Cyber Security Market Expected to Show a Significant Growth During the Forecast Period 2022 – 2030

Posted on 2022-06-14 by researchinsights in Technology // 0 Comments

San Francisco, California , USA, June 14, 2022 — /EPR Network/ —

Cyber Security Industry Overview

The global cyber security market size was valued at USD 184.93 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.0% from 2022 to 2030.

The increasing number of cyber-attacks with the emergence of e-commerce platforms, deployment of cloud solutions, and proliferation of smart devices are some of the factors driving the market growth. Cyber threats are anticipated to evolve with the increase in usage of devices with intelligent and IoT technologies. As such, organizations are expected to adopt and deploy advanced cyber security solutions to detect, mitigate, and minimize the risk of cyber-attacks, thereby driving market growth.

Cyber security experienced a slight dip in 2020 due to the closure of several organizations during the first and second quarters of 2020. However, the market started recovering by the end of the second quarter owing to several firms deploying cyber security solutions with the implementation of remote working culture. Employees used personal devices for business work while connecting through private Wi-Fi or anonymous networks, putting the company’s security at risk. As such, several organizations adopted cyber security solutions the manage and secure the increased number of endpoint devices while also getting protection from network threats.

Gather more insights about the market drivers, restrains and growth of the Global Cyber Security Market

The cyber security market is expected to continue its growth post-pandemic due to the hybrid working trend that is anticipated to stay over the future. Several employees are expected to continue working from home or remote premises with the increasing BYOD trend. According to data published by Nine2FiveJobSearch.com, before the pandemic, 29% of the U.S. workforce had an option of working from home on a part-time basis, which increased to 50% of the workforce working from home in 2020. The risk of cyber-attacks is expected to grow with the emerging BYOD and hybrid working trend, which is expected to drive the adoption of cyber security solutions and fuel market growth.

Several organizations incur significant losses in terms of loss of revenue, brand reputation, unplanned workforce reduction, and business disruptions due to data breaches. Companies have to spend a considerable amount of money to recover from these losses and mitigate the risks evolving from data breaches. According to a report published by IBM in 2021, the average cost of data breaches for an organization amounted to USD 4.87 million, an increase of 10% over 2020. As such, organizations are engaged in deploying advanced cyber security solutions to detect cyber threats and provide a response, thereby helping in cutting down data breach costs.

Cyber security companies are engaged in developing security solutions with AI that helps organizations automate their IT security. Such solutions enable automated threat detection and remediation, allowing IT professionals to reduce the efforts and time required to track malicious activities, techniques, and tactics. These solutions offer real-time monitoring and identification of new threats while also responding autonomously. This helps the security teams analyze the filtered breach information and detect and remediate cyber-attacks faster, thereby reducing security incident costs.

Browse through Grand View Research’s Network Security Industry Research Reports.

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Cyber Security Market Segmentation

Grand View Research has segmented the global cyber security market based on component, security type, solution, services, deployment, organization size, application, and region:

Cyber Security Component Outlook (Revenue, USD Million, 2018 – 2030)
- Hardware
- Software
- Services
Cyber Security Type Outlook (Revenue, USD Million, 2018 – 2030)
- Endpoint Security
- Cloud Security
- Network Security
- Application Security
- Infrastructure Protection
- Data Security
- Others
Cyber Security Solution Outlook (Revenue, USD Million, 2018 – 2030)
- Unified Threat Management (UTM)
- IDS/IPS
- DLP
- IAM
- SIEM
- DDoS
- Risk and Compliance Management
- Others
Cyber Security Services Outlook (Revenue, USD Million, 2018 – 2030)
- Professional Services
- Managed Services
Cyber Security Deployment Outlook (Revenue, USD Million, 2018 – 2030)
- Cloud-based
- On-premises
Cyber Security Organization Size Outlook (Revenue, USD Million, 2018 – 2030)
- SMEs
- Large Enterprises
Cyber Security Application Outlook (Revenue, USD Million, 2018 – 2030)
- IT & Telecom
- Retail
- BFSI
- Healthcare
- Defense/ Government
- Manufacturing
- Energy
- Others
Cyber Security Regional Outlook (Revenue, USD Million, 2018 – 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa

Market Share Insights

August 2021: Palo Alto Networks introduced an upgraded version of its Cortex XDR platform. The new version is expected to expand the investigation, monitoring, and detection capabilities, thereby offering broader and enhanced protection to the security operation center (SOC) teams.

Key Companies profiled:

Some prominent players in the Cyber Security market include

Cisco Systems, Inc.
Palo Alto Networks
McAfee, Inc.
Broadcom
Trend Micro Incorporated
CrowdStrike
Check Point Software Technology Ltd.

Order a free sample PDF of the Cyber Security Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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