The global cyber security market was valued at USD 139.77 billion in 2021. The market is projected to grow from USD 155.83 billion in 2022 to USD 376.32 billion by 2029, exhibiting a CAGR of 13.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with security solutions experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a rise of 7.7% in 2020 as compared to 2019.
The cyber security market is mainly driven by the emerging online e-commerce platforms and the advent of core technologies such as artificial intelligence (AI), cloud security, and others. Key market players focus on developing internet security solutions based on artificial intelligence (AI) platforms. For instance, in January 2021, Fortinet, Inc. launched FortiXDR, an AI-enabled, fully automated online cyber threat detection XDR solution. The growing demand for solutions is anticipated to gain traction with cumulative investments from Germany, France, India, Spain, South Korea, Italy, Canada, Qatar, and others. The increasing adoption of enterprise security solutions from manufacturing, banking, financial services, insurance (BFSI), and healthcare is expected to drive market growth in the forthcoming years.
In this market report scope, we have included component solutions and services offered by companies including IBM Corporation, Microsoft Corporation, Palo Alto Network, Inc, Broadcom, Inc, and others.
A cybersecurity framework is essentially a set of standards, guidelines, and best practices for managing digital hazards. They often align security goals, such as preventing unauthorized system access, with measures, such as requiring a username and password.
If something is unclear, it may be helpful to first define a framework. A framework is a beam system that holds up a building in the physical world. A framework is a structure that supports a system or concept in the world of ideas. A framework is a method of arranging data and, in most situations, associated tasks.
Frameworks have existed for a long time. Frameworks, for example, aid accountants in keeping track of financial transactions in financial accounting. Accounting frameworks are based on principles such as assets, liabilities, costs, and controls. Cybersecurity frameworks tackle the issue of securing digital assets from a framework perspective. The framework is intended to provide security managers with a dependable, methodical method of mitigating cyber risk, regardless of how complicated the environment may be.
Cybersecurity frameworks are frequently required, or at the very least strongly encouraged, for businesses seeking to comply with state, industry, and international cybersecurity legislation. To process credit card transactions, for example, a company must pass an audit demonstrating compliance with the Payment Card Industry Data Security Standards (PCI DSS) framework.
‘The market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East, and Africa, and South America.’
During the projected period, North America is expected to have the largest cybersecurity market share. The growing frequency of high-level security breaches is driving demand for cloud application security solutions throughout the area. The growing number of online e-commerce platforms stimulates market growth in countries like the United States and Canada. The government uses modern network security methods to provide better security to businesses.
End-user investment is increasing, and there is a large need for enterprise security solutions, which accelerates the adoption of security solutions. Global market players including Palo Alto Networks, Inc., Microsoft Corporation, IBM Corporation, and others are investing in the development of innovative network security solutions. As an example,
= In 2021, IBM Security announced new and enhanced services to help businesses manage their cloud security strategy, standards, and controls in hybrid cloud environments. Third-party and cloud-native technology, as well as IBM experience, are used to assist organizations in creating uniform security solutions throughout their cloud ecosystems.
= Microsoft Corporation invested around USD 1 billion in 2018 to develop improved secure cloud operations. In addition, Palo Alto Networks, Inc. invested approximately USD 400.7 million in September 2018.
During the projection period, Europe is expected to increase at a significant CAGR. The increasing number of internet security projects and related investments by large companies in the United Kingdom, Germany, Spain, France, Italy, and elsewhere are driving the expansion. Key providers implement innovative IT security solutions to protect sensitive information connected to manufacturing operations and boost efficiency. During the projection period, Asia Pacific is expected to increase at an exponential rate. Countries such as India, China, and Korea are predicted to grow at a rapid pace during the projection period. The increase is due to an increase in the number of service providers as well as increased spending on various security projects by the government and foreign companies. According to research published in 2019 by the internet security firm Symantec Corporation, India is ranked among the top ten countries for combating secure web gateway crimes.
The worldwide cyber security market is divided into component, solution, deployment model, enterprise size, industrial vertical, and geography segments. The market is divided into solutions and services based on the component. The market is segmented by solution, including identity and access management, infrastructure security, governance, risk, and compliance, unified vulnerability management service providing, data security and privacy service offering, and others. It is divided into two deployment models: cloud and on-premises. Large enterprises are divided into two categories: SMEs and large enterprises. Telecom, automotive, BFSI, public sector, retail, healthcare, IT, energy & utilities, manufacturing, and others are the industry verticals. It is examined in North America, Europe, Asia-Pacific, and Latin America.
Accenture, Broadcom Inc, Capgemini, Cognizant, F5 Networks Inc., FireEye Inc., HCL Technologies Limited, IBM Corporation, Infosys Limited, L&T Technology Services Limited, PwC International Limited Broadcom Inc., Tata Consultancy Services, Tech Mahindra Limited, and Wipro Limited are some of the key players operating in the global cyber security market analysis. These firms have used a variety of techniques to enhance their market penetration and position in the cyber security industry.