Cybersecurity Market Size (2024 - 2029)

Cybersecurity Market Analysis

The Cybersecurity Market size is estimated at USD 207.77 billion in 2024, and is expected to reach USD 376.55 billion by 2029, growing at a CAGR of 12.63% during the forecast period (2024-2029).

The rising number of cyber-attacks with the emergence of e-commerce platforms, the proliferation of smart devices, and the deployment of cloud solutions are some factors driving the market's growth. Cyber threats are expected to evolve with the increased use of devices with intelligent and IoT technologies. As such, firms are expected to adopt and deploy progressive cyber security solutions to detect, minimize, and mitigate the risk of cyber-attacks, thereby driving market growth.

• The upsurging of transformative trends in the cybersecurity industry is expected to drive the market studied. For instance, increased cloud computing has provided organizations with much greater infrastructure scalability than was previously possible. Organizations can also scale their infrastructure up or down with cloud environments. While some organizations have transitioned their data centers entirely to the cloud, others have embraced cloud computing to augment on-premise data centers.
• Moreover, with AI being introduced in all market segments, this technology, integrated with machine learning, has brought considerable changes in cybersecurity. Artificial Intelligence has been critical in building automated security systems, face detection, natural language processing, and automatic threat detection. However, it is also used to create smart malware and attacks to overlook the latest security protocols for handling data. Artificial Intelligence-enabled threat detection systems can predict new attacks and instantly notify admins of any data breach. Trends like the implementation of new technologies in cybersecurity are expected to drive.
• However, a shortage of cybersecurity professionals persists, affecting businesses across the board, irrespective of size or industry. This scarcity highlights the evolving nature of cybersecurity roles, which now demand a blend of technical and non-technical proficiencies, reflecting the diverse needs of different specializations, organizations, and industries.
• After the COVID-19 pandemic, global enterprises have been faced with an increasing number of attacks on their networks, owing to which investments in safeguarding the network are expected to increase worldwide. Organizations are targeted with botnets with Mirai, Gh0st. Rat and Pushdoare are the most common botnets. A prominent share of the investment into IT hardware in terms of network is expected to be focused on enhancing security. Throughout the forecast period, network security equipment is expected to be a significant part of enterprise IT spending worldwide.

Cybersecurity Industry Segmentation

The cybersecurity market is defined based on the revenues generated from the solutions and services used in various end-user industries globally. The analysis is based on the market insights captured through secondary research and the primaries. The market also covers the major factors impacting its growth in terms of drivers and restraints. The study tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period.

The cybersecurity market is segmented by offerings (solutions [application security, cloud security, data security, identity access management, infrastructure protection, integrated risk management, network security, and other solution types] and services [professional services and managed services]), by deployment (On-premise, and cloud), and by end-user vertical (IT and telecommunication, BFSI, retail and e-commerce, oil gas and energy, manufacturing, government, and defense, and other end-user industries), geography (North America [United States and Canada], Europe [United Kingdom, Germany, France, Italy, Spain, Greece, Rest of Europe], AsiaPacific [China, India, Japan, Australia, Southeast Asia [Indonesia, Philippines, Malaysia, Singapore, Rest of Southeast Asia], Rest of Asia Pacific], Latin America [Brazil, Argentina, Mexico, Rest of Latin America], lastly, Middle East and Africa [Saudi Arabia, GCC [United Arab Emirates, Others], South Africa, Rest of the Middle East and Africa]). The market sizes and forecasts are provided in terms of value in (USD) for all the above segments.