Cybersecurity Market to Surge by USD 107.1 Billion (2024-2028), Driven by Rising Mobile Device Usage, AI-Driven Report Highlights Evolving Market Landscape – Technavio

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Technavio 

Nov 12, 2024, 17:55 ET

NEW YORK, Nov. 12, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global cyber security market size is estimated to grow by USD 107.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 9.6% during the forecast period. Increase in use of mobile devices is driving market growth, with a trend towards adoption of IOT. However, high cost of deployment poses a challenge.Key market players include AO Kaspersky Lab, Booz Allen Hamilton Holding Corp., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., Dell Technologies Inc., Fortinet Inc., F Secure Corp., General Dynamics Corp., Hewlett Packard Enterprise Co, International Business Machines Corp., Juniper Networks Inc., Lockheed Martin Corp., McAfee LLC, Microsoft Corp., Northrop Grumman Corp., RTX Corp., Sophos Ltd., The Boeing Co., and Trend Micro Inc..

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Market Driver

The Cybersecurity market is experiencing significant growth due to the increasing use of digital technologies in business. Companies like CSIS, McAfee, and Broadcom are leading the way in providing cybersecurity solutions for IT infrastructure, including AI-powered threat detection and response, cloud security services, and network security. With the rise of IoT devices, Big Data Analytics, and digital transactions, regulatory compliance with standards like HIPPA, GDPR, PCI DSS, ONDC, and Open Commerce is crucial. SMEs and large enterprises alike face cyber threats, operational disruptions, and the need for skilled cybersecurity personnel to address the cyber talent shortage and budget constraints. Cloud-based cybersecurity solutions, including SaaS and IaaS, offer deployment and implementation challenges. NGFWs, application security, and endpoint security are essential components of a cybersecurity strategy. Cyber attacks against healthcare organizations and e-commerce platforms continue to be a concern. Machine learning and blockchain technologies are being explored to enhance security. The cybersecurity market ecosystem includes MSS providers, threat detection and response services, and cloud-based security solutions. 

The Internet of Things (IoT) market facilitates the connection between various devices, enabling them to exchange data stored in the cloud. This data requires organization for efficient analysis and presentation. IoT enhances connectivity and addresses critical situations. Future advancements will integrate advanced features, such as mobile app control for home appliances and wearable devices tracking fitness metrics. IoT fosters seamless communication between systems, devices, and services. 

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Market Challenges

• The Cybersecurity market is facing numerous challenges in the current IT landscape. With the increasing use of digital technologies like AI, IoT, Big Data Analytics, and Cloud Computing, the threat landscape is expanding rapidly. Regulatory compliance requirements such as HIPPA, GDPR, PCI DSS, ONDC, Open Commerce, and various industry-specific standards add to the complexity. Cyber Threats like attacks on Cloud Computing, IoT Devices, and Digital Transactions are on the rise, leading to operational disruptions and data protection concerns. Cybersecurity workforce shortage and budget constraints make it challenging for organizations, especially SMEs, to implement effective cybersecurity measures. MSS providers offer Threat Detection and Response services, but deployment and implementation challenges persist. Network Security solutions like NGFWs are essential, but large enterprises and healthcare sectors face unique challenges. Cloud-based cybersecurity solutions like Cloud Security Services, SaaS, and IaaS are increasingly popular, but deployment and budget constraints remain. Cybersecurity Market Ecosystem players like CSIS, McAfee, Broadcom, and NBER are leveraging Machine Learning and Artificial Intelligence to enhance threat detection and response capabilities. End-point security and Cloud application security are critical areas of focus. The Cybersecurity Market is expected to grow significantly, driven by the increasing use of digital technologies and the need for cybersecurity solutions.
• The global cyber security market faces a significant challenge due to the increasing costs of implementing and maintaining cyber security solutions. As cyber threats become more intricate and frequent, businesses are required to invest heavily in protective measures to shield their valuable data and systems. However, the financial strain of purchasing advanced hardware and software, hiring skilled cybersecurity personnel, and conducting routine security evaluations can be burdensome, especially for small and medium-sized enterprises with limited financial resources. The expenses also include ongoing staff training and adherence to various industry regulations, adding to the overall cost. Organizations must carefully weigh the benefits of comprehensive cyber security strategies against the financial implications.

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Segment Overview 

This cyber security market report extensively covers market segmentation by

1. End-user
   • 1.1 Government
   • 1.2 BFSI
   • 1.3 ICT
   • 1.4 Manufacturing
   • 1.5 Others
2. Deployment
   • 2.1 On-premises
   • 2.2 Cloud-based
3. Geography
   • 3.1 North America
   • 3.2 Europe
   • 3.3 APAC
   • 3.4 Middle East and Africa
   • 3.5 South America

1.1 Government- The global cyber security market in the government sector is projected to expand significantly due to the increasing number of security installations in developed and developing countries. With the heightened importance of data confidentiality and security, governments worldwide are adopting cyber security solutions. In the US, for instance, the Federal Bureau of Investigation (FBI) is leading the charge against cyberattacks, with the creation of the Cyber Division and the placement of cyber squads in each field office. The FBI’s new initiatives include Cyber Action teams and Computer Crimes Task Forces, all aimed at enhancing cyber security capabilities. In 2020, the US Department of Defense experienced hacking attacks, leading to the signing of a memorandum of understanding (MoU) between the Department of Defense, Defense Innovation Unit, and the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency. The rise in cyberattacks, particularly during the COVID-19 pandemic, is further fueling the demand for cyber security solutions, making this a significant growth area for the global cyber security market.

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Research Analysis

Cybersecurity is a critical aspect of IT infrastructure in the digital age, with various threats constantly emerging. CSIS (Cybersecurity and Infrastructure Security Agency) the importance of securing digital technologies against cyber attacks. AI, IoT, Big Data Analytics, Cloud Computing, and Digital Transactions are key areas of focus due to their increasing use and vulnerabilities. Regulatory compliance with HIPAA and GDPR is essential for healthcare and business organizations, respectively. Cyber threats continue to evolve, requiring advanced solutions like Machine Learning and AI. Remote work and e-commerce platforms present new challenges. MSS (Managed Security Services) providers offer solutions for organizations. Broadcom, NBER, and other tech companies are investing in cybersecurity research and development. Blockchain technology offers potential for enhanced security in digital transactions. Cybersecurity is an ongoing priority for businesses and individuals in the digital world.

Market Research Overview

The Cybersecurity market is a rapidly growing sector driven by the increasing use of digital technologies in business and daily life. With the proliferation of IT systems, IoT devices, and cloud computing, the need for cybersecurity solutions has become paramount. Cyber Threats such as operational disruptions, data breaches, and regulatory non-compliance pose significant risks to organizations. CSIS and McAfee are among the digital technologies leading the charge in cybersecurity. AI, Big Data Analytics, and Machine Learning are essential tools in threat detection and response. HIPAA, GDPR, PCI DSS, ONDC, Open Commerce, and various regulatory frameworks ensure data protection and privacy. Cybersecurity challenges extend to SMEs, SaaS, IaaS, and cloud-based cybersecurity solutions. Skilled cybersecurity personnel are in high demand, but the cyber talent shortage and budget constraints hinder deployment and implementation. Network Security solutions like NGFWs and cloud security services are crucial for securing digital transactions and protecting against cyber attacks. Remote work and digital commerce platforms like e-commerce and cloud applications require additional layers of security. Blockchain and End-point security offer potential solutions to these challenges. The cybersecurity market ecosystem continues to evolve, with large enterprises and healthcare sectors leading the way in adopting advanced cybersecurity solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
  • Government
  • BFSI
  • ICT
  • Manufacturing
  • Others
• Deployment
  • On-premises
  • Cloud-based
• Geography
  • North America
  • Europe
  • APAC
  • Middle East And Africa
  • South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio