The practice of defending systems, networks and programs against online attacks is known as cybersecurity. These cyberattacks typically aim to access, alter, damage, or destroy sensitive data while interfering with business operations. The importance of cybersecurity against online threats has increased in the modern, evolving digital environment.
The market worth of cybersecurity in 2021 was USD 216.10 billion and will reach USD 478.68 billion by 2030 at a 9.5% CAGR during 2021-2030.
Due to the rapidly rising cybercrimes, frauds, threats, risks, and vulnerabilities, it has become essential among organizations. The cybersecurity market is expanding due to several factors, such as an increase in the frequency and sophistication of cyber threats, the emergence of disruptive digital technologies, and strict data protection regulations for information security.
Increasing adoption of e-commerce platforms and the emergence of technologies like AI and IoT boosting the market growth
Citizens, businesses, the private sector, and the public sector all now prioritize cybersecurity. Cybercriminals now have more opportunities to exploit vulnerable networks or systems thanks to the increasing adoption of E-commerce platforms, developments in disruptive technologies like IoT and AI, and the proliferation of connected devices. Such cybercrimes may cause irreparable financial loss, the loss of vital and confidential data, and damage to any organization’s or person’s reputation. The adoption of cybersecurity solutions for individual systems or connected network ecosystems is being driven by such threats more and more.
Increasing adoption of cloud-based security
The market for cyber security will grow due to the rising usage of cloud-based security solutions for cyber security in multiple workloads, including data backups, encryption, firewall, mobile, and web security to protect against attacks like ransomware, mitigating web exploits, preventing external DLLs from loading, and java applications.
Costs for cloud-based services are lower in comparison because no IT infrastructure needs to be set up. Because of this, small and medium-sized businesses spend less money on enhancing their cybersecurity application. As a result, many businesses are adopting cyber security strategies to safeguard their cloud workloads without running the risk of cyber security threats.
Emerging companies frequently struggle to find the money and resources to implement cybersecurity solutions in developing nations in MEA, Latin America, and APAC. Lack of capital funding and security professionals may be a major obstacle for some small and medium-sized businesses in adopting the cybersecurity strategy.
On the basis of components, the market for cybersecurity is segmented into solutions and services.
In 2021, the service segment maintained the largest market position, with 50% of the market share. This is due to the growing demand from small and medium businesses for consultation and maintenance, and upgrade services. Due to their small teams and tight budgets, SMEs frequently consult with other organizations before implementing any solutions. Additionally, the pandemic outbreak increased the use of cyber security services because several businesses planned to improve their network and IT security, manage remote workers, and guard against threats from untrusted networks and devices.
On the basis of solution, the market is segmented into governance risk & compliance, identity & access management, infrastructure security, and others.
The identity & access management segment ruled the entire market in 2021 with 25% of the market share. It is due to the rise in mobile endpoint devices that put the company at risk of cyberattacks and data breaches. Additionally, the growing need to regulate user access to vital information during the pandemic is anticipated to support market expansion. IAM solution adoption is also anticipated to be influenced by the need to automate, monitor, and track end-user activities and security incidents.
On the basis of the deployment model, the market for cybersecurity is segmented into cloud and on-premise.
The largest market position was contributed by the cloud-based segment in 2021. Given that they have vital business information databases, many large organizations prefer full ownership of the solutions and upgrades, ensuring the highest level of data security.
In 2021, North America had the largest market share, followed by Europe. The early availability and implementation of new technologies have facilitated the expansion of the North American market. Additionally, the large global capital and IT market and their diverse range of businesses necessitate effective endpoint device management and protection across unidentified networks. Such factors are pressuring major corporations and small and medium-sized businesses (SMEs) throughout the region to increase their spending on cybersecurity solutions, which is anticipated to support market expansion.
Key Players analysis
- HCL Technologies Limited
- IBM Corporation
- PwC International Limited Broadcom Inc.
- Infosys Limited
- F5 Networks Inc.
- Tech Mahindra Limited
- Tata Consultancy Services
- FireEye Inc.
- Broadcom Inc.
- L&T Technology Services Limited