Cybersecurity Services Market (2023-2030)
The Cybersecurity Services Market is projected to reach $158.4 billion by 2030, at a CAGR of 17.5% during the forecast period 2023–2030.
- Published
- Feb 2023
- Pages
- 251
- Format
- PDF + Excel
- Report ID
- MRICT - 104771
- Base year
- 2022
- 2030 · FORECAST
- $158.4B
- 2030
- $158.4B
- CAGR 2023–2030
- 17.5%
2022 baseline · 2023–2030 forecast at 17.5% CAGR · hover a bar for the value
Key highlights
Based on Type, the Managed Services Segment is Projected to Register the Highest CAGR During the Forecast Period
Based on Security Type, the Cloud Security Segment is Projected to Register the Highest CAGR During the Forecast Period
In 2023, the BFSI Segment is Expected to Dominate the Cybersecurity Services Market
Asia-Pacific: The Fastest-growing Regional Market
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2023–2030 |
| Market Size (2030) | USD 158.40 billion |
| CAGR (2023–2030) | 17.5% |
| Format | PDF, Excel & Cloud Portal · 251 pages |
| Segments Covered | By Type: Professional Services Integration Services, Penetration Testing Services, Training, Consulting, and Advisory Services, Support & Maintenance Services, Other Professional Services, Managed Detection & Response Services, Compliance & Vulnerability Management Services, Other Managed Services · By Organization Size: Small & Medium-sized Enterprises, Large Enterprises · By Security Type: Cloud Security, Application Security, Endpoint Security, Network Security, Other Security Types · By Sector: BFSI, Healthcare, Government, IT & Telecommunications, Retail & E-Commerce, Energy & Utility, Manufacturing, Education, Other Sectors |
| Countries Covered | North America (Canada, Mexico), Asia-Pacific (China, Japan, South Korea, India, Rest of Asia-Pacific), Europe (U.K., Germany, France, Spain, Italy, Rest of Europe) |
| Key Companies | Cisco Systems, Inc., Fortinet, Inc., IBM Corporation, Check Point Software Technologies Ltd., Microsoft Corporation, Palo Alto Networks, Inc., Rapid7, Inc., CrowdStrike Holding, Inc., Accenture plc, Secureworks Corp., CyberDefenses Inc., Nozomi Networks, Inc., Aristi Cybertech Private Limited, Skylark Information Technologies Private Limited |
Report overview
Segments covered: type, organization size, security type, sector. Regions: North America, Asia-Pacific, Europe.
The growth of the cybersecurity services market is driven by the growing significance of cybersecurity services in the banking sector and rising government initiatives encouraging the adoption of cybersecurity services. In addition, the growing need for cybersecurity services among SMEs, the increasing use of artificial intelligence, machine learning, and blockchain technologies for cyber defense, and the development of smart infrastructure are expected to create market growth opportunities. However, the shortage of trained professionals restrains the growth of this market. Further, the misconceptions regarding cybersecurity services and vulnerability issues with IoT devices pose serious challenges to the growth of the cybersecurity services market. Additionally, the rising adoption of cloud security services among businesses is the major trend in the global cybersecurity services market.
The COVID-19 pandemic created several challenges for market players due to the lockdowns imposed during the second & third quarters of 2020. The pandemic lowered customers’ financial potential, impacting the sales of cybersecurity services. Consequently, in 2021, major end-use industries started recovering from the economic setbacks suffered during the pandemic. The cybersecurity services market was moderately impacted by the COVID-19 pandemic due to delayed and postponed customer orders but started recovering in the last quarter of 2020.
The COVID-19 pandemic moderately impacted the network security segment, so the fast recovery scenario was considered for this segment. The network security segment is expected to grow considerably due to the growing number of connected devices, rising network security breaches, and increasing focus on solution-centric network security capabilities. The COVID-19 pandemic moderately impacted the cloud security segment, so the fast recovery scenario was considered for this segment. The increase in remote working during the COVID-19 pandemic led to growth in the use of cloud solutions and, subsequently, increased attacks on mobile devices and remote working systems. For instance, according to the 2021 Mobile Security Report by Check Point Software Technologies Ltd., in 2020, 97% of organizations faced mobile threats that used multiple attack vectors.
Cybersecurity service providers plan to move forward and capitalize on the lucrative market growth opportunities that have resulted from the COVID-19 pandemic. The cybersecurity market is projected to transform drastically over the coming years. Several leading companies are growing rapidly through strategies such as product launches, product enhancements, partnerships, and collaborations. For instance:
In September 2022, Check Point Software Technologies Ltd. (Israel) launched the Check Point Horizon suite of security operations solutions and services that combines proactive management solutions for managed prevention and response (MDR/MPR), extended prevention and response (XDR/XPR) and events.
In October 2021, CrowdStrike, Inc. (U.S.) introduced its CROWDSTRIKE FALCON XDR to deliver real-time detection and automated response across the entire security stack.
Thus, several cybersecurity service providers are focused on managing any unprecedented situation that might cause a shift in product demand over the coming years. Companies are prepared to innovate solutions faster to meet the rapid changes in customer preferences. Thus, the rising demand for security solutions and the growing emphasis on cybersecurity services are expected to create significant opportunities for the growth of the cybersecurity services market in the coming years.
Report infographic
Market dynamics
1 factors across 1 forceFollowing are some of the developments in this space
- In December 2022, the U.K. Government announced its plan to invest USD 3.2 billion (GBP 2.6 billion) in cyber and legacy IT over the next three years.
- In February 2021, South Korea's ICT ministry announced its plan to spend KRW 670 billion won (USD 607 million) by 2023 to bolster the country's cyber security capabilities to respond to growing new digital threats.
- In April 2020, the U.S. Government passed a new IoT cybersecurity law, the NIST Internet of Things Cybersecurity Improvement Act, to increase cybersecurity for IoT devices.
Many standards, regulations, and initiatives are being introduced to enhance security through cybersecurity services. Regulatory frameworks for cybersecurity services are becoming progressively stringent as governments have recognized the need for security while offering citizens cost-effective, efficient, and safe services. Thus, government initiatives encouraging the adoption of cybersecurity services are driving the growth of this market
Table of contents
13 chapters · 123 sections · 251 pages · click to expandSegmental analysis
| Segment | Largest share (2023) | Fastest growth (2023–2030) |
|---|---|---|
| By Type | — | Managed services |
| By Security Type | — | Cloud security |
| By Sector | BFSI | — |
By Type
- The managed services segment is projected to register the highest CAGR during the forecast period.
- The high growth of this segment is attributed to the increasing need to monitor and manage security devices, systems, and software-as-a-service (SaaS) applications, growing demand for advanced security for operation technology (OT) and IT infrastructure, and affordable and enticing offerings from leading cybersecurity service providers.
By Security Type
- The cloud security segment is projected to register the highest CAGR during the forecast period.
- The high growth of this segment is attributed to the rising need to protect data and connected devices from cyberattacks, malware, hackers, and unauthorized user access through cloud-based security services and the increasing demand for advanced threat detection services across industries.
By Sector
- The BFSI segment is expected to account for the largest share of the global cybersecurity services market.
- The large market share of this segment is attributed to the increasing need to protect systems, deal with theft, cyberattacks and damage, and reduce planned breaches, data thefts, malware, and phishing attacks.
Geographic analysis
Asia-Pacific
Fastest growthAsia-Pacific is projected to register the highest CAGR during the forecast period. The rapid growth of this region is mainly driven by factors such as surging demand for cybersecurity services due to the increasing number of connected devices in the region, the growing need to deploy advanced cybersecurity services 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 service is also supporting the growth of this regional market. Asia-Pacific: The Fastest-growing Regional Market
Competitive landscape
- Cisco Systems, Inc.
- Fortinet, Inc.
- IBM Corporation
- Check Point Software Technologies Ltd.
- Microsoft Corporation
- Palo Alto Networks, Inc.
- Rapid7, Inc.
- CrowdStrike Holding, Inc.
- Accenture plc
- Secureworks Corp.
- CyberDefenses Inc.
- Nozomi Networks, Inc.
- Aristi Cybertech Private Limited
- Skylark Information Technologies Private Limited
Frequently asked questions
The global cybersecurity services market is projected to reach $158.4 billion by 2030, at a CAGR of 17.5% during the forecast period.
Cite this report
Meticulous Research. (2023). Cybersecurity Services Market - Global Opportunity Analysis and Industry Forecast (2023-2030) (Report No. MRICT - 104771). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/cybersecurity-services-market-5455