Cyber security refers to protecting the internet-connected systems, including hardware, software and data from cyber-attacks. It involves managing digital risks and preventing cyber security threats and vulnerabilities. The global cyber threats have been constantly evolving over the past few years in terms of frequency and sophistication, which has boosted the demand for cyber security solutions across industries. Some key functions of cyber security include threat detection, access control, data/network/endpoint security, encryption, vulnerability assessment, and disaster recovery planning among others. The growing shift towards online business transactions and remote working culture has intensified the need for securing critical infrastructure from cyber-attacks.
The Global Cyber Security Market is estimated to be valued at US$ 218.79 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Cyber Security are Symantec Corporation, IBM Corporation, Check Point Software Technologies, Microsoft Corp, Trend Micro Incorporated, Lockheed Martin Corporation, Sophos Ltd, Intel Corporation, Verizon Communication Inc., and SecureWorks Inc. These players are focusing on new product launches, partnerships, mergers & acquisitions and expansions to gain a competitive edge in the market.
There lies tremendous growth opportunities for cyber security companies in offering comprehensive solutions to protect critical infrastructure in sectors such as healthcare, BFSI, transportation, utilities and manufacturing from advanced cyber threats. With growing internet penetration worldwide and increasing reliance on digital technologies, the demand for cyber security is expected to surge exponentially in developing economies of Asia Pacific and Latin America during the forecast period.
Several cyber security firms are focused on strengthening their international foothold through strategic collaborations with local players. They are also targeting small and medium sized enterprises that have limited in-house cyber security capabilities through cost-effective offerings. The expansion ofcloud computing infrastructure and growing connectivity of devices will further drive the need for robust cyber security measures globally.
Market drivers: The growing frequency of sophisticated cyber-attacks targeting critical infrastructure and enterprises is a major market driver. The increasing digitization of business processes and rapid adoption of cloud, IoT and big data technologies are also fueling the cyber security requirements across industries.
Market restraints: High installation and maintenance costs of cyber security solutions pose a major challenge, especially for small and medium businesses. The lack of skilled cyber security professionals and complex regulations associated with data protection are some other restraints for the market growth.
Segment Analysis
The cyber security market is dominated by the cloud security sub-segment due to the rising adoption of cloud-based services by organizations across industries. Cloud security helps protect critical applications and data stored on the cloud, and ensures safe access to data from remote locations. Firewalls, antivirus and malware protection are some key security solutions that are extensively deployed to secure cloud-hosted IT infrastructure. The network security segment is another major part that holds a significant share. Growing number of cyber attacks targeting critical networks emphasize the need for advanced network security solutions like web filtering, intrusion detection and prevention systems.
Global Analysis
North America holds the largest share in the global cyber security market owing to stringent data protection laws and rising numbers of cyber threats experienced by businesses in the region. Large multinational companies with high digital sophistication have led to increased vulnerability and compliance needs in the region. The Asia Pacific region is anticipated to grow at the fastest rate during the forecast period due to digitization initiatives by various governments and a massive online customer base that is driving demand for cyber security. Countries like India, China and Japan are increasingly investing in cyber security to safeguard critical infrastructures and protect sensitive data of individuals and organizations.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
