Market Size & Growth:

The cybersecurity industry is a rapidly growing sector that plays a crucial role in protecting systems, networks, and programs from digital attacks. The global cybersecurity market size was valued at $217.65 billion in 2021 and is expected to grow at a CAGR of 9.7% during the forecast period. The global cybersecurity market size is projected to grow from $172.32 billion in 2023 to $424.97 billion in 2030, at a CAGR of 13.8%.The cybersecurity market worldwide is projected to grow by 10.48% (2023-2028) resulting in a market volume of US$273.60bn in 2028. The global cybersecurity market is projected to reach $478.68 billion by 2030, growing at a CAGR of 9.5%.

Market Drivers & Challenges:

The increasing adoption of enterprise security solutions in manufacturing,

Banking, Financial Services, and Insurance (BFSI), and healthcare is expected to drive the cybersecurity market growth in the forthcoming years. The strong preference of organizations for deploying suitable cybersecurity solutions based on the organizational structure is driving the adoption of cybersecurity services across several industries and sectors. Small and Medium-sized Enterprises (SMEs) have limited budgets due to which these organizations prefer consulting before implementing any solutions, supporting the segment growth in the market. The defense/government segment held the highest market share of more than 25% of the overall market in 2022. The cybersecurity industry faces challenges such as the increasing sophistication of cyber threats, the shortage of skilled cybersecurity professionals, and the high cost of cybersecurity solutions.

Key Players:

These companies account for a major share of the cybersecurity market. Key players in the cybersecurity industry include IBM Corporation, Microsoft Corporation, Palo Alto Network, Inc., Broadcom, Inc., Accenture, Cisco Systems, Inc., Check Point Software Technology Ltd., and Fortinet, Inc.

Outlook

The cybersecurity industry is expected to continue growing in the coming years, driven by the increasing adoption of enterprise security solutions and the strong preference of organizations for deploying suitable cybersecurity solutions based on the organizational structure. The defense and government end-user segment is expected to dominate the global cybersecurity market during the forecast period because of the sensitive nature of data and information they hold. North America dominated the global cybersecurity market in 2021 and is anticipated to maintain its dominance throughout the forecast period. The software industry is the major consumer of cybersecurity solutions. Various companies are establishing partnerships to provide unique and contemporary security products to clients.