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Cyber Security Market Research Report - Size, Share, Trends, COVID-19 Impact & Growth Analysis - Global Industry Forecast (2022 to 2027)

Published: March, 2023
ID: 8962
Pages: 155
Formats: report pdf report excel report power bi report ppt

Cyber Security Market Size (2022 - 2027)

The Global Cyber Security Market was worth US$ 217.9 billion in 2021, and it is estimated to reach a valuation of US$ 379.75 billion by the end of 2027, expanding at an annual growth rate of 9.7% between 2022 and 2027.

Cyber security refers to a process to defend devices and services from electronic attacks by nefarious actors such as hackers, spammers, cybercriminals etc. These cyber-attacks usually aimed at accessing, changing or destroying sensitive information, extorting money, from users, or interrupting normal business processes. A cyber security approach includes multiple layer of protection spread across the computers, networks, programs, or data that one intends to keep safe. The cyber security includes technologies, processes, and methods in order to defend computer systems, data, and networks from attacks.

The cyber security is divided into series of subdominants such as Application Security, Cloud Security, Identity Management and Data Security, Mobile security, disaster recovery and business continuity planning, user education, network security etc. The common cyber attacks which requires cyber security solutions are cyber terrorism, malware, trojans, bonnets, adware, SQL injections, phishing, Man-in-the-middle attack, denial of service etc. Due to rising frequency and sophistication of target-based cyber attacks the demand of cyber security solutions is increasing which is boosting the growth of the market.



The driving force of the Cyber Security Market is the increasing adoption of IoT and other advanced solution in business growth which are prone to cyber attacks.


The rising number of e-commerce platforms and advanced technologies solutions such as AI, cloud, and block chain has increased the demand of internet security solutions in a connected network infrastructure. Additionally the e-commerce companies have started focusing on adopting network security solutions in their IT and electronic security systems thereby boost the market growth. Also the increasing use of technologies in other sectors also such as banking, telecom, manufacturing, sectors are fueling the need for assimilating processing, and storing large amounts of confidential information and breaching of such information  can use steep financial damage to the organizations. So the demand of cyber security solutions is increasing in several verticals which will boost the cyber security market growth.


Additionally, the digital applicants often have loopholes with several vulnerabilities that can allow penetration of attacks which is resulting in the loss of user data. The cyber security solutions and services operate as a backbone to a business security infrastructure and their popularity is increasing with the rising adoption of digital application across the industries, thus propels the growth of cyber security market.




However, the requirement of cyber security solutions is growing but budget planned to address these problems are still lower. Most of the small firms or start-ups lack the budget and IT expertise to adopt enhanced cyber security solutions to safeguard their networks and IT infrastructures from various cyber-attacks. Therefore the limited funding can be a major restraining factor SMEs to implement cyber security model hence hampers the growth of the market.




Market Size Available

2021 – 2027

Base Year


Forecast Period

2022 - 2027

Segments Covered

By Component, Software, Security Type, Deployment Mode, Organization Size, End-User Industry, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Broadcom (Symantec Corporation), Cisco Systems, Inc., Check Point Software Technology Ltd., IBM, McAfee LLC, Palo Alto Networks, Inc., Trend Micro Incorporated, NortonLifeLock, Rapid7, Micro Focus among others



Market Segmentation

Cyber Security Market - By Component:

  • Hardware
  • Software
  • Services

During the projected period, the hardware sector is expected to dominate the market. The segment includes next-generation equipment and devices such as encrypted USB Flash drives, firewalls, and Intrusion Prevention, System that secures an organizations security network by monitoring of malicious incidents. These hardware systems and equipments are adopted by large enterprises and Internet Service Providers that have multiple computers to control the network activity. The hardware equipment protects the networks from attacks and attempts made to enter computing systems by forming an additional layer of defense.

Cyber Security Market - By Software:

  • IAM
  • Encryption
  • Firewall
  • APT
  • Threat Intelligence Platform
  • Network Access Control
  • Others

Due to its vital security infrastructure systems that give real-time alerts of cyber threats, the IDS/IPS (Intrusion detection and prevention system) is likely to dominate the market over the projection period. Furthermore, the IDS/IPS solution assists security professionals in meeting security laws and increasing network visibility by identifying dangerous content patterns. Owing to these benefits, the IDS/IPS is fueling the growth of the cyber security market.

Cyber Security Market - By Security Type:

  • Network Security
  • Endpoint Security
  • Application Security
  • Cloud Security
  • Others

The application security segment is going to dominate the market in the projected period due to gaining popularity among industries as it focuses on keeping software and devices threat free.

Cyber Security Market - By Deployment Mode:

  • Cloud
  • On-Premises

Cloud segment accounted for the largest share of cyber security market in 2021, due to growing massive store applications in order to store and secure data with advanced security methods are boosting the demand of cloud-based security solutions. As cloud-based cyber security solution offers social networking security privacy, online storage, system optimization, and so on. Additionally, the growing demand of the online cloud storage leads to provide backup and restorations of data caused due to data breaches or data loss. Owing to these significant benefits of cloud technology will fuel the growth of cyber security market.

Cyber Security Market - By Organization Size:

  • Large Enterprises
  • Small & Medium Size Enterprises

The small and medium size enterprises is projected to grow high significant CAGR during the forecast period due to increasing demand for end-point security solutions across the various e-commerce startups, including retail and financial sector. The large enterprises are also going to showcase notable growth rate during the forecast period owing to the increasing demand for application security services.

Cyber Security Market - By End-User Industry:

  • Aerospace & Defense
  • Government
  • BFSI
  • IT & Telecommunication
  • Healthcare
  • Retail
  • Manufacturing
  • Energy & Utilities
  • Telecommunications
  • Media and Entertainment
  • Others

BFSI segment is expected to dominate the market due to increasing demand for robust security and digital privacy systems across financial, insurance and banking sector. The cloud application security solutions help bank, insurance, and financial organization to secure extremely confidential data with real-time intelligence against insistent cyber attacks. Also, the healthcare segment is expected to grow with notable CAGR as in healthcare sector, the internet security solutions aid in providing data protection for customer health care records.

Cyber Security Market – By Region:

  1. North America
  2. Europe
  3. Asia-Pacific
  4. RoW (Rest of the World)

North America is the largest market of the cyber security market and will expand its growth with a steady CAGR during the forecast period due to presence of prominent security vendors that have global and regional headquarter in the United States. Being a technologically advanced region, North America is an early adopter of cyber security solutions and service across the globe. In North America region, U.S holds the larger share in of revenue. The adoption of advanced technologies and infrastructure by businesses such as cloud computing, big data analytics, IoT are increasing which are prone to attacks and thereby the attacks are increasing dramatically and becoming more sophisticated in nature and targeting the business applications in various industry verticals. The growing trends of IoT, IoE, IIoT, and BYOD have brought significant growth in this region. The rising threats and vulnerabilities and the government compliances has made North America the most lucrative market for different vendor categories. In North America, U.S and Canada constitutes the major portion of the cyber security market.

Emerging economies in APAC region such as China, Japan, Malaysia, Singapore, and Japan are highly concerned in security spending, owing to the ever-growing threat landscape, thus fueling the demand of cyber security solutions. Enterprises from industries such as telecom, energy, finance, and technology in this region are targets of persistent threat actors. Most attacks are prevalent among Southeast Asian nations. Governments and enterprises are involved in framing cyber defense strategies for future cyber defense preparedness. The initiatives include strengthening critical infrastructures and developing a strong cyber defense ecosystem comprising skilled professionals. Owing to the efforts towards securing IT network, critical infrastructure, and endpoints are estimated to boost the market growth in coming years.

Covid-19 Impact on Global Cyber Security Market

The Global Cyber Security Market has been significantly impacted by the COVID-19 outbreak. It has adversely affected the overall behavior of consumer and providers. The shorter-term closure of the manufacturing units, job crunches, lack of resources data breaches, disrupted supply chains has affected the global businesses. Several small and medium businesses around the globe have temporary and permanent shutdown due to pandemic particularly the small companies and start-ups worldwide that has significantly impacted the demand of cyber security solutions and services globally. However, the demand of cyber security solutions in healthcare and government sector has grown exponentially during the pandemic crises and presently the situation of pandemic is becoming normal and now it is expected that the demand of the cyber security solutions will be fueled during the forecast period.

Key Players:

Some of the leading companies operating in the Global Cyber Security Market are:

  • Broadcom (Symantec Corporation)
  • Cisco Systems, Inc.
  • Check Point Software Technology Ltd.
  • IBM
  • McAfee, LLC
  • Palo Alto Networks, Inc.
  • Trend Micro Incorporated
  • NortonLifeLock
  • Rapid7
  • Micro Focus

Recent Market Developments:

  • In February 2022, IBM has announced its multi-billion dollar investment in its resources to help businesses prepare for and manage the growing threat of cyber attacks to various organizations across Asia-Pacific region.
  • In November 2021, IBM has announced that it is planning to acquire ReaQta for expansion of its cyber security threat detection and response capabilities.

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