Cyber Security Market To Witness Significant Growth Based On Rising Use Of Cloud-Based Security Solutions By 2024: Grand View Research, Inc.

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The global cyber security market is expected to reach USD 205.51 billion by 2024, according to a report by Grand View Research, Inc. The dependence of enterprises on information technology and sensitive nature of digitally stored data has raised the stake for cyber-attackers with financial gain becoming a primary motive.

According to a report by Grand View Research, Inc., global Cyber Security Market is expected to value USD 205.51 billion by 2024. Growing requirement for protection of highly important data available with organizations is anticipated to propel demand for cyber security. This type of security is expected to offer high security of data from cyber criminals and prevent any data breaches.

Rapid increase in cyber-attacks on organizations from various sectors can fuel growth of market. Emergence of new technologies in various sectors is expected to possibilities of vulnerabilities and malware. This, in turn can augment demand for advanced cyber security solutions in coming years. Growing adoption of digitization to share large amount of data in internal and external environment is likely to gain traction among cyber criminals. Increasing focus in organizations towards data security through implementation of cyber security can stimulate growth of market during the forecast period (2014 to 2024).

Full Research Report On Cyber Security Market Analysis:

Global cyber security market size, by security type, 2014 - 2024 (USD Billion)

The cyber security market can be segregated on the basis of component, security type, deployment, application, and region. Based on component, the market can be bifurcated on the basis of solutions and services. Solutions segment is expected to dominate the market in coming years. In 2015, identity and access management (IAM) among solutions accounted for market share equivalent to USD 7.07 billion. Rising popularity of bring your own devices (BYOD), internet of things (IOT), and connected devices can fuel growth of segment.

On the contrary, services segment is predicted to exhibit highest CAGR of 12.3% during the forecast period. Growing adoption of security as a service (SaaS) in organizations can foster demand for high-end security models offered by third party vendors.

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U.S. Cyber Security market share, by application, 2015 (%)

Based on security type, the market can be classified into cloud security, endpoint security, enterprise security, network security, application security, and others. In 2015, enterprise security segment dominated the market and accounted for highest market share of 51.05%. The segment is predicted to grow at similar pace over the forecast period. Growing number of security breaches in small and medium enterprises can surge demand for enterprise security solutions. In addition, stringent government regulations towards compliance and data security & privacy can also fuel growth of segment.

On the contrary, end-point security segment accounted for market share equivalent to USD 10.12 billion in 2015. It is estimated to grow at CAGR of 12% from 2016 to 2024. Growing need for endpoint security solutions to reduce cyber-attacks on organizations can fuel growth of segment over the forecast period.

Moreover, the application security segment is projected to witness growth at CAGR 18.3 % during the forecast period. Increasing number of security breaches targeting business applications can fuel growth of segment. In addition, growing need to protect sensitive data in organizations can foster demand for advanced security solutions over the forecast period.
Based on deployment, the market can be divided on the basis of on-premise and cloud. In the coming years, cloud based solutions are likely to witness significant growth over the forecast period. Cost-effectiveness of cloud-based cyber security solutions can fuel their demand in coming years. Thus, it is expected to exhibit highest CAGR during the forecast period. In addition, growing need of employees for cloud based access to data or information related to organization can fuel demand for cloud based security solutions.

Based on application, the market can be segmented on the basis of defense, automotive, retail, healthcare, BFSI, and others. In 2015, defense/government segment accounted for 27.27% of global market share. It is attributed to rising focus on data breach of intelligence and financial activities which can lead to cyber terrorism. In addition, increasing number of cyber-attacks against government organizations can further stimulate market growth.

Similarly, BFSI sector is expected to contribute well to growth of market over the forecast period. Rising number of cyber-attacks in banking sector can influence demand for cyber security in this sector. In addition, increasing investments from governments across various nations to provide high cyber security infrastructure to BFSI sector can also fuel growth.

Some of the leading companies offering cyber security are Checkpoint Software Technologies Ltd; Symantec Corporation; Cisco Systems Inc.; Fortinet Inc.; and Trend Micro.

Grand View Research has segmented the cyber security market on the basis of component, security type, solutions, services, deployment, organization, application, and region:

Cyber security Component Outlook (Revenue, USD Billion, 2014 – 2024)

  • Solution

  • Services

Cyber security Security Type Outlook (Revenue, USD Billion, 2014 – 2024)

  • Enterprise security

  • Endpoint security

  • Cloud security

  • Network security

  • Application security

  • Others

Cyber security Solution Outlook (Revenue, USD Billion, 2014 – 2024)

  • UTM


  • DLP

  • IAM

  • SIEM

  • DDoS

  • Risk and compliance

  • Others

Cyber security Services Outlook (Revenue, USD Billion, 2014 – 2024)

  • Professional services

  • Managed services

Cyber security Deployment Outlook (Revenue, USD Billion, 2014 – 2024)

  • Cloud

  • On-premise

Cyber security Organization Outlook (Revenue, USD Billion, 2014 – 2024)

  • Small and medium enterprise

  • Large enterprises

Cyber security Application Outlook (Revenue, USD Billion, 2014 – 2024)

  • IT & Telecom

  • Retail

  • BFSI

  • Healthcare

  • Defense/government

  • Automotive

  • Others

Cyber security Regional Outlook (Revenue, USD Billion, 2014 – 2024)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • MEA

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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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