The cyber security market involves a wide range of security software, hardware appliances, and services designed to protect networks, computers, programs and data from damage or unauthorized access. Cyber threats such as malware, distributed denial of service (DDoS) attacks, and advanced persistent threats (APTs) have risen exponentially in recent years. Cyber security solutions provide identity and access management, risk and security management, data leak prevention, encryption, and intrusion prevention. The growing adoption of cloud, mobile, IoT devices as well as their associated data security risks are propelling the need for robust cyber security solutions. 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 market 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. The growing need to securely manage IoT devices and the access to sensitive data through hybrid cloud environments is creating significant opportunities for cyber security vendors. Advancements in cloud security, AI-driven threat detection, and security incident & event management (SIEM) solutions are allowing organizations to better respond to the dynamic threat landscape.
Market drivers
The proliferation of connected devices and the rapid adoption of cloud, mobile and IoT technologies have drastically expanded the attack surface for cyber criminals. According to estimates, there will be over 25 billion connected devices by 2025 with an exponential rise in the volumes of data created and shared digitally. This is driving the need for robust identity and access management, data protection, and endpoint security solutions. Stringent data privacy regulations such as GDPR are also compelling organizations across industries to strengthen their security postures. The cost of cyber breaches and downtime remains exceedingly high, averaging at over $3 million per incident. This is prompting enterprises to increase their investments in advanced cyber security measures and managed security services.
Current challenges in Cyber Security Market:
The cyber security market is facing various challenges currently. With increasing global interconnectivity and rising adoption of digital technologies, the risk of cyber threats and cybercrimes is also growing rapidly. The sophistication of these attacks is also increasing continuously as attackers are adopting more advanced techniques like artificial intelligence. This is making it difficult for organizations to detect and mitigate all threats. Lack of skilled security experts is another major problem hampering the growth of this industry. Most companies are facing challenges in recruiting and retaining cybersecurity professionals. The cost of implementing robust security measures is also quite high for many small and medium enterprises. Ensuring cyber security of critical infrastructure also poses difficulties due to their complex nature and diverse legacy systems. Maintaining complete visibility of hybrid network environments is a challenge for organizations.
SWOT Analysis
Strength: Growing investments in cybersecurity solutions to tackle risks. Wide range of solutions covering different security requirements.
Weakness: Lack of awareness among users can compromise security. Highly dynamic threat environment makes protection difficult.
Opportunity: Growth in new technologies expanding addressable market. Increasing regulatory mandates boosting security spending.
Threats: Sophisticated attacks exploiting unknown vulnerabilities. Insider threats and human errors posing security risks.
Geographical regions with high market concentration in terms of value:
North America currently holds the largest share of the global cyber security market mainly due to stringent data protection regulations and rising incidence of cybercrimes in the region. The Asia Pacific market is also growing significantly attributed to rapid digitalization and increasing threat landscape in major countries like China, India and Japan. Europe is another prominent regional market spurred by strict cybersecurity laws like GDPR for ensuring data privacy of citizens.
Fastest growing region:
The Asia Pacific region is poised to be the fastest growing market for cybersecurity during the forecast period from 2024 to 2031. This can be ascribed to factors like advancing digital infrastructure, widespread adoption of cloud computing and IoT solutions among companies. Strong economic growth in Asian countries is also augmenting investments and spending on cybersecurity controls to protect critical data and systems from cyberattacks. Government initiatives to strengthen cyber defenses will further propel the cyber security industry across Asia Pacific in coming years.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
