New York, July 13, 2023 (GLOBE NEWSWIRE) -- The global cyber security as a service market size is slated to expand at ~13% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 140 billion by the end of 2033, up from a revenue of ~USD 72 billion in the year 2022.The rise in cyberattacks around the world has contributed to the market's expansion. No matter how big or small a company is, it could be the target of a cyberattack, owing to the fact that every company has valuable resources (monetary or otherwise) that cybercriminals could potentially try to use against them. For instance, the FBI reports that between 2019 and 2021, 82% more ransomware complaints were filed to IC3 globally.
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Moreover, “home cyber security” refers to the protection of a network that connects devices such as computers, routers, smartphones, and Wi-Fi-enabled monitors and cameras, all of which are vulnerable to cyberattack. Hence, with increasing cyber threats, organizations are more determined to implement robust cyber security systems, which is predicted to boost market growth over the ensuing years. In addition to this, the increasing investment in technological development for a more reliable cyber service that cannot be easily hacked and rising research and development in the field of strong cybersecurity services are anticipated to propel market growth over the projected time frame. It was found that a modification of OpenAI's InstructGPT model, which is based on a large pool of data to answer questions, even denies unsuitable requests and defends the system from cyber-attacks, was released as ChatGPT (Generative Pre-Trained Transformer) in November 2022.
Growing Penetration of Social Media Cyber Crimes to Boost Cyber Security as a Service Market Growth
Threats, bullying, harassment, and stalking on social media are the offenses that are most frequently reported and observed. The explosive expansion of social networking has made it easier for hackers to commit online crimes. It was noted that attempts to hack into social media accounts and data breaches are two cybercrimes that drastically increased in the 2019-2020 period; according to a poll by the Cyber Crime Awareness Foundation, approximately 28.31% of all cybercrimes in 2020 were committed in this manner, up from 15.35% in 2019. This suggests that personal account hacking and theft increased by around 13% between 2019 and 2020. Additionally, Facebook, Twitter, and other social media platforms are among those that have a lot of private data. As a result, social media platform protection has become essential, which is estimated to drive market growth during the upcoming years.
Global Cyber Security as a Service Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
High Adoption of Smart Devices to Drive the Growth in the Asia Pacific Region
The cyber security as a service market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The growth of the market can be attributed to the increasing penetration of IoT (Internet of Things) and the increasing provision of smart security features in gadgets. It was noted that nowadays manufacturers are focusing on imbibing in-built security features, including warning alarms and sensors, for all smart devices, which can alert or warn the owners in case of a false attempt or if the device is being operated without their permission. Furthermore, the growing adoption of smart devices, including smartphones, laptops, and computers, in the region is responsible for elevating market growth. It was found that, with over 945 million smartphone users, China surpassed all other nations in the world in 2021. India, on the other hand, had nearly half the number of smartphone users as China. As China and India are the two nations with the greatest populations worldwide, they are also expected to remain stable and rule the smartphone user charts over the upcoming years. In addition to this, the rising investment in the IT sector, supported by the growing IT industries, and the need for safe and robust cyber security systems in the region are anticipated to drive cyber security as a service market growth over the years to come. It was noted that between April 2000 and June 2022, India's computer software and hardware industries received total foreign direct investment (FDI) inflows of ~USD 89 billion. Furthermore, the increasing awareness among people regarding cyber-security threats, higher investment by organizations in security systems, and the rising adoption of cyber-security services courses by youngsters in the region, mainly India, Japan, China, Korea, Hong Kong, and Singapore, are predicted to propel the market growth during the forecast period.
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Increasing Concerns Regarding Data Privacy and Security to Drive the Growth in the North America Region
The cyber security as a service market in the North American region is estimated to garner highest CAGR by the end of 2033. The growth of the market can be attributed to the increasing concerns regarding cyber-attacks and the growing penetration of ransomware threats in the region. Furthermore, the United States is a big industrialized economy that depends heavily on the internet, making it particularly vulnerable to cyberattacks. It was noted that ransomware, is now one of the most destructive and rapidly expanding categories of cybercrime. For instance, the Financial Crimes Enforcement Network of the U.S. Treasury declared that USD 590 million in ransomware-related activities occurred in the first half of 2021. Additionally, one of the commonest and most frequent sources of data breaches is stolen passwords, but the majority of individuals are still ignorant of credential security and data theft. For instance, according to statistics on cybercrime, over 68% of Americans have never once looked to determine if they have ever been compromised by a data breach. In addition to this, the increasing investment by key market players in the region in the development of the latest secure digital devices, backed by the growing expenditure by the government on a cyber-security system, is predicted to fuel cyber security as a service market. It was found that the US government has proposed a ~USD 11 billion budget for cyber security for the fiscal year 2023, an increase over the preceding fiscal year.
Cyber Security as a Service Segmentation by Security Type
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
The cloud security segment in the cyber security as a service market is anticipated to hold the largest revenue by the end of 2033. By preventing harmful online traffic, a cloud security system adds an extra layer of security around cloud assets. Cloud firewalls are hosted in the cloud and provide a virtualized security gate around cloud infrastructure, in contrast to traditional firewalls, which are housed on-premise and protect the network perimeter. Additionally, the data kept on cloud servers is encrypted. They are jumbled as a result, which makes it much more difficult for hackers to access them. Hence, the growth of the segment can be attributed to the increasing adoption of cloud-based data security systems across the globe, owing to their unique features and characteristics. Authorities in advanced economies have long shifted their focus away from antiquated security systems and toward more cloud-based security system solutions. It is believed that by 2025, more than 100 zettabytes of data—or almost 50% of all data worldwide—are anticipated to be stored on the cloud.
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Cyber Security as a Service Segmentation by Industry Verticals
- Aerospace & Defense
- BFSI
- Public Sector
- Retail
- Healthcare
- IT & Telecom
- Energy & Utilities
- Manufacturing
The BFSI segment in the cyber security as a service market is anticipated to hold the largest revenue by the end of 2033. Cyberattacks are thought to cause significant financial losses for clients and institutions through fraudulent transactions. Attackers who take private information from a banking establishment may sell it. As a result, BFSI organizations are shifting from being reactive to proactive in their response to cyberattacks so that they can better understand the attacks and protect their assets. Furthermore, the rising investment in the BFSI sector across the world is predicted to boost segment growth over the forecast period. For instance, according to estimates, India's BFSI sector is currently worth over USD 1 trillion and is anticipated to expand further over the upcoming years. In addition to this, the increasing usage of mobile banking and other financial mobile applications, backed by the growing usage of digital devices including mobile phones and laptops, is anticipated to drive market growth. In one of the polls done in the USA in 2018, it was discovered that 78% of families had a desktop or laptop and 84% had a smartphone.
Cyber Security as a Service Segmentation by End-User
- Large Enterprises
- Small & Medium Enterprises
Few of the well-known market leaders in the cyber security as a service market that are profiled by Research Nester are Cisco Systems, Inc., IBM Corporation, Microsoft, Check Point Software Technologies Ltd., Oracle, Trend Micro Incorporated., Cyber Ark Software Ltd., FireEye., Imperva, ProofPoint, Inc., and other key market players.
Recent Development in the Cyber Security as a Service Market
- Microsoft announced the beginning of a national initiative to assist community institutions in increasing the number of cybersecurity professionals.
- Over 500,000 milk farmers who collaborate with Milk Producer Companies will benefit from the hybrid cloud solutions that Airtel Business and IBM has launched in December 2021. These producer companies will be able to securely keep and retrieve important information about their members thanks to cloud based security and data management system.
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