Cybersecurity Market Analysis And Trends By Segmentations, Top Key Players, Geographical Expansion, Future Development & Forecast -2028

Cybersecurity Market Analysis And Trends By Segmentations, Top Key Players, Geographical Expansion, Future Development & Forecast -2028

“IBM (US), Cisco (US), Microsoft (US), Palo Alto Networks (US), Fortinet (US), Check Point (US), Trellix (US), Trend Micro (Japan), Rapid7 (US), Micro Focus (Open text) (UK), AWS (US), Oracle (US), Accenture (Ireland), CyberArk (US), SentinelOne (US), Qualys (US), F-secure (Finland), F5 (US), RSA Security (US), Sophos (UK), Forcepoint (US), Proofpoint (US).”
Cybersecurity Market by Offering, Solution Type, Services (Professional and Managed), Deployment Mode (On-Premises Cloud, and Hybrid), Organization Size (large enterprises and SMEs), Security Type, Vertical and Region – Global Forecast to 2028

The global cybersecurity market size is projected to grow from USD 190.4 billion in 2023 to USD 298.5 billion by 2028 at a CAGR of 9.4% during the forecast period. The cybersecurity market is propelled by several key factors. The escalating sophistication and frequency of cyberattacks require advanced and robust security solutions. The widespread adoption of digital technologies and the IoT across various sectors increases the potential attack surface, necessitating enhanced cybersecurity measures. Additionally, stringent regulatory requirements and data protection laws compel organizations to strengthen their cybersecurity postures. Furthermore, the growing awareness among businesses and individuals about the risks of cyber threats contributes significantly to the demand for cybersecurity solutions.

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Cybersecurity Market Definition

Cybersecurity is the practice of protecting computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks, unauthorized access, and damage. It involves a range of technologies, strategies, and processes designed to safeguard digital assets and personal information from cyber threats.

By vertical segment, the healthcare & life sciences vertical will grow at the highest CAGR during the forecasted period.

The healthcare and life sciences sector is expected to grow at the highest CAGR in the cybersecurity market for several reasons. The sector deals with vast amounts of sensitive personal health information, making it a prime target for cyberattacks. With the increasing use of technology in healthcare, such as electronic health records and connected medical devices, there is a larger surface for potential cyber threats. These technologies, while improving patient care and operational efficiency, also create vulnerabilities that need strong cybersecurity measures. Additionally, the healthcare sector must comply with stringent regulations regarding patient data protection, like HIPAA in the US. Historically, the healthcare sector has not been as heavily invested in cybersecurity as others, which means there is a lot of ground to cover quickly. Thus, the need for rapid improvement in cybersecurity, driven by both increasing threats and regulatory requirements, is why the healthcare and life sciences vertical is anticipated to see significant growth in cybersecurity investment and development.

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By offerings, the solution segment holds the largest market size during the forecast period.

The solutions segment in the cybersecurity market is anticipated to have the largest market size due to several key factors. Firstly, the growing number of cyber threats, which are becoming more complex, requires sophisticated and comprehensive cybersecurity solutions. These threats are no longer limited to large organizations but affect businesses of all sizes and individuals, broadening the market for cybersecurity solutions. Secondly, the rapid digital transformation across various industries has made businesses more reliant on digital infrastructure. This shift demands robust cybersecurity measures to protect sensitive data and ensure business continuity.

Additionally, as companies increasingly adopt technologies like cloud computing, the IoT, and AI, the need for advanced security solutions to safeguard these technologies becomes more pronounced. Furthermore, regulatory requirements across the globe are becoming stricter in terms of data protection, pushing companies to invest in reliable cybersecurity solutions to comply with these regulations. All these factors contribute to the growing market size of the solutions segment in the cybersecurity landscape.

Unique Features in the Cybersecurity Market

Certain cybersecurity solutions use behavioural analysis to find anomalous behaviours and patterns inside a system or network, which aids in the detection of insider threats and advanced attacks.

By using fake settings and assets to divert attackers from important systems, deception technology helps identify and mitigate cyberthreats early on.

In order to improve overall security posture, zero trust architecture requires stringent authentication and authorization for all users and devices accessing resources. This approach assumes zero trust for both internal and external network traffic.

Immutable infrastructure lowers the attack surface and lowers the possibility of unauthorised changes or tampering by guaranteeing that software and system configurations stay the same after they are installed.

By securing communication channels using the ideas of quantum physics, quantum cryptography provides unmatched defence against future attacks utilising quantum computers.

Major Highlights of the Cybersecurity Market

Organisations are investing in advanced cybersecurity solutions due to the changing threat landscape, which includes ransomware, nation-state-sponsored assaults, and advanced persistent threats (APTs).

Cloud security solutions are becoming more and more necessary to safeguard data and workloads in the cloud due to the growing use of cloud computing and hybrid cloud settings. This is propelling the growth of the cloud security market.

As businesses shift from perimeter-based security models to one that emphasises stringent authentication and access controls and assumes zero trust for both internal and external network traffic, zero trust security frameworks are becoming more and more popular.

Organisations are investing in cybersecurity solutions in order to assure compliance and avoid regulatory penalties due to strict data protection rules like the CCPA and GDPR, as well as industry-specific compliance requirements.

Organisations are increasingly depending on automation, artificial intelligence (AI), and managed security services to make up for the lack of qualified cybersecurity specialists.

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Competitive overview:

The cybersecurity market is led by some of the globally established players, namely IBM (US), Cisco (US), Microsoft (US), Palo Alto Networks (US), Fortinet (US), Check Point (US), Trellix (US), Trend Micro (Japan), Rapid7 (US), Micro Focus (Open text) (UK), AWS (US), Oracle (US), Accenture (Ireland), CyberArk (US), SentinelOne (US), Qualys (US), F-secure (Finland), F5 (US), RSA Security (US), Sophos (UK), Forcepoint (US), Proofpoint (US), Juniper Networks (US), SonicWall (US), Zscaler (US), Google (US), Fortra (US), Crowdstrike (US), Broadcom (US), Redington (India), NTT (Japan). Partnerships, agreements, collaborations, acquisitions, and product developments are various growth strategies these players adopt to increase their market presence.


IBM is a renowned player in the computer, technology, and IT consulting sectors, known for its innovation and development of cutting-edge technologies. The company’s extensive product range includes sophisticated computer systems and software, networking systems, storage devices, and microelectronics. Besides hardware, IBM offers a plethora of services, such as infrastructure support, hosting solutions, and consulting services across a wide spectrum of technologies, from mainframe computing to nanotechnology. The company’s operations are segmented into various divisions, including Global Financing, Global Business Services (GBS), Global Technology Services, Systems, Cloud, and Cognitive Software.

In cybersecurity, IBM stands out with a comprehensive array of solutions and services. These include IAM, cloud security, application security, network protection, intelligence and operations, data protection, and endpoint security. Furthermore, IBM provides a suite of cybersecurity services, which encompass data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance. The security division of IBM is particularly notable for offering next-generation security threat intelligence solutions and services, catering to a diverse range of industry use cases such as supply chain, financial services, automotive, real estate, identity verification, and international trade.

IBM’s cybersecurity solutions and services are tailored to meet the needs of various industries, including BFSI, energy and utilities, healthcare, government, insurance, manufacturing, retail, telecommunications, travel, and transportation. The company’s global presence spans key regions like North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America.

IBM’s role in the cybersecurity market is further strengthened through strategic partnerships and acquisitions, such as IBM’s partnership with Palo Alto Networks to enhance enterprise security, focusing on AI-driven security operations and cloud transformation. The collaboration aims to strengthen end-to-end security postures for clients, addressing the accelerating threats in cybersecurity.  Also recently, IBM acquired Polar Security (Israel) and Randori (US). These collaborations and acquisitions enable IBM to continuously enhance its cybersecurity offerings, making it a key player in the global cybersecurity landscape.

Accenture (Ireland) is a provider of global management consulting services that offers a wide range of services and solutions in strategy, consulting, digital, technology, and operations. Accenture operates through numerous business segments, including products, financial services, communications, media and technology, health and public service, and resources. The company has been continuously innovating to implement and deliver solutions for improving its clients’ productivity and efficiency by providing tailored solutions to meet their specific demands. Accenture caters to cybersecurity services such as cyber defense, applied cybersecurity, managed security-as-a-solution, and industry security solutions.The company caters to more than 40 industries, including software and platforms, banking, communications and media, electronics and high-tech, consumer goods and services, public service, retail, travel, and utilities. Its customers primarily include individual consumers, SMEs, large global enterprises, public sector institutions, internet service providers, application developers, and OEMs. Accenture is in more than 120 countries in North America, Europe, Asia-Pacific, the Middle East, Africa, and Latin America.

Accenture’s role in the cybersecurity market is further strengthened through strategic partnerships and acquisitions. For instance, the acquisition of Broadcom (US), Innotec Security (Spain), MNEMO (Mexico), 6point6 (U.K.), among others and partnerships with Google, Johnson Controls (Ireland), and HDFC Ltd (India). These collaborations and acquisitions enable Accenture to continuously enhance its cybersecurity offerings, making it a key player in the global cybersecurity landscape.

Apart from prominent vendors, other players include Algosec, Cynet, Nozomi Networks, Revbits, Aristi Labs, Illumio, Seclore, Securonix, Sejel Tech, Proficio, Wijungle, Secureden, Orca Security, Wattle Corporation, Open Raven, CPX, and Mesh Security which are also evolving in the cybersecurity market.

AlgoSec (US) is a network security software firm that offers network security policy management software, generally known as firewall policy management. The company’s solutions are intended to automate security policy administration and enforcement across firewalls, routers, VPNs, and other security devices. They are designed to help organizations manage the configuration of their security systems, discover vulnerabilities, test the systems against their security policies, and verify compliance. AlgoSec platform helps the world’s most complex enterprises to gain visibility, minimize risk, and implement process improvements across hybrid networks with zero-touch.

AlgoSec provides its offering in different verticals, including finance, managed security service providers, Insurance, telecommunications, healthcare, and government, to over 1800 enterprise customers in 80 countries across North America, Europe, the Middle East, and Asia Pacific regions.

Cynet (Israel) is a cyber-security firm that combines critical cybersecurity technologies to assist organizations in identifying security flaws and threat intelligence, as well as managing endpoint security. Cynet automates the cybersecurity defenses, removing the complexity and need for ongoing supervision. Cynet prevents, detects, investigates, and responds to attacks automatically, relieving the security staff of this constant responsibility. The company offers its Cynet platform, designed from the ground up to simplify security. They have natively integrated the critical security technologies we require into a uniform, user-friendly platform. Also, they automated most everyday chores to relieve consumers of that stress. Additionally, a comprehensive 24/7 MDR service has been introduced at no extra charge to offer customers ongoing monitoring and professional help.

Cynet offers its services in verticals, including healthcare, manufacturing, energy, and law, in regions including North America, Europe, and the Middle East. In June 2022, Cynet was named the winner of the Cyber Defense Global InfoSec Awards 2022.

MnM says most businesses use inorganic growth strategies to hold their market share. In 2021–2022, the number of agreements rose significantly. MnM is expecting that the rate of agreements will further increase in the cybersecurity market in the coming years as startups are evolving in the following market space, having technical advancements which, with time, get acquired or partnerships with tech giants to bring the innovations in their existing solutions and increase their market share in the cybersecurity market.

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