Cyber security refers to the protection of internet-connected systems like hardware, software and data from cyber threats. It protects computers, mobile devices, electronic systems, networks, and data from any unauthorized access. The rising number of cyber-attacks on individuals, organizations and governments have increased the need for robust cyber security systems and solutions.
The global Cyber Security Market is estimated to be valued at US$ 186.13 billion in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of advanced technologies like AI, IoT and 5G has accelerated growth in the cyber security market. As more devices get connected through these technologies, the attack surface for cyber criminals also increases exponentially. This has forced organizations to strengthen their cyber defenses against advanced threats. For example, AI and machine learning based solutions are helping detect threats faster and reduce risks of data breaches. Their ability to analyze huge volumes of data and identify anomalies is propelling cyber security providers to integrate these technologies in their solutions.
Segment Analysis
The global cyber security market is segmented into solutions and services. The solutions segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. This is mainly due to the increasing adoption of various security solutions such as firewalls, antivirus/antimalware, authentication, encryption and disaster recovery.
Key Takeaways
The global cyber security market is expected to witness high growth over the forecast period owing to the increasing incidents of cybercrimes across various industry verticals. According to a study, over 4.1 billion records were exposed in data breaches in 2021 alone. The global Cyber Security Market is estimated to be valued at US$ 186.13 billion in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024-2031.
Regional analysis
North America dominated the global cyber security market in 2022 and is expected to continue dominating the market during the forecast period. This can be attributed to growing awareness towards cyber threats and stringent regulations regarding data security. The region has the presence of key cyber security players and high technology adoption. However, Asia Pacific is expected to grow at the fastest rate due to rapid digital transformation in countries like India and China.
Key players analysis
Key players operating in the cyber security market are Cisco, IBM, Check Point, Juniper Networks, Fortinet and Palo Alto Networks. Cisco holds the leading market share owing to its robust portfolio of solutions covering endpoints, networks and cloud security. However, small players are also expanding their presence through collaboration and product innovation to cater to the dynamic needs of organizations.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it