Cyber Security Market is Anticipated to reach $500.70 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Nov. 17, 2022 /PRNewswire/ -- The global cyber security market size is projected to reach USD 500.70 billion by 2030, registering a CAGR of 12.0% from 2022 to 2030, according to a new study by Grand View Research Inc. There has been a continued rise in the incidence of cyberattacks across different commercial sectors witnessed in recent years, particularly during the pandemic period, which has aided the growth of the industry demand. Areas such as e-commerce have witnessed meteoric growth in the past decade, with consistently high traffic, which has necessitated the presence of a strong security system to counter external threats. Furthermore, the growing usage of advanced devices that deploy technologies such as IoT and AI has also increased the risk of cyberattacks, thus increasing the appeal of cyber security solutions.

Key Industry Insights & Findings from the report:

• The COVID-19 pandemic has created significant growth opportunities for the cyber security industry, as firms have rapidly moved to a hybrid working model and the trend of BYOD has also gathered steam. This has created a huge space for cyber security providers to come in and offer advanced solutions to end-users.
  
  
• The Allianz Risk Barometer involves a survey of what organizations believe to be the biggest risk to their growth in the near future. According to its latest findings, companies are most wary of data breaches and ransomware attacks in 2022, even more than supply chain disruptions and natural disasters, with 44% of respondents stating so. This shows the huge opportunities and challenges that lie ahead for the cyber security market.
  
  
• With regards to component, the services segment held the largest market share of over 50% in 2021, which is attributed to the steadily rising demand for maintenance and upgrade, as well as consultation services, from SMEs. The pandemic has also helped in driving the segment growth.
  
  
• Based on the type of security, cloud security is anticipated to become a substantial contributor to industry revenue in the coming years. Cloud-based solutions have seen a meteoric rise in adoption, particularly in large organizations, on account of the convenience they provide and their cost-effectiveness. However, they are very vulnerable to cyberattacks, leading to increasing demand for their security and safety.
  
  
• In terms of organization size, SMEs are expected to witness the highest CAGR of over 11% during the projection period. Significant budget constraints in such organizations make their technological infrastructure more prone to cyberattacks. Providers are expanding their offerings to include more advanced solutions at economical rates, thus driving segment growth.
  
  
• The healthcare application segment contributes significantly to the market revenue, as hospitals and other facilities have become heavily dependent on technology to maintain and track patient data. This also makes the infrastructure highly vulnerable to cyberattacks that can leak sensitive patient and hospital information, driving the need to secure the overall system through bulked-up cyber security solutions.
  
  
• North America and Europe have been significant contributors to the industry growth, on account of established IT infrastructure and the presence of several notable names in the cyber security space. The presence of advanced manufacturing facilities and product developers has been complemented by early access to innovative and strong cyber security solutions.
  
  
• Companies in the cyber security market are focused on providing advanced and efficient solutions and services to both large enterprises and SMEs. For instance, CrowdStrike announced a partnership with Ernst & Young in October 2022, wherein the CrowdStrike Falcon platform would be utilized to globally deliver cloud security & observability services

Read 110-page full market research report with TOC, "Cyber Security Market Size, Share & Trends Analysis Report By Component, By Security Type, By Solution, By Services, By Deployment, By Organization Size, By Applications, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Cyber Security Market Growth & Trends

Cyber security aids in ensuring the safety and security of computer networks and systems by preventing any unwanted disclosure of confidential information, IP or data theft, and damage to electronic data, or hardware and software of any organization's IT infrastructure. Furthermore, it also prevents any spam information or misdirection from impacting the operations. An article by DataProt in November 2022 pointed out that the overall cyberattack damage rose to USD 6 trillion in 2022, with a cyberattack taking place every 39 seconds. Countries such as the United States and India have been at the receiving end of a substantial number of targeted cyberattacks; this points towards the importance of the presence of strong cyber security solutions, especially in regions and economies that are highly developed or are growing at a fast pace.

The industry is expected to be driven by the growing data breach costs, the implementation of stringent regulations by governments, and the presence of advanced cyber security solutions. Governments globally have recognized the benefits of ironclad security in IT and technology, and have accordingly brought forward data protection laws, which have compelled organizations in the areas of IT & telecom, energy, government, BFSI, and retail, among many others, to adopt such solutions for safeguarding their own as well as the consumer's data. Data breaches have been known to result in significant losses with respect to revenue, brand positioning, and goodwill, while also causing sudden reductions in the workforce and significant business disruptions.

Even more significant is the cost involved in recovering such losses, as well as the risk mitigation measures involved in such incidents. For instance, as per an IBM report published in 2021, the average data breach cost for an organization was USD 4.87 million, which was a 10% increase from 2020. As such, the cyber security industry is expected to encounter several growth opportunities, particularly in large- and medium-sized organizations, through 2030. However, there are also certain roadblocks to market advancement, which include the use of unlicensed software, particularly by small-sized companies to navigate through cost restraints. Furthermore, the dearth of skilled workforce in the IT space is another factor that can hold back market growth to some extent.

Cyber Security Market Segmentation

Grand View Research has segmented the global cyber security market based on component, security type, solution, services, deployment, organization size, application, and region 

Cyber Security Market - Component Outlook (Revenue, USD Million, 2018 - 2030)

• Hardware
• Software
• Services

Cyber Security Market - Type Outlook (Revenue, USD Million, 2018 - 2030)

• Endpoint Security
• Cloud Security
• Network Security
• Application Security
• Infrastructure Protection
• Data Security
• Others

Cyber Security Market - Solution Outlook (Revenue, USD Million, 2018 - 2030)

• Unified Threat Management (UTM)
• IDS/IPS
• DLP
• IAM
• SIEM
• DDoS
• Risk and Compliance Management
• Others

Cyber Security Market - Services Outlook (Revenue, USD Million, 2018 - 2030)

• Professional Services
• Managed Services

Cyber Security Market - Deployment Outlook (Revenue, USD Million, 2018 - 2030)

• Cloud-based
• On-premises

Cyber Security Market - Organization Size Outlook (Revenue, USD Million, 2018 - 2030)

• SMEs
• Large Enterprises

Cyber Security Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

• IT & Telecom
• Retail
• BFSI
• Healthcare
• Defense/ Government
• Manufacturing
• Energy
• Others

Cyber Security Market - Regional Outlook (Revenue; USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Rest of Europe
• Asia Pacific
• India
• China
• Japan
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa (MEA)

List of Key Players in the Cyber Security Market

• Cisco Systems, Inc.
• Palo Alto Networks
• McAfee, Inc.
• Broadcom
• Trend Micro Incorporated
• CrowdStrike
• Check Point Software Technology Ltd

Check out more related studies published by Grand View Research:

• Cyber Security Services Market - The global cyber security services market size is expected to reach USD 192.70 billion by 2028, registering a CAGR of 10.2% over the forecast period, according to a new report by Grand View Research, Inc. Continued cyber security breaches on the enterprise and individual levels, and the subsequent need to address the vulnerabilities in networks, apps, and systems, are the factors expected to drive the growth. The need for identifying advanced, persistent threats to networks, monitoring critical infrastructure 24/7, and penetration testing applications for meeting various regulatory compliance standards and acts, such as FISMA, MARS-E, PCI DSS, Sarbanes-Oxley (SOX), and HIPAA, is expected to contribute to the growth of the market.
  
  
• Cyber Insurance Market - The global cyber insurance market size is expected to reach USD 19.2 billion by 2025, expanding at a CAGR of 25.6% over the forecast period, according to a new report by Grand View Research, Inc. Cyber insurance is anticipated to aid businesses in minimizing losses incurred due to potential threats of cybercrimes such as ransomware, malware, distributed denial-of-service attacks, or other threats, which can severely compromise a network. Cyber insurance covers the liability of a business for breach of data, comprising sensitive customer information such as credit card details, social security numbers, drivers' license numbers, account details, and health records.
  
  
• Cyber Warfare Market - The global cyber warfare market is expected to reach USD 91.75 billion by 2025, according to a new study by Grand View Research, Inc. The increasing number of cyber-attacks are emerging as a significant threat across the globe. The dependence of organizations on information technology and the valuable & sensitive nature of digitally-stored data have raised the stake for cyber attackers whose primary motive is to disrupt economic growth and gain technological advantages by stealing intellectual properties of national defense forces. Increased concern towards catastrophic nature of cyber warfare and national security are factors anticipated to drive the market over the forecast period.

Browse through Grand View Research's Network Security Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.