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Cyber Security Market: Analyzing its Market Dynamics, Emerging Trends, and Competitive Scenario, 2021-2030

The global cyber security market size was valued at $197.36 billion in 2020, and is projected to reach $478.68 billion by 2030, growing at a CAGR of 9.5% from 2021 to 2030.
Published 21 June 2024

As per the report published by Allied Market Research, the cyber security market accounted for $197.36 billion in 2020 and is expected to reach $478.68 billion by 2030, growing at a CAGR of 9.5% from 2021 to 2030. The study highlights the key strategies, drivers, competition, market dynamics, size, and important investment regions. 

Key Highlights of the Study: 

  • The increasing prevalence of malware and phishing threats among organizations is expected to drive the growth of the cyber security market. 
  • The growing adoption of mobile applications and platforms is anticipated to increase the demand for robust cyber security solutions in the future. 
  • The North America region is predicted to continue a steady growth over the estimated period.  

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Prime Factors Influencing the Growth of the Industry 

The cyber security market has experienced prominent growth, driven by the rising malware and phishing threats among enterprises. Moreover, the growing adoption of IoT and BYOD among businesses, due to the increasing vulnerability of devices to advanced persistent threats (APTs), is predicted to increase the demand for cyber security solutions in the upcoming years. Also, the surge in the demand for cloud-based cyber security solutions is anticipated to boost the growth of the landscape over the forecast period. In addition, the growing adoption of mobile device applications and platforms has increased the need for strong authentication methods, transforming the sphere of the traditional antivirus software industry. This is expected to offer remunerative opportunities for the industry over the estimated timeframe.   

Recent Developments in the Landscape 

Integration of AI: Over the past few years, AI has gained huge popularity in cyber security. AI’s advanced data analysis capabilities are increasingly used for identifying and predicting cyber threats, enhancing the quality of early detection systems. Along with this, machine learning algorithms are evolving to better recognize and respond to new threats, improving defensive measures over time.  

IoT Security: This comprises the development of robust and standardized security protocols for IoT devices. It includes universal encryption standards and mandatory security certifications for new sets of gadgets. Additionally, the integration of AI and ML algorithms into IoT systems can help monitor unusual patterns, enabling quicker response to threats.  

Zero Trust Security: This concept has gained significant momentum in the landscape of cyber security. At its core, Zero Trust operates on the principle of "never trust, always verify."  Unlike traditional security models, the Zero Trust model assumes that threats can exist both outside and inside the network. Implementing Zero Trust involves a comprehensive approach encompassing various aspects of cybersecurity, including user authentication, endpoint security, and least-privilege access, thereby mitigating the risks posed by insider threats and lateral movement of attackers within a network. 

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Segmental Overview 

The global cyber security market is bifurcated into various segments based on component, solution, deployment model, enterprise size, and industry vertical. Based on component, the solution segment is expected to hold the largest market share due to the increasing demand for software-based cyber security solutions across organizations for controlling precise log-in network traffic roadmaps in the modern IT infrastructure. Moreover, based on solution, the data security and privacy service offering segment held the highest market share in 2020 and is estimated to maintain its leadership status throughout the forecast period, owing to a rise in incidents of cyberattacks in the IT sector that causes loss of assets & data and damages brand equity.  

In addition, based on deployment model, the cloud segment is projected to manifest the highest CAGR from 2021 to 2023 due to an increase in the usage of mobile devices and a surge in demand for scalable, agile solutions across organizations. Furthermore, based on enterprise size, the large enterprise segment accounted for the largest share in 2020, owing to the increase in instances of cyberattacks among large enterprises in recent years. By industry vertical, the BFSI segment held the maximum market share in 2020 due to the increase in the number and frequency of cyberattacks in the BFSI sector. 

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Regional Analysis 

The industry is also evaluated across several regions including North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the biggest share in 2020 and is expected to retain its position during the forecast period. This is mainly due to the increase in cloud-enabled activities and growth in cloud marketplace trends such as the adoption of multi & hybrid cloud environments and private cloud repatriation in the region. 

Competitive Landscape 

  • Wipro Limited 
  • Accenture 
  • Tech Mahindra Limited 
  • Broadcom Inc. 
  • Tata Consultancy Services 
  • Capgemini 
  • PwC International Limited Broadcom Inc. 
  • Cognizant 
  • L&T Technology Services Limited 
  • F5 Networks Inc. 
  • Infosys Limited 
  • FireEye Inc. 
  • IBM Corporation 
  • HCL Technologies Limited 

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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