Cyber Security Market Analysis And Trends By Segmentations, Top Key Players, Geographical Expansion, Future Development & Forecast -2027
MarketsandMarkets forecasts the global cyber security market size is expected to grow from an estimated value of USD 173.5 billion in 2022 to 266.2 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 8.9% from 2022 to 2027. Increment in target-based cyberattacks that causes operational disruptions, Cybersecurity Mesh Architecture (CSMA) approaches becoming more popular, and the rising demand for cyber-savvy boards are some factors driving the cyber security market growth.
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By deployment mode, the cloud segment is projected to grow with a higher CAGR during the forecast period
The cyber security market’s fastest growing subsegment is cloud deployment. Organizations may save money by using cloud-based cyber security solutions since they don’t need to invest in expensive hardware, software, storage, or technical staff. They give businesses more IT security, speed, and scalability. Through SaaS-based security services, cloud-based systems provide a single approach to protecting company applications. These platforms are useful for businesses with limited funds for security investments. As this delivery method satisfies IT security requirements, demand for cloud-based cyber security solutions is rising quickly. Large corporations and SMEs are switching from conventional on-premises cyber security solutions to cloud-based ones as more cloud-deployed applications. As cloud cyber security solutions are simple to maintain and update, the cloud deployment mode is expanding. Additionally, using cloud-based security solutions may free up resources for organizations to concentrate on their core operational functions rather than continually investing in capital infrastructure for IT security. Therefore, the cloud segment has the highest CAGR during the forecasted period.
By security type, the application security segment to hold a larger market size during the forecast period
One of the elements that are anticipated to influence the market growth of the application security sector is the rising number of mobile devices. With the rise in mobile devices, the need to protect apps has grown significantly in importance for enterprises as the use of mobile applications has increased. Attackers frequently target business-sensitive apps because they include data about important organizational resources and procedures. Many firms prioritize network security above application security, which leaves them vulnerable to attacks and creates a security gap. Mobile application security guarantees business process visibility and transparency, as well as the confidentiality of data, moved across mobile applications. Online application security includes identifying the complete perimeter of a web application, scanning it for vulnerabilities, and protecting it against attacks like SQL injections, cross-site scripting, DoS attacks, and other critical suspicious behaviours. With an increment in advanced cyberattacks on APIs, organizations worldwide adopt application security solutions, thereby driving market growth.
What is Cybersecurity?
MarketsandMarkets defines cyber security, as a set of technologies, processes, and practices to fortify critical systems such as networks, physical devices, programs, information from unauthorized access, insider threats, and malicious attacks. These cyberattacks can affect the data transmission across the networks, cause operational disruptions, and result in money extortion/ransomware.
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Unique Features in the Cyber Security Market:
It is distinguished primarily by its ongoing evolution, which is fueled by the always shifting threat scenario. The market must quickly adapt and innovate to address these new difficulties as cyber attacks continue to become more sophisticated and diverse. The Cyber Security Market is consequently very dynamic, with ongoing improvements in security technologies and procedures.
Adoption of multi-layered defence tactics is a fundamental feature of the market. Organisations employ a variety of technologies and procedures to build a strong defence, as opposed to depending solely on one security solution. This multi-layered strategy involves, among other things, components like firewalls, intrusion detection systems, encryption, and user training. This multifaceted defence method is intended to withstand numerous attack routes and offer complete security.
Furthermore, cybersecurity awareness training is given a lot of attention in the market. Organisations engage in teaching staff on cybersecurity best practises because they understand that human error is a big threat. By ensuring that staff members are aware and alert to possible dangers, this proactive approach helps lower the likelihood of social engineering assaults like phishing.
Zero Trust principles are being adopted, which is a major development in the cyber security industry. Zero confidence advocates for ongoing verification and questions the conventional idea of confidence in a network. In this method, access to resources is never granted on the basis of trust; instead, individuals and devices must continuously demonstrate their identity and security posture. By decreasing the attack surface and strengthening access controls, this change improves security.
Major Highlights of the Cyber Security Market:
The market first and foremost functions in a danger environment that is continually changing. Cyber enemies are always creating new attack methods and finding weaknesses. In order to combat these changing dangers, the cyber security market is always adapting, innovating, and advancing. It is a crucial and extremely dynamic area in the digital age because of this dynamism.
Ransomware mitigation tools have become more prevalent on the market as a result of the rise in ransomware assaults. These solutions aid businesses in being ready for, dealing with, and recovering from ransomware outbreaks, which continue to be a serious danger.
Sharing collaborative threat intelligence is an essential technique in the cyber security industry. To jointly improve cybersecurity defences, organisations share threat information with industry groups, government agencies, and their peers. In order to resist increasingly complex dangers, cooperation is essential.
Finally, the adoption of blockchain technology for security applications demonstrates the market’s flexibility and dedication to cutting-edge security measures. In an increasingly digital environment, blockchain adds an additional layer of safety by enhancing digital identity security and guaranteeing the integrity of data and transactions.
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Competitive overview:
The cyber security market is led by some of the globally established players such as IBM, Cisco, Check Point, Trellix, Trend Micro and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.
IBM is a computer, technology, and IT consulting corporation. The company offers cyber security solutions, including IAM, cloud security, application security, network projection, intelligence and operations, data protection, and endpoint security. It also offers cyber security services, including data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance. IBM’s security division offers next-generation security threat intelligence solutions and services in the cybersecurity market. The company offers its services to various industries including supply chain, financial services, automotive, real estate, food safety, identity, and international trade. It has a global reach in North America, Europe, Middle East and Africa, Asia Pacific, and Latin America.
Apart from large vendors, some SMEs, and start-ups such as DataVisor, RevBits, WiJungle, BluVector, Aristi Labs, Imperva, Securden, Algosec, Cynet, and Nozomi Networks are also evolving in the cyber security market. The primary goals of RevBits cyber security are the creation of cutting-edge security software and unmatched cyber incident services. It offers cyber security products and services dedicated to producing cutting-edge security software and unequaled cyber incident services. The company’s software solutions protect organizations in the following areas: endpoint security, next-generation anti-phish and privileged access management. All solutions may be managed through a unified dashboard interface, the RevBits Cyber Intelligence Platform. This single sign-on environment allows administrators to customize their management dashboard and delivers cross-platform alert notifications.
According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onwards, companies are expected to follow organic growth strategies to provide cyber security solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.
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