100% effective or handle all problems, including DDoS assaults, human error, and device misconfigurations. IT teams completely segregate network access from application access to effectively implement these solutions. NGFWs are frequently used in place of conventional firewalls to provide complete network security. Nevertheless, several cybersecurity solutions could overlook the resources' susceptibilities to cyber threats in favor of role-based user access, micro perimeters, and user analytics.

Country-wise Analysis

The world is increasingly becoming more computerized leading to more people switching to the digital lifestyle. This is growing the market profitability around the world as people require safety and privacy. The United States market is becoming stronger and is holding a strong cyber security market share in North America.

Which Factors are Accelerating the Revenues in the United States?

“Big IT Corporations Requirement for Cyber Security”

Attribute	United States
Market Value (2024E)	US$ 37.22 Billion
Growth Rate (2024 to 2034)	9.6% CAGR
Projected Value (2034F)	US$ 92.76 Billion

Factors accelerating cybersecurity revenues in the United States include the increasing requirement for cybersecurity by big IT corporations. As these corporations continue to expand and innovate, the need for robust cybersecurity measures becomes more pronounced. The escalating digitization of businesses and the growing frequency of cyber attacks contribute to the surge in cybersecurity spending. Additionally, the rising awareness of the potential impact of cyber threats on business operations and sensitive data is prompting organizations to invest more in cybersecurity solutions and services.

What is Bringing New Revenue Growth in China?

“Huge Workforce in Country Helping Market Become Stronger”

Attribute	China
Market Value (2024E)	US$ 44.16 Billion
Growth Rate (2024 to 2034)	9.5% CAGR
Projected Value (2034F)	US$ 109.78 Billion

In China, new cybersecurity revenue growth is being driven by the country's huge workforce. With a vast pool of skilled professionals, China is able to develop and implement advanced cybersecurity solutions, thereby strengthening the market. The expanding digital infrastructure and the rapid adoption of technology in several industries also play a significant role in propelling cybersecurity revenue growth in China. As businesses and government entities prioritize the protection of their digital assets, the demand for cybersecurity products and services continues to rise, further contributing to the cyber security market growth.

Category-wise Examination

The market is segmented into several categories including security types and deployment. Some of the prominent security types provided by suppliers are network security, endpoint security, and application security.

Which Deployment is Widely Used by IT Companies?

“Surging Popularity of Cloud Deployment among More Companies”

Attribute	Cloud
Segment Value (2024E)	US$ 108.25 Billion
Growth Rate (2024 to 2034)	7.3% CAGR
Projected Value (2034F)	US$ 238.54 Billion

The widely used deployment by IT companies is cloud-based. Cloud deployment is more famous among companies due to its flexibility, scalability, and cost-effectiveness. Several IT companies prefer cloud deployment as it allows them to access resources and services on-demand over the Internet, enabling them to scale their operations as needed without any need to invest in and maintain physical infrastructure. Additionally, cloud deployment offers enhanced collaboration and accessibility, making it an attractive choice for businesses of all sizes.

Which Security Type is Considered More Useful in the End Market?

“Rising Employment of Network Security Compared to Other Options”

Attribute	Network Security
Segment Value (2024E)	US$ 62.23 Billion
Growth Rate (2024 to 2034)	9% CAGR
Projected Value (2034F)	US$ 137.02 Billion

In the end market, network security is considered more useful compared to other types. Network security plays a critical role in protecting an organization's IT infrastructure from unauthorized access, cyberattacks, and other security breaches. It encompasses several technologies and processes to secure the network infrastructure and the data transmitted across it.

With the increasing complexity of cyber threats, network security is becoming a top priority for businesses to safeguard their sensitive information and maintain the integrity of their operations. As a result, network security measures are widely employed to ensure the protection and reliability of IT systems in the end market, which is further setting new cyber security market trends.

Market Situation

Key players in the cyber security market are focusing on bringing new products including automotive cyber security and cyber insurance.

• To assist businesses in preventing internal threats and assaults on vital infrastructures, Darktrace and Xage Security teamed in March 2024. The collaboration made it simple to find and address breaches by combining Xage Security's zero-trust security with Darktrace's AI-powered threat detection.
• To provide sophisticated cybersecurity solutions, cloud computing, and generative AI features to African businesses, Liquid C2 teamed with Google Cloud and Anthropic, an artificial intelligence startup, in March 2024. Through the collaboration, Liquid C2 clients were able to strengthen the security protocols protecting their digital assets.

Fact.MR provides detailed information about the price points of key suppliers of the cyber security market positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.

Segmentation of Cyber Security Market Research

• By Deployment :

  • Cloud
  • On-Premise

• By Security Type :

  • Network Security
  • Endpoint Security
  • Application Security
  • Database Security

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa