Cyber Security Market worth $266.2 billion by 2027: MarketsandMarkets
Cyber Security Market size is expected to grow from an estimated $173.5 billion in 2022 to $266.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 8.9% from 2022 to 2027, according to a new report by MarketsandMarkets™. 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.
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 helpful 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. The cloud deployment mode is expanding as cloud cyber security solutions are simple to maintain and update.
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 element that is 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.
Mobile application security guarantees business process visibility and transparency and the confidentiality of data moved across mobile applications. Attackers frequently target business-sensitive apps because they include data about necessary organizational resources and procedures. Many firms prioritize network security over application security, which leaves them vulnerable to attacks and creates a security gap.
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 behaviours. With an increment in advanced cyberattacks on APIs, organizations worldwide adopt application security solutions, thereby driving the market growth.
By region, Asia Pacific to grow at a significant CAGR during the forecast period
Asia Pacific countries include the economies of China, India, Japan, Malaysia, and Singapore, among others. Due to the region’s expanding threat landscape, more expenditures are being made on cyber security solutions. Security and fraud issues have become more prevalent in the Asia-Pacific region because of AI, IoT, and big data growth. E-commerce, finance, and other online services are supported by the region’s general internet use, putting it vulnerable to cyberattacks. Particularly in China, Japan, and Indonesia, local companies and startups have emerged as significant participants, battling with US multinational corporations.
The adoption of cyber security solutions has been motivated by SMEs experiencing cyberattacks, including 74% of SMEs in India and New Zealand, 33% in Indonesia and South Korea, and 37% in Japan. Organizations are increasingly using cyber security solutions to safeguard their sensitive data.
The cyber security industry is also seeing rapid development opportunities because of efficient government laws and technological improvements. Thus, the Asia Pacific region is supposed to grow at the highest CAGR in the forecasted period.
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).