Cybersecurity Market Size (2024 - 2029)

The market size for cybersecurity is projected to grow significantly due to the increasing adoption of data-intensive approaches and the surge in global cyber-attacks. The integration of digital technologies into critical infrastructure and the expansion of data-intensive applications has heightened the potential damages from cyber attacks, necessitating robust cybersecurity measures. However, challenges arise when integrating advanced cybersecurity solutions with existing legacy systems, which often pose limitations. The COVID-19 pandemic has further fueled the market due to a surge in cybercriminal activities, creating a demand for cybersecurity solutions to minimize cyber risks.

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Cybersecurity Market Summary
Study Period 2019-2029
Market Size (2024) USD 182.84 Billion
Market Size (2029) USD 314.28 Billion
CAGR (2024 - 2029) 11.44 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Cybersecurity Marke Major Players

*Disclaimer: Major Players sorted in no particular order

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Cybersecurity Market Analysis

The Cybersecurity Market size is estimated at USD 182.84 billion in 2024, and is expected to reach USD 314.28 billion by 2029, growing at a CAGR of 11.44% during the forecast period (2024-2029).

  • The key drivers contributing to the increase in the adoption of data-intensive approaches and decisions with the growth include the increase in the number of cyber-attacks globally with the growing digitalization has the potential to damage the internet-linked digital infrastructure of various government or private sector enterprises, thereby significantly driving the market growth rate.
  • IT advances, communications technologies, and the smart energy grid are changing the landscape of every country’s critical infrastructure and business networks. However, with rapidly evolving technology comes rapidly advancing threats. According to the Center for Strategic and International Studies (CSIS) and McAfee, cybercrimes cost the world almost USD 600 billion yearly, or 0.8% of global GDP. In addition, the average cost of data breaches has also increased in recent years, indicating a dire need to deploy cybersecurity solutions to mitigate the risks.
  • The cybersecurity landscape is increasing as companies worldwide adopt technologies like cloud computing, artificial intelligence (AI), the Internet of Things (IoT), and big data analytics as part of their digital transformation initiatives. This significant shift might present businesses that adopt digital transformation with the risk of encountering new and rapidly changing cybersecurity threats.
  • The increasing integration of digital technologies into critical infrastructure, such as energy grids, transportation systems, and healthcare facilities, has significantly intensified the potential damages resulting from cyber attacks. As these vital systems become more interconnected and reliant on digital platforms, they become more susceptible to malicious activities that can disrupt operations, compromise sensitive data, and even pose risks to public safety. This intensified vulnerability necessitates a robust and adaptive cybersecurity ecosystem to safeguard against potential consequences.
  • The expansion of data-intensive applications and technologies, fueled by the digital transformation period, has led to an exponential growth in the volume, rate, and variety of data generated and processed by businesses. As organizations utilize the power of big data, artificial intelligence, and machine learning, the need to strengthen the security of this valuable asset becomes essential. The increased use of data-intensive approaches necessitates managing large datasets that contain sensitive and vital information, which makes strong cybersecurity measures necessary for protecting against potential risks and vulnerabilities.
  • As organizations undergo digital transformation, the challenges associated with seamlessly integrating advanced cybersecurity solutions with existing legacy systems become increasingly evident. Legacy infrastructure, characterized by outdated hardware, software, and protocols, poses limitations to implementing modern cybersecurity measures. Combining these outdated systems with modern technology frequently results in an environment that makes it more challenging to implement and maintain strong cybersecurity frameworks.
  • COVID-19 caused significant disruption to businesses on a global scale and accelerated the growth of cybercriminal activities in private and government enterprises supported by digital transformation. The increase in cyber-attacks and frauds during the pandemic created an opportunity for cybersecurity solutions due to their application in minimizing cyber risks and fueled the market during and in the post-pandemic period.

Cybersecurity Industry Segmentation

The cybersecurity market is defined based on the revenues generated from the solutions and services used in various end-user industries across the globe. The analysis is based on the market insights captured through secondary research and the primaries. The market also covers the major factors impacting its growth in terms of drivers and restraints.

The scope of the study has been segmented based on offerings (solutions (application security, cloud security, data security, identity access management, infrastructure protection, integrated risk management, network security, and other solution types) and services (professional services and managed services)), deployment (On-premise, and cloud), and end-user vertical (IT and telecommunication, BFSI, retail and e-commerce, oil gas and energy, manufacturing, government and defense, and other end-user industries), geography (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa). 

The market sizes and forecasts are provided in terms of value in USD for all the above segments.

By Offering
Solutions
Application Security
Cloud Security
Consumer Security Software
Data Security
Identity and Access Management
Infrastructure Protection
Integrated Risk Management
Network Security Equipment
Other Solutions
Services
Professional Services
Managed Services
By Deployment
Cloud
On-Premise
By End-User Industry
IT and Telecom
Use Cases
BFSI
Use Cases
Retail and E-Commerce
Use Cases
Oil Gas and Energy
Use Cases
Manufacturing
Use Cases
Government and Defense
Use Cases
Other End-users
Use Cases
By Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Italy
Spain
Greece
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Indonesia
Philippines
Malaysia
Singapore
Rest of Asia Pacific
Latin America
Brazil
Argentina
Mexico
Rest of Latin America
Middle East and Africa
Saudi Arabia
GCC
United Arab Emirates
Others
South Africa
Rest of Middle East and Africa

Cybersecurity Market Size Summary

The cybersecurity market is anticipated to experience significant growth, driven by the increase in cyber-attacks globally and the rising digitalization of various government or private sector enterprises. The adoption of technologies like cloud computing, artificial intelligence (AI), the Internet of Things (IoT), and big data analytics, as part of digital transformation initiatives, has expanded the cybersecurity landscape. The integration of digital technologies into critical infrastructure has intensified potential damages from cyber attacks, necessitating a robust and adaptive cybersecurity ecosystem. The expansion of data-intensive applications and technologies has led to an exponential growth in data generated and processed by businesses, making strong cybersecurity measures essential. The cybersecurity market is fragmented, featuring major players like IBM Corporation, NortonLifeLock Inc., Microsoft Corporation, Proofpoint Inc., and McAfee LLC. These market participants have embraced strategies like partnerships and acquisitions to bolster their solution offerings and attain a sustainable competitive advantage. The increasing challenges associated with integrating advanced cybersecurity solutions with existing legacy systems have become evident as organizations undergo digital transformation. The pandemic has caused significant disruption to businesses globally, accelerating the growth of cybercriminal activities and creating opportunities for cybersecurity solutions.

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Cybersecurity Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Competitive Rivalry within the Industry

      5. 1.2.5 Threat of Substitutes

    3. 1.3 An Assessment of the Impact of and Recovery From COVID-19 on the Industry

    4. 1.4 An Assessment of the Impact of Macroeconomic Trends

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Offering

      1. 2.1.1 Solutions

        1. 2.1.1.1 Application Security

        2. 2.1.1.2 Cloud Security

        3. 2.1.1.3 Consumer Security Software

        4. 2.1.1.4 Data Security

        5. 2.1.1.5 Identity and Access Management

        6. 2.1.1.6 Infrastructure Protection

        7. 2.1.1.7 Integrated Risk Management

        8. 2.1.1.8 Network Security Equipment

        9. 2.1.1.9 Other Solutions

      2. 2.1.2 Services

        1. 2.1.2.1 Professional Services

        2. 2.1.2.2 Managed Services

    2. 2.2 By Deployment

      1. 2.2.1 Cloud

      2. 2.2.2 On-Premise

    3. 2.3 By End-User Industry

      1. 2.3.1 IT and Telecom

        1. 2.3.1.1 Use Cases

      2. 2.3.2 BFSI

        1. 2.3.2.1 Use Cases

      3. 2.3.3 Retail and E-Commerce

        1. 2.3.3.1 Use Cases

      4. 2.3.4 Oil Gas and Energy

        1. 2.3.4.1 Use Cases

      5. 2.3.5 Manufacturing

        1. 2.3.5.1 Use Cases

      6. 2.3.6 Government and Defense

        1. 2.3.6.1 Use Cases

      7. 2.3.7 Other End-users

        1. 2.3.7.1 Use Cases

    4. 2.4 By Geography

      1. 2.4.1 North America

        1. 2.4.1.1 United States

        2. 2.4.1.2 Canada

      2. 2.4.2 Europe

        1. 2.4.2.1 United Kingdom

        2. 2.4.2.2 Germany

        3. 2.4.2.3 France

        4. 2.4.2.4 Italy

        5. 2.4.2.5 Spain

        6. 2.4.2.6 Greece

        7. 2.4.2.7 Rest of Europe

      3. 2.4.3 Asia-Pacific

        1. 2.4.3.1 China

        2. 2.4.3.2 India

        3. 2.4.3.3 Japan

        4. 2.4.3.4 Australia

        5. 2.4.3.5 Indonesia

        6. 2.4.3.6 Philippines

        7. 2.4.3.7 Malaysia

        8. 2.4.3.8 Singapore

        9. 2.4.3.9 Rest of Asia Pacific

      4. 2.4.4 Latin America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Mexico

        4. 2.4.4.4 Rest of Latin America

      5. 2.4.5 Middle East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 GCC

          1. 2.4.5.2.1 United Arab Emirates

          2. 2.4.5.2.2 Others

        3. 2.4.5.3 South Africa

        4. 2.4.5.4 Rest of Middle East and Africa

Cybersecurity Market Size FAQs

The Cybersecurity Market size is expected to reach USD 182.84 billion in 2024 and grow at a CAGR of 11.44% to reach USD 314.28 billion by 2029.

In 2024, the Cybersecurity Market size is expected to reach USD 182.84 billion.

Cybersecurity Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)