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Cybersecurity Services Market by Type, Organization Size, Security Type, Sector (BFSI, Healthcare, Government, IT & Telecommunications, and Other Sectors) - Global Forecast to 2030
Report ID: MRICT - 104771 Pages: 251 Feb-2023 Formats*: PDF Category: Information and Communications Technology Delivery: 2 to 4 Hours Download Free Sample ReportThe 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:
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.
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The cybersecurity services regulatory landscape is evolving rapidly as governments seek to mitigate growing cyber risks and protect organizations. Governments around the globe are undertaking initiatives to encourage the adoption of cybersecurity services, driving the growth of the global cybersecurity services market.
Following are some of the developments in this space:
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
Based on 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.
Based on security, 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.
Based on sector, the global cybersecurity services market is segmented into BFSI, healthcare, government, IT & telecommunications, retail & e-commerce, energy & utility, manufacturing, education, and other sectors. In 2023, 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.
Asia-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.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the cybersecurity services industry over the last three years. The key players operating in the global cybersecurity services 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.), Rapid7, Inc. (U.S.), CrowdStrike Holding, Inc. (U.S.), Accenture plc (Ireland), Secureworks Corp. (U.S.), Trend Micro Incorporated (Japan), CyberDefenses Inc. (U.S.), Nozomi Networks, Inc. (U.S.), Aristi Cybertech Private Limited (India), and Skylark Information Technologies Private Limited (India).
Scope of the Report
Key questions answered in the report:
The global cybersecurity services market is projected to reach $158.4 billion by 2030, at a CAGR of 17.5% during the forecast period.
Based on security type, in 2023, the network security segment is expected to account for the largest share of the global cybersecurity services market due to the rising adoption of network services and an increase in the number of malware attacks on enterprise networks.
The healthcare segment is expected to register the highest CAGR during the forecast period, mainly due to the surge in patient data security & privacy concerns, the rising need to improve patient safety, and the increasing demand for cybersecurity services due to the growing adoption of remote health monitoring.
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.
Some of the key players in the global cybersecurity services 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.), Rapid7, Inc. (U.S.), CrowdStrike Holding, Inc. (U.S.), Accenture plc (Ireland), Secureworks Corp. (U.S.), Trend Micro Incorporated (Japan), CyberDefenses Inc. (U.S.), Nozomi Networks, Inc. (U.S.), Aristi Cybertech Private Limited (India), and Skylark Information Technologies Private Limited (India).
In 2023, North America is expected to account for the largest share of the global cybersecurity services market. However, countries such as Germany, Japan, China, South Korea, Netherlands, and the U.K. are expected to witness strong growth in demand for cybersecurity services.
Published Date: Jun-2024
Published Date: Jun-2024
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