Global Cyber Security Market is estimated to be US$ 352.7 Billion by 2029 with a CAGR of 9.1% during the forecasted period - by PMI

Prophecy Market insights
·5 min read

Covina CA, Jan. 28, 2021 (GLOBE NEWSWIRE) -- The global cyber security market accounted for US$ 161.2 billion in 2020 and is estimated to be US$ 352.7 billion by 2029 and is anticipated to register a CAGR of 9.3%. Cyber security and protection of internet-connected systems including data, software, and hardware against cyber intrusions and attacks undertake greater significance in today’s digital changing landscape. The major players in cyber security market are focused on the product up gradation and establishing partnerships to operate in emerging markets. The demand for real-time solutions and services to safeguard and maintain data, information, program, and networks is projected to boost the global cyber security market in the forecast period.

The report “Global Cyber Security Market, By Component (Solution and Service), By Solution (Data security & privacy service offering, Governance, risk, & compliance, Identity & access management (IAM), Infrastructure security, Unified vulnerability management service offering and others), By Service (Professional and Managed Security), By Security (Application Security, Cloud Security, Data Security, Endpoint Security, Infrastructure Protection, Network Security and others), By Deployment (Cloud-based and On-premise), By Organization (Small and Medium Enterprise (SME) and Large Enterprise), By End-Use Application (BFSI, IT & Telecom, Defense/Government, Energy, Healthcare, Manufacturing, Retail, and others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.

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Key Highlights:

  • In January 2021, Quick Heal has invested US$ 2 million in Israel based cyber security startup L7 Defense to acquire customers in telecom, financial, and IT industries across the US and Europe.

  • In April 2020, Investcorp Technology Partners acquired Avira Operations GmbH & Co. KG, which is a cyber-security solution provider to bring its decades of experience to accelerate growth in the cyber security and antivirus industry

Analyst View

Cyber security and protection of internet-connected systems including data, software, and hardware against cyber intrusions and attacks undertake greater significance in today’s digital changing landscape. Moreover, the rapid increase in cybercrimes, malware, phishing threats, frauds, and vulnerabilities brings the business organization to adopt different cyber security solutions and services which is likely to drive the market growth. The emerging threats landscape in defense, retail, IT, banking, and manufacturing sectors is considered being a prominent factor for the development of cyber security market during the forecast period.

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Key Market Insights from the report:

  • The global cyber security market accounted for US$ 161.2 billion in 2020 and is estimated to be US$ 352.7 billion by 2029 and is anticipated to register a CAGR of 9.3%. The global cyber security market is segmented based on the component, solution, service, security, deployment, organization, end-use application, and region.

  • By component, the global cyber security market is segmented into a Solution and Service. Service segment is expected to dominate in terms of revenue share.

  • By solution, the target market is segmented into Data security & privacy service offering, Governance, risk, & compliance, Identity & access management (IAM), Infrastructure security, Unified vulnerability management service offering, and others.

  • By the service, the target market is segmented into Professional and Managed Security. Managed security service segment is estimated to register high growth rate owing to rise in threat from conventional rebellious activities.

  • By the security, the target market is segmented into Application Security, Cloud Security, Data Security, Endpoint Security, Infrastructure Protection, Network Security, and others.

  • By the deployment, the target market is segmented into Cloud-based and On-premise. Cloud based deployment segment is estimated to register high CAGR during forecast period.

  • By the organization, the target market is segmented into Small and Medium Enterprise (SME) and Large Enterprise.

  • By the end-use application, the target market is segmented into BFSI, IT & Telecom, Defense/Government, Energy, Healthcare, Manufacturing, Retail, and others. Defense/Government application segment is expected to dominate the market.

  • By region, North America is the worldwide leader in the cyber security market, due to the presence of prominent cyber security vendors along with an increase in stringent policies and standards of government for maintaining data security and privacy in the region. The market is developing steadily mainly in the U.S. and Europe.

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Competitive Landscape:

The prominent player operating in the global cyber security market includes Accenture Inc., Broadcom (Symantec Corporation) Inc., Capgemini SE, Cognizant, IBM Corporation, L&T Technology Services Limited, McAfee, LLC, Microsoft Corporation, Oracle Corporation, Wipro Limited, and many other players.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

  • Explains an overview of the product portfolio, including product development, planning, and positioning

  • Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.

  • Detailed analysis of the market revenue over the forecasted period.

  • Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.

  • Study on the segments that are anticipated to dominate the market.

  • Study on the regional analysis that is expected to register the highest growth over the forecast period

Key Topics Covered

  1. Introduction

  • Study Deliverables

  • Study Assumptions

  • Scope of the Study

  1. Research Methodology

  2. Executive Summary

  • Opportunity Map Analysis

  • Market at Glance

  • Market Share (%) and BPS Analysis, by Region

  • Competitive Landscape

  • Heat Map Analysis

  • Market Presence and Specificity Analysis

  1. Investment Analysis

  2. Competitive Analysis

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