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Redding, California - May 31, 2024

Cybersecurity Market to be Worth $311.4 Billion by 2031

Cybersecurity Market by Offering (Solutions, Services), Security Type (Network Security, Cloud Security, Endpoint Security), Organization Size, Deployment Mode, Sector (BFSI, Retail & E-commerce, Healthcare) and Geography - Global Forecast to 2031


Meticulous Research®—leading global market research company, published a research report titled, Cybersecurity Market by Offering (Solutions, Services), Security Type (Network Security, Cloud Security, Endpoint Security), Organization Size, Deployment Mode, Sector (BFSI, Retail & E-commerce, Healthcare) and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research®, the cybersecurity market is projected to reach $311.4 billion by 2031, at a CAGR of 12.8% from 2024–2031. The growth of the cybersecurity market can be attributed to several factors: the growing significance of cybersecurity solutions in the banking sector, the growing number of data breaches and cyberattacks, increasing IoT deployment, and government initiatives aimed at encouraging the adoption of cybersecurity solutions. However, the shortage of trained professionals may restrain the growth of this market.

Furthermore, the growing need for cloud-based security solutions among SMEs and the increasing use of AI, ML, and blockchain technologies for cyber defense is expected to offer growth opportunities for the players operating in this market. However, lack of awareness and misconceptions regarding cybersecurity solutions is a major challenge impacting the growth of the cybersecurity market. Additionally, zero trust cyber security and the explosion of BYOD and mobile devices are the prominent trends in this market.

The cybersecurity market is segmented by offering (solutions {identity & access management, intrusion detection system/intrusion prevention system, antivirus and antimalware, security information and event management, firewall, unified threat management, encryption, disaster recovery, web filtering, risk and compliance management, data loss prevention, cloud security broker, other solutions}, services {professional services, managed services}), security type (network security, application security, endpoint security, cloud security, and other security types), organization size (large enterprises, small & medium-sized enterprises), deployment mode (on-premise deployments, cloud-based deployments), sector (BFSI, retail & e-commerce, government, IT & telecommunications, manufacturing, healthcare, education, energy & utilities, and other sectors) and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

Based on offering, the cybersecurity market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of above 57.0% of the cybersecurity market. The segment’s large share is attributed to the increasing adoption of cybersecurity solutions to monitor network activity for suspicious behavior, prevent cyberattacks, and deliver applications to users with greater security and the growing need to secure data in transit and prevent unauthorized access. In addition, the benefits offered by the solutions segment, such as high performance, reliability, comprehensive vulnerability coverage, efficiency, and security of real-time applications, contribute to this segment's growth.

Furthermore, several leading key players are taking initiatives to support the growth of this segment. For instance, in January 2023, VIPRE Security Group (U.S.) launched its endpoint detection & response (EDR) solution. This endpoint detection & response solution delivers streamlined, sophisticated, high-performing cloud-based EDR management in a single, easy-to-navigate console. Also, this segment is projected to register a higher CAGR during the forecast period of 2024–2031.

Based on security type, the cybersecurity market is segmented into network security, application security, endpoint security, cloud security, and other security types. In 2024, the network security segment is expected to account for the largest share of above 34.0% of the cybersecurity market. The segment’s large share is attributed to the rising data and security breaches, the growing demand for filtering and monitoring network traffic, the growing number of malware attacks on enterprise networks, and the increasing need to protect connected network infrastructure.

Also, several leading key players are taking initiatives to redefine business strategies. For instance, in November 2022, Fortinet, Inc. (U.S.) launched its FortiGate Cloud-Native Firewall (FortiGate CNF) to simplify network security operations, available now on Amazon Web Services (AWS). FortiGate CNF delivers enterprise-grade security managed by Fortinet and cloud-native integrations on AWS to simplify, scale, and modernize security operations.

However, the cloud security segment is expected to register the highest CAGR during the forecast period of 2024–2031. The rising need to secure workload on the cloud, the increasing demand for advanced threat detection solutions across industries, the growing adoption of cloud security solutions among SMEs, and the growing sophistication of cybercrimes are expected to support the growth of this segment. Furthermore, several leading key players are taking initiatives to support the growth of this segment. For instance, In September 2022, Radware Ltd. (Israel) opened its new cloud security center in Italy to deliver cloud security services across Italy.

Based on deployment mode, the cybersecurity market is segmented into on-premise deployments and cloud-based deployments. In 2024, the on-premise deployments segment is expected to account for the larger share of above 58.0% of the cybersecurity market. The segment’s large share is attributed to the greater control of cybersecurity infrastructure offered by on-premises solutions, the high preference for on-premise deployments among large enterprises, and the availability of trained IT professionals and supportive infrastructure.

However, the cloud-based deployments segment is expected to register the highest CAGR during the forecast period of 2024–2031. The rapid evolution of new avenues for cloud-based deployments, the superior flexibility offered by cloud-based deployments, and the increasing incorporation of cloud-based solutions by small & medium-sized enterprises are expected to support the growth of this segment.

Based on organization size, the cybersecurity market is segmented into large enterprises and small & medium-sized enterprises. In 2024, the large enterprises segment is expected to account for the larger share of above 72.0% of the cybersecurity market. The large market share of this segment is attributed to its strong infrastructure and management of cybersecurity platforms by skilled IT personnel. Furthermore, large enterprises focus on desired security channels against cyber threats to retain their customers, boost sales, and validate necessary steps to overcome market interruptions.

However, the small & medium-sized enterprises segment is expected to register the highest CAGR during the forecast period of 2024–2031. The increasing adoption of cybersecurity solutions & services among small & medium-sized enterprises (SMEs) to track, monitor, and manage assets, the growing digital transformation across industries, and the increasing number of cyberattacks on networks are expected to support the growth of this segment.

Based on sector, the cybersecurity market is segmented into the BFSI, retail & e-commerce, government, IT & telecommunications, manufacturing, healthcare, education, energy & utilities, and other sectors. In 2024, the BFSI segment is expected to account for the largest share of above 22.0% of the cybersecurity market. The large market share of this segment is attributed to the rising fraudulent activities, rising adoption of cybersecurity solutions for various financial processes, rising demand for fraud detection, and surging need for improving the agility of work and customer experience.

Also, several leading key players are taking initiatives to support the growth of this segment. For instance, in July 2021, Tata Communications (India) launched its IZO™ Financial Cloud, a customized community cloud platform designed to adhere to the strict data privacy, protection compliance, and security standards established by Indian regulators for the BFSI sector. This platform helps create an open financial environment that gives BFSI and FinTech companies the groundwork to support cutting-edge digital services.

However, the healthcare segment is expected to register the highest CAGR during the forecast period of 2024–2031. The rising adoption of telemedicine devices and remote healthcare services, the rising number of cyberattacks, and the increasing need for securing connected medical devices and effective cloud security measures are expected to support the growth of this segment.

Based on geography, the cybersecurity market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2024, North America is expected to account for the largest share of above 38.0% of the cybersecurity market. North America’s large market share is attributed to the presence of prominent players offering advanced cybersecurity solutions to various sectors. Furthermore, the growing adoption of cybersecurity solutions in BFSI, retail, and IT & telecommunications sectors, growing adoption of advanced technologies, and rising demand for cloud-based security solutions are also contributing to the growth of the cybersecurity market in North America. In addition, the presence of prominent players offering advanced cybersecurity solutions to support market growth. For instance, in April 2021, Digital Guardian (U.S.) launched its data loss prevention-as-a-service solution to meet the unique security demands of midmarket enterprises across North America.

However, the Asia-Pacific is projected to register the highest CAGR of 16.0% during the forecast period of 2024–2031. The rapid growth of this region is mainly driven by factors such as surging demand for cybersecurity solutions due to the increasing number of connected devices in the region, the growing need to deploy advanced cybersecurity solutions to ensure data, network, and device security, and government initiatives to ensure the highest level of cybersecurity for the region’s industrial sector. Furthermore, increasing ransomware attacks on connected devices and market players’ efforts to launch advanced cybersecurity solutions are also supporting the growth of this regional market.

Key Players

The key players operating in the cybersecurity market are Cisco Systems, Inc. (U.S.), Fortinet, Inc. (U.S.), IBM Corporation (U.S.) Check Point Software Technologies Ltd. (Israel), Microsoft Corporation (U.S.), Palo Alto Networks, Inc. (U.S.) CrowdStrike Holding, Inc. (U.S.), Trend Micro Incorporated (Japan), Rapid7, Inc. (U.S.), Qualys, Inc. (U.S.), Secureworks, Inc. (U.S.), Alert Logic, Inc. (U.S.), F5 Networks, Inc. (U.S.), Watchguard Technologies, Inc. (U.S.), and Oracle Corporation (U.S.)

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Key Questions Answered in the Report:

  • Which are the high-growth market segments in terms of offering, security type, organization size, deployment mode, and sector?
  • What is the historical market size for the cybersecurity market?
  • What are the market forecasts and estimates for 2024–2031?
  • What are the major drivers, restraints, opportunities, challenges, and trends in the cybersecurity market?
  • Who are the major players in the cybersecurity market, and what are their market shares?
  • What is the competitive landscape like?
  • What are the recent developments in the cybersecurity market?
  • What are the different strategies adopted by major market players?
  • What are the trends and high-growth countries?
  • Who are the local emerging players in the cybersecurity market, and how do they compete with other players?

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Report ID: MRICT - 104370 Pages: 300 Formats*:PDF Category: Information and Communications Technology
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