According to a recent study by Grand View Research Inc., the global cyber security market is expected to reach a size of USD 500.70 billion by 2030, exhibiting a robust CAGR of 12.3% from 2023 to 2030. The COVID-19 pandemic witnessed a surge in cyber-attacks, leading to increased demand for cyber security solutions in 2020. This upward trend is anticipated to continue post-pandemic as more organizations adopt hybrid working models and bring-your-own-device (BYOD) policies, resulting in a rise in endpoint devices and anonymous network access, thereby posing risks to IT systems.
Key Insights from the Report:
Hardware Segment to Experience High Growth: The hardware segment is expected to grow at a rate exceeding 12% during the forecast period due to the deployment and upgrading of new hardware to support advanced cyber security solutions.
Cloud Security Holds Highest Revenue Share: In terms of infrastructure protection, cloud security accounted for over 25% of the revenue share in 2022. Government initiatives focusing on critical infrastructure are anticipated to drive the growth of this segment.
IDS/IPS Segment Shows Significant Growth: The IDS/IPS (Intrusion Detection System/Intrusion Prevention System) segment is projected to register the highest growth rate of over 10% during the forecast period. The increasing need for real-time threat detection across unknown networks is expected to fuel market growth.
Managed Services Segment to Witness Rapid Growth: The managed services segment is predicted to grow at the highest rate, attributed to the increasing number of organizations outsourcing IT security services such as consultation, implementation, and maintenance.
On-Premises Solutions Preferred by Large Organizations: The on-premises segment held the largest market share of over 60% in 2022. Large organizations prefer on-premises solutions to maintain the confidentiality of their business information.
Strong Market Share for Large Enterprises: Large enterprises accounted for a significant market share of over 60% in 2022 due to increased investment in IT security solutions to protect numerous endpoint devices and IT infrastructure equipment.
Government/Defense Sector’s Substantial Market Share: The government/defense segment contributed to over 20% of the overall market in 2022. This high share is attributed to the growing investments by governments worldwide to strengthen defenses against cyber-attacks.
Asia Pacific to Lead in Growth: Asia Pacific is expected to witness the fastest growth during the forecast period, driven by the proliferation of endpoint devices and the increasing number of data center constructions.
The market’s expansion is fueled by the introduction of advanced cyber security solutions, the rising cost of data breaches, enterprise mobility trends, and stringent government regulations. However, challenges such as a shortage of skilled IT professionals and the use of unlicensed cyber security software may impede market growth. Despite these obstacles, organizations are urged to prioritize cyber security solutions to combat the evolving threat landscape and comply with data protection laws.
Source: “Cyber Security Market Size, Share & Trends Analysis Report By Component, By Security Type, By Solution, By Services, By Deployment, By Organization Size, By Applications, By Region, And Segment Forecasts, 2023 – 2030” – Grand View Research.
