The global Cyber Security Market size is expected to grow from an estimated value of USD 173.5 billion in 2022 to 266.2 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 8.9% from 2022 to 2027.
Some factors driving the cyber security market growth include increment in target-based cyberattacks that causes operational disruptions, Cybersecurity Mesh Architecture (CSMA) approaches becoming more popular, and the rising demand for cyber-savvy boards.
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By deployment mode, the cloud segment is projected to grow with a higher CAGR during the forecast period
The cyber security market’s fastest growing subsegment is cloud deployment. Organizations may save money by using cloud-based cyber security solutions since they don’t need to invest in expensive hardware, software, storage, or technical staff. They give businesses more IT security, speed, and scalability. Through SaaS-based security services, cloud-based systems provide a single approach to protecting company applications. These platforms are useful for businesses with limited funds for security investments. As this delivery method satisfies IT security requirements, demand for cloud-based cyber security solutions is rising quickly. Large corporations and SMEs are switching from conventional on-premises cyber security solutions to cloud-based ones as more cloud-deployed applications. As cloud cyber security solutions are simple to maintain and update, the cloud deployment mode is expanding. Additionally, using cloud-based security solutions may free up resources for organizations to concentrate on their core operational functions rather than continually investing in capital infrastructure for IT security. Therefore, the cloud segment has the highest CAGR during the forecasted period.
By security type, the application security segment to hold a larger market size during the forecast period
One of the elements that are anticipated to influence the market growth of the application security sector is the rising number of mobile devices. With the rise in mobile devices, the need to protect apps has grown significantly in importance for enterprises as the use of mobile applications has increased. Attackers frequently target business-sensitive apps because they include data about important organizational resources and procedures. Many firms prioritize network security above application security, which leaves them vulnerable to attacks and creates a security gap. Mobile application security guarantees business process visibility and transparency, as well as the confidentiality of data, moved across mobile applications. Online application security includes identifying the complete perimeter of a web application, scanning it for vulnerabilities, and protecting it against attacks like SQL injections, cross-site scripting, DoS attacks, and other critical suspicious behaviors. With an increment in advanced cyberattacks on APIs, organizations worldwide adopt application security solutions, thereby driving market growth.
Major vendors in the global cyber security market include IBM (US), Cisco (US), Check Point (Israel), Trellix (US), Trend Micro (Japan), NortonLifeLock (US), Rapid7 (US), Micro Focus (UK), Microsoft (US), Amazon Web Services (AWS) (US), Oracle (US), Fortinet (US), Palo Alto Networks (US), Accenture (Ireland), CyberArk (US), SentinelOne (US), Qualys (US), F-Secure (Finland), F5 (US), DataVisor (US), RevBits (US), WiJungle (India), BluVector (US), Aristi Labs (India), Imperva (US), Securden (US), Forcepoint (US), Sophos (UK), RSA Security (US), Proofpoint (US), Juniper Networks (US), Splunk (US), SonicWall (US), Algosec (US), Zscaler (US), Cynet (Israel), and Nozomi Networks (US).
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IBM is a computer, technology, and IT consulting corporation. The company offers cyber security solutions, including IAM, cloud security, application security, network projection, intelligence and operations, data protection, and endpoint security. It also offers cyber security services, including data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance. IBM’s security division offers next-generation security threat intelligence solutions and services in the cybersecurity market. The company offers its services to various industries including supply chain, financial services, automotive, real estate, food safety, identity, and international trade. It has a global reach in North America, Europe, Middle East and Africa, Asia Pacific, and Latin America.
Apart from large vendors, some SMEs, and start-ups such as DataVisor, RevBits, WiJungle, BluVector, Aristi Labs, Imperva, Securden, Algosec, Cynet, and Nozomi Networks are also evolving in the cyber security market. The primary goals of RevBits cyber security are the creation of cutting-edge security software and unmatched cyber incident services. It offers cyber security products and services dedicated to producing cutting-edge security software and unequaled cyber incident services. The company’s software solutions protect organizations in the following areas: endpoint security, next-generation anti-phish and privileged access management. All solutions may be managed through a unified dashboard interface, the RevBits Cyber Intelligence Platform. This single sign-on environment allows administrators to customize their management dashboard and delivers cross-platform alert notifications.
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