The rise in malware and phishing threats among enterprises and the increase in the adoption of IoT and BYOD trends are boosting the growth of the cyber security market. In addition, the surge in demand for cloud-based cybersecurity solutions positively impacts the growth of the market.
PORTLAND, Ore. , Sept. 19, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Cyber Security Market by Component (Solution and Service), Solution (Identity & Access Management, Infrastructure Security, Governance Risk & Compliance, Unified Vulnerability Management Service Offering, Data Security & Privacy Service Offering and Others), Deployment Model (Cloud and On-premise), Enterprise Size (Large Enterprises and SMEs) and Industry Vertical (Telecom, Automotive, BFSI, Public Sector, Retail, Healthcare, IT, Energy & Utilities, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030″. According to the report, the “cyber security market” 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.
The rise in malware and phishing threats among enterprises and the increase in the adoption of IoT and BYOD trends are boosting the growth of the cyber security market. In addition, the surge in demand for cloud-based cyber security solutions positively impacts the growth of the market. However, budget constraints among organizations and complexities of device security hamper the market growth. On the contrary, the increase in adoption of mobile device applications and platforms, the need for strong authentication methods, and the transformation in the traditional antivirus software industry are expected to offer remunerative opportunities for the expansion of the market during the forecast period.
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The enterprise size segment held the highest market share in 2020.
By enterprise size, the large enterprise segment dominated the market in 2020, this dominance can be attributed to the high volume of sensitive data and critical infrastructure large enterprises need to protect, as well as their greater financial capacity to invest in advanced cybersecurity solutions. With increasing cyber threats, such as ransomware attacks, data breaches, and sophisticated phishing schemes, large organizations are heavily investing in comprehensive security systems, including firewalls, intrusion detection, threat intelligence, and incident response. However, the SMEs segment is expected to witness the largest CAGR of 10.9%, this growth is driven by the increasing awareness among small and medium-sized enterprises (SMEs) of the rising threats posed by cyberattacks, such as data breaches, phishing, and ransomware. As SMEs often lack the robust IT infrastructure of larger corporations, they are becoming prime targets for cybercriminals, which has accelerated their adoption of cybersecurity solutions.
The BFSI segment held the highest market share in 2020.
By industry vertical, the BFSI segment accounted for the largest share in 2020. This dominance is driven by the critical need for data protection and fraud prevention in the financial sector, where organizations handle vast amounts of sensitive personal and financial information. With the growing digitization of banking services, online transactions, and mobile banking, the BFSI sector has become a primary target for cyberattacks such as data breaches, identity theft, and phishing. However, the healthcare segment is expected to witness the largest CAGR of 6.5%. This growth is driven by the increasing digitalization of healthcare services, including electronic health records (EHRs), telemedicine, and connected medical devices, which have significantly expanded the attack surface for cybercriminals. The healthcare sector is highly vulnerable to cyberattacks, such as ransomware and data breaches, due to the sensitive nature of patient data and the critical need for uninterrupted medical services.
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Regional Insights: The North America region held the highest market share in 2020.
By region, the cyber security market was dominated by North America in 2020. driven by its advanced technological infrastructure, high level of digitalization, and significant investment in cybersecurity solutions. The U.S., in particular, led the charge with substantial expenditures on cybersecurity to protect critical infrastructure, financial systems, and sensitive data from escalating cyber threats.
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Key Industry Developments
In March 2024, The U.S. raised $25 million in investment to protect the nation from malicious cyber actors and cyber campaigns. These investments work on countering emerging cyber threats, enhancing federal cybersecurity measures, safeguarding federal cyberspace and critical infrastructure, and ensuring robust disaster resilience, response, and recovery mechanisms.
In October 2023, Japan announced a $6.7 million cyber defense project to integrate locally developed security software into government computers by 2025. The platform will be compatible with Microsoft security software installed in most of the covered devices.
In March 2021, the Government of Canada launched the Cyber Security Innovation Network program. This program is being launched with an investment of $80 million. The program will fund the creation of a national network composed of multiple centers of expertise on cyber security that are affiliated with post-secondary institutions from across Canada, in collaboration with partners in the private sector, not-for-profits, provincial/territorial/municipal governments, and other Canadian post-secondary institutions.
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