“Small and Medium-sized Enterprises (SMEs) have limited budgets due to which these organizations prefer consulting before implementing any solutions, supporting segment growth in the market. Several organizations are subscribing to cyber security services as part of their efforts to build a robust security structure for mitigating cyberattacks.”
The global cyber security market size was estimated at USD 222.66 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 12.3% from 2023 to 2030. A growing number of cyber-attacks owing to the proliferation of e-commerce platforms, emergence of smart devices, and deployment of cloud are some key factors propelling market growth. Moreover, increasing usage of devices equipped with the Internet of Things (IoT) and intelligent technologies is expected to increase cases of cyber threats. As such, end-user organizations are anticipated to integrate advanced cyber security solutions to mitigate cyber-attack risk, supporting the cyber security market growth.
“Professional services segment held the highest market share of 72.3% in 2022, owing to rising demand for professional services, such as physical security testing, enterprise risk assessment, and penetration testing.”
With cyber environment emerging as a highly integrated system, need for an adaptive, multi-layered, and self-learning security system has become imperative. In addition, factors such as emergence of mobile-networked devices, prevalence of electronic communications, growth of social media, and an increasing reliance on Big Data have created a need for defense cybersecurity system to be updated with the changing cyber threat scenario. Governments have increased their spending on cybersecurity solutions to protect devices and confidential data from cyberattacks, supporting market growth.
Advancements in emerging technologies, such as AI in cyber security, Machine Learning (ML), big data analytics, IoT, 5G, edge computing, and cloud computing, are allowing market players to introduce new solutions based on these technologies, attract potential business clients, and expand their revenue streams.
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