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Cyber Security Market Research Report Information By Component (Hardware, Software and Services), By Security Type (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), By Deployment (Cloud and On-Premises), By Organization Size (Large Enterprises and SMEs), By Application (IT & Telecom, Retail, BFSI, Healthcare, Defense & Government, Manufacturing, Energy, and Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.

ID: MRFR/ICT/0373-HCR | 145 Pages | Author: Aarti Dhapte| April 2024

Cyber Security Market Overview

Cyber Security Market Size was valued at USD 120.5 Billion in 2022. The cyber security market industry is projected to grow from USD 137.9 Billion in 2023 to USD 407.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.50% during the forecast period (2024 - 2032). Increased cyber-thefts and cyber-terrorism and growing technology are the key market drivers enhancing the market growth.

Figure 1: Cyber Security Market Overview 2022 & 2032

Cyber Security Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cyber Security Market Trends

Growing cyber-thefts and cyber-terrorism are driving the market growth

Market CAGR for the cyber security market is driven by the rising number of cyber-thefts and cyber-terrorism. Moreover, the developing IPv6 adoption has increased security services and solutions. The requirement to strengthen the critical infrastructure due to the Advanced Persistent Threats has exhilarated governmental organizations to improve the existing security solutions and advance their security strategies. Since increased data sharing and vulnerabilities of the organizations, it is projected that the rising demand for the cyber security market growth.

Developing technologies like ML, IoT, and AI also have rising data generation in various forms. There is a big amount of data generated every day in the industries. Such factors have encouraged those industries to secure them with potential cyber security solutions. In several industrial sectors, using the internet and accessing critical data and sharing them through cloud-based solutions has been growing rapidly. The industries like banking, telecom, and retail, which rely on processes such as adapting and storing a large amount of data, have increased the demand for the cyber security industry growth. Thus, driving the cyber security market revenue.

Cyber Security Market Segment Insights

Cyber Security Component Insights

The cyber security market segmentation, based on components, includes hardware, software, and services. The service segment dominated the market, accounting for the highest market revenue. Cyber security might be due to the rising demand for consultation services, maintenance and upgradation services from small and medium organizations. Due to their small teams and tight budgets, SMEs frequently confer with other organizations before implementing solutions. Additionally, the pandemic increased the need for cyber security services since some businesses planned to improve their network and IT security, manage remote workers, and guard against dangers from untrusted networks and devices.

The hardware category is anticipated to develop fastest over the projected period. Security providers actively create artificial intelligence and machine learning-based cyber security solutions, which call for cutting-edge IT infrastructure.

Cyber Security Type Insights

The cyber security market segmentation, based on security type, includes network security, endpoint security, application security, cloud security, and others. The cloud security category generated the most income due to businesses' rising acceptance of cloud-based solutions due to their cost-effectiveness and the simplicity of working with cloud-based platforms.

Cyber Security Deployment Insights

The cyber security market segmentation, based on deployment insights, includes cloud and on-premises. The cloud segment generated the most income. The rapid increase can be linked to the expansion of cloud computing infrastructure deployment and the enterprise transfer of on-premises solutions to the cloud. Cloud deployment also makes it possible to access solutions remotely from different devices, which is projected to accelerate the segment’s growth further.

The on-premises category is anticipated to be the fastest-growing in the projected period. On-premises have vital business information databases, and many major organizations choose to have full control of the solutions and upgrades, assuring the highest level of data protection.

Cyber Security Organization Insights

The cyber security market segmentation, based on organization, includes Large Enterprises and SMEs. The SMEs category is anticipated to gain the maximum market revenue. Due to financial limitations, small and medium-sized businesses are more vulnerable to cyber-attacks with low protection. As a result, it is predicted that the implementation in SMEs will be driven by the increasing need to reduce operational and data breach expenses and safeguard IT assets.

The large enterprises segment is the fastest-growing segment in the projected period. Due to their extensive data storage, major businesses are implementing AI and ML-based security solutions to automate their security platforms.

Figure 2: Cyber Security Market, by Organization, 2022 & 2032 (USD Billion)

Cyber Security Market, by Organization, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cyber Security Application Insights

The cyber security segmentation, based on application, includes IT & Telecom, Retail, BFSI, Healthcare, Defense & Government, Manufacturing, Energy, and others. The defense & government segment generated the most revenue. Due to the sensitive information they hold, government and defense organizations constantly face a security threat from state-sponsored hacktivists. As a result, several governments all over the globe are making significant investments in enhancing their countries’ cyber security, which ultimately contributes to the segment’s growth.

The healthcare segment is anticipated to be the fastest-growing segment. Healthcare institutions use various information systems, including radiological information systems, practice management support systems, electronic prescriptions, among others, that store sensitive patient and hospital data. As a result, healthcare institutions are anticipated to use cyber security solutions to protect electronic resources and information from cyber-attacks consequently fuelling market expansion.

Cyber Security Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Cyber Security market will dominate, owing to early accessibility and implementation of new technology. In addition, the growing number of IT markets and their expanded businesses will boost market growth in this region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Cyber Security Market Share By Region 2022 (Usd Billion)


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Cyber Security market accounts for the second-largest market share due to increased cyber-attacks and the adoption of new technology. Further, the German Cyber Security market held the largest market share, and the UK Cyber Security market was the fastest-growing market in the European region.

The Asia-Pacific Cyber Security Market is projected to grow at the fastest CAGR from 2023 to 2032. This is due to the high deployment of cloud technologies, the growing number of data center constructions and the proliferation of IoT devices. Moreover, China’s Cyber Security market held the largest market share, and the Indian Cyber Security market was the fastest-growing market in the Asia-Pacific region.

Cyber Security Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Cyber Security market, grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Cyber Security industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Cyber Security industry to benefit clients and increase the market sector. In recent years, the Cyber Security industry has offered some of the most significant medical advantages. Major players in the Cyber Security market, including Cisco Corporation, Mcafee Corporation, Fortinet Inc., Trend Micro Inc., Cassidian Cybersecurity Company, Computer Science Corporation, Booz Allen Hamilton Corporation, Kaspersky Lab, Fireeye Inc., Symantec Corporation, and others, are attempting to grow market demand by investing in research and development operations.

Fortinet Inc. enables a digital world that we can always trust. The company aims to safeguard people, devices, and data worldwide. The major businesses, service providers, and governmental agencies worldwide use Fortinet to safely speed up their digital transformation. The Fortinet Security Fabric Platform offers comprehensive, automated, and integrated defenses against any digital threat, protecting vital hardware, information, software, and networks from the data center to the cloud. More than 635,000 customers choose Fortinet to safeguard their companies, giving it the top spot for the most security appliances supplied globally. For Instance: in February 2023, Fortinet launched the “Cybercrime Atlas” initiative. The initiative empowers businesses, threat intelligence researchers, and law enforcement to stop cybercrime globally. The initiative brings together world leaders to combat cyber threats, cover criminal activity, structures, and networks, and map the cybercrime landscape.

Key Companies in the Cyber Security market include

Cyber Security Industry Developments

March 2022: Mandiant, Inc launched a dynamic, vendor-neutral cyber security event program series of Mandiant Worldwide Information Security Exchange. mWISE brings together practitioners, leaders, and visionaries worldwide to identify developing trends, transform knowledge to alleviate cyber threats from collective action, and discuss best practices.

June 2022: Fortinet launched FortiRecon, a comprehensive Digital Risk Protection Services (DRPS) offering that manages a company’s advice, meaningful and risk posture action to protect its brand reputation, data, and enterprise assets. It provides a unique triple contribution of outside-in coverage Adversary-Centric Intelligence (ACI), and External Attacks Surface Management (EASM), Brand Protection (BP).

Cyber Security Market Segmentation

Cyber Security Component Outlook

  • Hardware

  • Software

  • Services

Cyber Security Type Outlook

  • Network Security

  • Endpoint Security

  • Application Security

  • Cloud Security

  • Others

Cyber Security Deployment Outlook

  • Cloud

  • On-Premises

Cyber Security Organization Outlook

  • Large Enterprises

  • SMEs

Cyber Security Application Outlook

  • IT & Telecom

  • Retail

  • BFSI

  • Healthcare

  • Defense & Government

  • Manufacturing

  • Energy

  • Others

Cyber Security Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2022 USD 120.5 Billion
Market Size 2023 USD 137.9 Billion
Market Size 2032 USD 407.6 Billion
Compound Annual Growth Rate (CAGR) 14.50% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Component, Security Type, Deployment, Organization Size, Applications, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled  Cisco Corporation, Mcafee Corporation, Fortine, Inc, Trend Micro Inc., Cassidian Cybersecurity Company, Computer Science Corporation, Booz Allen Hamilton Corporation, Kaspersky Lab, Fireeye Inc., Symantec Corporation
Key Market Opportunities IoT security plays an important role in the cybersecurity market Adoption of cloud-based cyber security solutions among SMEs
Key Market Dynamics Growing target-based cyber-attacks to draw operational disruptions Increasing demand for cyber-savvy boards

Frequently Asked Questions (FAQ) :

The cyber security market size was valued at USD 120.5 Billion in 2022.

The market is projected to grow at a CAGR of 14.50% during the forecast period, 2024-2032.

North America had the largest share of the market

The key market players are Cisco Corporation, Mcafee Corporation, Fortinet Inc, Trend Micro Inc., Cassidian Cybersecurity Company, Computer Science Corporation, Booz Allen Hamilton Corporation, Kaspersky Lab, Fireeye Inc, Symantec Corporation, and Others.

The hardware segment dominated the market in 2022.

The defense and government had the largest share of the market.

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