Increasing frequency of cyber attacks on businesses and stringent regulatory requirements for data protection compliance are projected to fuel the growth of the global B2B Cybersecurity market at a CAGR of 14.3% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published on the “Global B2B Cybersecurity Market”.

The B2B Cybersecurity market is estimated to register a CAGR of 14.3% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global B2B Cybersecurity market—Palo Alto Networks, Fortinet, Check Point Software Technologies, CrowdStrike Holdings Inc., Trend Micro Inc., Zscaler, Cloudflare Inc., Rapid7, Darktrace PLC, CyberArk Software Inc., SentinelOne Inc.t Bosch GMBH, Avtech Corporation, and others.

Market Highlights

The global B2B Cybersecurity market is accounted for to register a CAGR of 14.3% during the forecast period and is estimated to reach USD 22,543.2 million by 2032.

The B2B Cybersecurity market is witnessing a paradigm shift as organizations transition towards cloud-based solutions, IoT, AI-driven security analytics, and zero-trust architectures to bolster their defense mechanisms. With the proliferation of connected devices and remote workforces, the attack surface has expanded, prompting enterprises to adopt comprehensive Cybersecurity strategies encompassing network security, endpoint protection, identity and access management, and data encryption.

Moreover, the regulatory landscape, including GDPR, CCPA, and various industry-specific regulations, has compelled organizations to prioritize data privacy and compliance, thereby driving investments in Cybersecurity solutions. Additionally, the rise of nation-state-sponsored cyberattacks, ransomware incidents, and supply chain vulnerabilities has heightened awareness among enterprises, prompting them to fortify their Cybersecurity posture and invest in threat intelligence, incident response, and risk management capabilities.

The B2B Cybersecurity market is characterized by a diverse ecosystem comprising Cybersecurity vendors, managed security service providers (MSSPs), consulting firms, and integrators offering a wide array of products and services tailored to meet the diverse needs of enterprises across verticals. The market is segmented based on solution type, deployment model, organization size, vertical, and region, with North America accounting for a significant share owing to the presence of major Cybersecurity vendors, stringent regulatory mandates, and high-profile cyber incidents.

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Segment Analysis

The global B2B Cybersecurity market has been segmented based on offering, security type, deployment, organization size, and industry vertical.

Based on offering, the market is segmented into Solution {Identity, Access Management, Compliance & Policy Management, Firewall, Unified Threat Management (UTM), Encryption & Tokenization, and Antiware & Malware}, and Services). The Services segment was attributed to holding the largest market share in 2022 with a market share of ~57% revenue as estimated by MRFR analysts.

Services are predicted to dominate the market over the forecast period. A significant portion of the market might be attributed to the rising need for expert services such as physical security testing, business risk assessment, and penetration testing. The lack of skilled cybersecurity workers is a major factor driving the segment's growth. Furthermore, end-user companies choose the advice and expertise of expert service providers to lower corporate security risks by implementing reasonably priced security solutions.  

Based on security type, the global B2B Cybersecurity market has been segmented into Security Type, Network Security, End Point Security, Email Security, Deception Technology, Application Technology, Wireless Security, and Others. The End Point Security,segment was expected to hold the largest market share in 2022.

Further, based on the deployment, the market is segmented into Cloud and On-Premises. The On-Premises segment is projected to have the largest market share during the forecast period.

Further, based on the organization size, the market is segmented into Freelancers or Micro-Organizations (Upto 5 Users), SME's (5 to 200 Users), and Large Organizations (More than 200 Users). The Large Organizations (More than 200 Users) segment is projected to have the largest market share during the forecast period.

Further, based on the industry vertical, the market is segmented into BFSI, Manufacturing, Healthcare, Retail, IT & Telecommunications, Aerospace & Defense, Government, and Others. The IT & Telecommunications segment is projected to have the largest market share during the forecast period.

Regional Analysis

The global B2B Cybersecurity market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe B2B Cybersecurity market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The B2B Cybersecurity market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World B2B Cybersecurity market comprises of Middle East, Africa, and Latin America.

Over the projected period, a key driver of market penetration is the favourable regulatory environment. Both the US and Canada have strict laws pertaining to data protection and privacy. Examples of these are the US state-level data breach reporting requirements and the Canadian General Data Protection Regulation (PIPEDA), which is comparable to the US GDPR. Cybersecurity is driven by adherence to these regulations drives cybersecurity investments. Thereby, driving the market growth in the North America region.

Moreover, The growing integration of digital technology with essential infrastructure, such as energy grids, transportation networks, and healthcare facilities, has greatly increased the possibility for cyber-attacks. These essential systems are more vulnerable to criminal activity that could impair operations, compromise sensitive data, or even endanger public safety as they grow more networked and dependent on digital platforms. Because of this increased susceptibility, a strong and flexible cybersecurity ecosystem is required to protect against any adverse effects. Thus, the expansion of digital services in European countries to benefit citizens, public administrations, and businesses is fueling the growth of cloud-based IaaS, PaaS, and SaaS business models in the region, which is raising the vulnerability of the digital infrastructure to cloud-based cyber-attacks and fueling the need for B2B cyber security solutions in the region.

Recent high-profile situations that have had a profound impact on many ordinary people have raised awareness among the public and among government and regulatory bodies. For instance, strict cybersecurity reporting criteria were imposed by CERT-In, the official cybersecurity body of India, in a directive pertaining to information security policies, processes, prevention, response, and reporting of cyber incidents for secure and trusted internet. As of February 2022, it was reported that over 2.12 lakh cybersecurity incidents had been reported in India.

The industry is being driven by new business models and applications as well as reducing device costs, such as an increasing number of connected devices, including consumer electronics, connected cars, factories, etc., which is driving the adoption of IoT and strengthening cybersecurity in enterprises. Also, enterprises are implementing advanced endpoint security solutions to identify and mitigate threats on endpoint devices. Thus, driving the growth of the Asia Pacific B2B cybersecurity market.

Key Findings of the Study

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  The global B2B Cybersecurity market is expected to reach USD 22,543.2 million by 2032, at a CAGR of 14.3% during the forecast period.

  
  


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  The Asia-Pacific region accounted for the fastest-growing global market, increasing use of cybersecurity solutions.

  
  


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  Based on deployment, the on premsies segment was attributed to holding the largest market in 2022, with an approximate market share of 53%.

  
  


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  Palo Alto Networks, Fortinet, Check Point Software Technologies, CrowdStrike Holdings Inc., Trend Micro Inc., Zscaler, Cloudflare Inc., Rapid7, Darktrace PLC, CyberArk Software Inc., SentinelOne Inc.t Bosch GMBH, Avtech Corporation are the key market players.