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The global cyber security market is expected to be worth USD 500.7 billion by 2030 and reveal a CAGR of 12%. The emergence of cloud solution deployment, e-commerce websites, and the expansion of smart devices are the reasons for the increase in cyber-attacks as well as major factors driving the industry growth. Besides, a surge in the utilization of devices along with the implementation of internet of things (IoT) technology is projected to pave the growth of cyber threats. To overcome this issue, the adoption of the latest cybersecurity solutions by organizations is expected to reduce, mitigate, and detect cyber-attacks, thus likely to boost the industry during the forecast period.
In the first and second quarters of 2020, the industry experienced a drop owing to the COVID-19 pandemic which resulted in the non-functionality of various organizations across the world. But, towards the end of the second quarter of 2020, the industry recovered because organizations implemented cybersecurity solutions for remote working culture. Additionally, the use of personal devices for business purposes through private network connections constituted security risks pertaining to organizations. Hence, the adoption of cybersecurity solutions for securing and managing endpoint devices as well as protection from network threats is likely to up-scale the industry in the forecast period.
Data breach is one of the most common cyber threats that result in business disruption, revenue loss, poor brand reputation, and workforce reduction. Organizations tend to disburse a huge amount of money to retrieve the losses, and overcome risks that are associated with data breaching. The average cost of a data breach in an organization is intended to be USD 4.87 billion according to the IBM report of 2021. Therefore, the implementation of cybersecurity solutions for threat detection assists in lowering the cost of data breaches, which is likely to boost the industry.
In terms of segment, the services segment dominated the market due to the rising demand for services from small and medium enterprises (SMEs) pertaining to upgradation, maintenance, and consultation. SMEs tend to comprise small teams, and a limit on their budget owing to which these organizations are dependent on consultation services before the implementation of cybersecurity solutions. Besides, a rise in cybersecurity services is expected to boost the industry since organizations are on the verge to expand their network security as well as IT infrastructure to overcome security threats.
In terms of region, Asia Pacific dominated the market owing to the adoption of cloud technologies, increased utilization of IoT devices, and expansion in the construction of data centers. Additionally, the use of endpoint devices by the population within the region tends to generate a huge volume of data based on which organizations are occupied with the distribution of cybersecurity solutions. Besides, an increase in spending from defense, and government sectors to combat cyber warfare in countries like India, China, South Korea, and Japan are projected to drive market growth.
Key players are effectively engaged in the inauguration of products that comprise machine learning, and artificial intelligence capabilities that assist organizations to operate their IT security. For instance, Palo Alto Networks launched an improvised version of the Cortex XDR platform in August 2021. This version is constituted to enhance monitoring, detection, and investigation capabilities for amplifying protection to security operation teams, thus likely to uplift the market during the forecast period.
Research Support Specialist, USA