Pune, India, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The global cyber security market size was valued at USD 153.65 billion in 2022 and is projected to reach USD 424.97 billion in 2030, exhibiting a CAGR of 13.8% during the forecast period. Increasing implementation of enterprise security solutions in manufacturing, Banking, Financial Services, and Insurance (BFSI), and healthcare is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled Cyber Security Market Forecast, 2023-2030.
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Key Industry Development
Fortinet, Inc. launched the “Cybercrime Atlas” initiative to empower businesses, law enforcement, and threat intelligence researchers. It is taken up to stop cybercrime on a global scale. This initiative brings together world leaders to combat cyber threats, map the cybercrime landscape, and cover criminal activity, networks, and structures.
Key Takeaways
- Network Security had Highest Share in 2023 Due to Increasing Number of Network Enterprises
- Rapid Growth of Security Solutions across Healthcare and Government Sectors during Pandemic Led to Market Growth
- Integration of Technologies such as the Internet of things (IoT), Machine Learning, and Cloud to Drive the Market Growth
- Rising Number of E-commerce Platforms to Drive the Market Growth
Discover the Leading Players Featured in the Report:
“Companies leading the Cyber Security Market share are Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Fortinet, Inc. (U.S.), Proofpoint, Inc. (U.S.), Microsoft Corporation (U.S.), Palo Alto Networks, Inc. (U.S.), Zscaler, Inc. (U.S.), Broadcom, Inc. (U.S.), F5 Networks, Inc. (U.S.), Check Point Software Technologies (Israel), Sophos Ltd. (U.K.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13.8% |
| 2030 Value Projection | USD 424.97 Billion |
| Base Year | 2022 |
| Cyber Security Market Size in 2022 | USD 153.65 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments Covered | Security Type, Enterprise Size, Industry and Geography |
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Drivers and Restraints
Rising Number of E-Commerce Platforms to Drive Market Trajectory
The rising number of e-commerce platforms and technological technologies such as artificial intelligence, cloud, and block chain have amplified the internet security solutions in a connected network infrastructure. The governments of countries such as India, Germany, France, Israel, and Brazil, and others have been investing in internet security solutions to secure their huge volume of confidential data and information.
However, high cost of implementation and internet security solutions and services impede the adoption of cyber security solutions by SMEs, which is anticipated to hinder market development.
Segments
By Security Type
- Network Security
- Cloud Application Security
- End-point Security
- Secure Web Gateway
- Application Security
- Others
By Enterprise Size
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Industry
- BFSI
- IT and Telecommunications
- Retail
- Healthcare
- Government
- Manufacturing
- Travel and Transportation
- Energy and Utilities
- Others
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights
North America to Lead Market Due to Increasing Number of Online E-Commerce Platforms
North America is expected to dominate the cyber security market share as the demand for cloud-based security solutions rises and high-section security breaches are also on the rise. The market stood at USD 67.77 billion in 2022 due to increasing number of online e-commerce platforms, thereby boosting the cyber security market growth in the U.S. and Canada.
Europe is anticipated to have a notable CAGR due to increasing number of internet security projects and related investments by major companies in the U.K., Germany, Spain, France, Italy, and others.
Asia Pacific is also expected to witness significant growth due to increasing number of service providers, government investments, and foreign investors in various security projects.
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Competitive Landscape
Cisco Systems, Inc. Acquired Kenna Security, Inc. to Minimize the Attack Surface
Cisco Systems, Inc. has been focusing on enhancing its network capabilities by integrating various technologies such as machine learning and advanced analytics. Cisco Systems offers comprehensive internet security solutions based on network-related areas. In May 2021, Cisco Systems, Inc. acquired Kenna Security, Inc. to minimize the attack surface and the time it takes for identification and responding. Kenna's risk-based vulnerability management system is used to quickly detect, prioritize, and address cyber issues by working cross-functionally.
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