Cybersecurity Market worth $298.5 billion by 2028 – Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 30, 2024 /PRNewswire/ — Cyber threats are always changing, and the market for cybersecurity is being driven by these factors as well as digital transformation projects, regulatory compliance, AI and ML integration, Zero Trust security, IAM emphasis, cloud-native solutions, threat intelligence sharing, and the convergence of IT and OT security. In order to meet the complex cybersecurity problems of an interconnected digital landscape, these trends demonstrate the market’s focus on innovation, resilience, and adaptation.

The global Cybersecurity Market size is projected to grow from USD 190.4 billion in 2023 to USD 298.5 billion by 2028 at a CAGR of 9.4% during the forecast period, according to a new report by MarketsandMarkets™. The expansion of the Cybersecurity Market is primarily driven by the escalating number and sophistication of cyber threats as organizations and individuals increasingly operate in a digitally interconnected world. The widespread adoption of technologies like cloud computing, the IoT, and AI further amplifies the need for robust cybersecurity measures. Additionally, stringent regulatory requirements for data protection across various industries compel businesses to enhance their cybersecurity frameworks. The rapid digital transformation, coupled with a heightened awareness of cyber risks, also plays a crucial role in fueling the growth of the Cybersecurity Market.

Browse in-depth TOC on “Cybersecurity Market”

370 – Tables

60 – Figures

365 – Pages

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Scope of the Report

By vertical segment, the healthcare & life sciences vertical will grow at the highest CAGR during the forecasted period.

The healthcare and life sciences sector is expected to grow at the highest CAGR in the Cybersecurity Market for several reasons. The sector deals with vast amounts of sensitive personal health information, making it a prime target for cyberattacks. With the increasing use of technology in healthcare, such as electronic health records and connected medical devices, there is a larger surface for potential cyber threats. These technologies, while improving patient care and operational efficiency, also create vulnerabilities that need strong cybersecurity measures. Additionally, the healthcare sector must comply with stringent regulations regarding patient data protection, like HIPAA in the US. Historically, the healthcare sector has not been as heavily invested in cybersecurity as others, which means there is a lot of ground to cover quickly. Thus, the need for rapid improvement in cybersecurity, driven by both increasing threats and regulatory requirements, is why the healthcare and life sciences vertical is anticipated to see significant growth in cybersecurity investment and development.

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By offerings, the solution segment holds the largest market size during the forecast period.

The solutions segment in the Cybersecurity Market is anticipated to have the largest market size due to several key factors. Firstly, the growing number of cyber threats, which are becoming more complex, requires sophisticated and comprehensive cybersecurity solutions. These threats are no longer limited to large organizations but affect businesses of all sizes and individuals, broadening the market for cybersecurity solutions. Secondly, the rapid digital transformation across various industries has made businesses more reliant on digital infrastructure. This shift demands robust cybersecurity measures to protect sensitive data and ensure business continuity.

Additionally, as companies increasingly adopt technologies like cloud computing, the IoT, and AI, the need for advanced security solutions to safeguard these technologies becomes more pronounced. Furthermore, regulatory requirements across the globe are becoming stricter in terms of data protection, pushing companies to invest in reliable cybersecurity solutions to comply with these regulations. All these factors contribute to the growing market size of the solutions segment in the cybersecurity landscape.

By region, the Asia Pacific market is to grow at the highest CAGR during the forecast period.

The Asia Pacific region, encompassing well-established economies like China and Japan and emerging economies like India, is poised for the highest CAGR during the forecasted period due to several key factors. Rapid economic growth in the Asia Pacific region led to a significant increase in digitalization across businesses and government sectors, creating a larger target for cyber threats. This surge in digital activities necessitates stronger cybersecurity measures. Additionally, the region is experiencing a rapid expansion in internet usage and smartphone adoption, further increasing the need for robust digital security. Many countries in the Asia Pacific are also developing and enforcing stricter data protection regulations, compelling businesses to enhance their cybersecurity infrastructure. Moreover, as industries in the region such as banking, healthcare, and retail increasingly adopt digital technologies, they become more vulnerable to cyberattacks, thus driving the demand for advanced cybersecurity solutions. The combination of these factors contributes to the anticipated high growth rate in the Cybersecurity Market in the Asia Pacific region.

Top Key Companies in Cybersecurity Market:

IBM (US), Cisco (US), Microsoft (US), Palo Alto Networks (US), Fortinet (US), Check Point (US), Trellix (US), Trend Micro (Japan), Rapid7 (US), Micro Focus (Open text) (UK), AWS (US), Oracle (US), Accenture (Ireland), CyberArk (US), SentinelOne (US), Qualys (US), F-secure (Finland), F5 (US), RSA Security (US), Sophos (UK), Forcepoint (US), Proofpoint (US), Juniper Networks (US), SonicWall (US), Zscaler (US), Google (US), Fortra (US), Crowdstrike (US), Broadcom (US), Redington (India), NTT (Japan), Algosec (US), Cynet (Israel), Nozomi Networks (US), Revbits (US), Aristi Labs (India), Illumio (US), Seclore (US), Securonix (US), Sejel Tech (SaudiArabia), Proficio (US), Wijungle (India), Secureden (US), Orca Security (US), Wattle Corporation (India), Open Raven (US), CPX (UAE), and Mesh Security (Israel) are the key players and other players in the Cybersecurity Market.

Recent Developments

• In December 2023, IBM Consulting and Palo Alto Networks expanded their strategic partnership to enhance enterprise security, focusing on AI-driven security operations and cloud transformation. The collaboration aims to strengthen end-to-end security postures for clients, addressing the accelerating threats in cybersecurity.
• In November 2023, IBM introduced a new product called QRadar SIEM, which is a cloud-native SIEM system designed for hybrid cloud environments. It integrates advanced AI capabilities for efficient threat detection and response, targeting the reduction of noise and improvement of alert quality. The platform offers streamlined operations for security teams, enabling faster identification and management of cybersecurity threats in diverse IT landscapes.
• In June 2023, Cisco introduced Secure Access, a new SSE solution designed to enhance hybrid work experiences by simplifying access across various locations, devices, and applications. It offers a common access experience, providing a single, effortless way for users to access all resources by intelligently and securely directing traffic. With a single, cloud-managed console, it eases security operations and enhances efficiency. Additionally, it incorporates faster detection and response capabilities, backed by Cisco Talos’ AI-driven threat intelligence for enhanced threat blocking. Cisco Secure Access aims to deliver a more secure, hassle-free user experience, redefining secure connectivity in today’s distributed IT environments.
• In March 2023, Orange Cyberdefense collaborated with Microsoft to launch two new MSSs, enhancing the security features of Microsoft 365 Defender. These services, Managed Workspace Protection and Managed Threat Detection [xdr] for Microsoft 365 Defender, aim to block attacks, enhance security posture, and provide 24/7 threat detection and incident response. The partnership builds upon Orange Cyberdefense’s expertise in Microsoft technologies and is pivotal in providing advanced security solutions to customers across various sectors.
• In February 2023, Palo Alto Networks introduced a new solution that is easily enabled on Palo Alto Networks’ network security products, including Next-Generation Firewalls and Prisma SASE. It leverages AI for OT environment security against sophisticated threats and simplifies operational processes. The solution addresses challenges in securing OT devices, providing enhanced visibility, inline security, and adherence to high uptime requirements.

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Cybersecurity Market Advantages:

• By enforcing compliance with data protection standards and maintaining consumer trust, cybersecurity solutions secure data integrity, confidentiality, and availability through access controls, encryption, and data loss prevention (DLP), among other methods.
• By using vulnerability assessments, risk analysis, and risk mitigation techniques, cybersecurity solutions assist businesses in identifying, evaluating, and mitigating cybersecurity risks. This lowers the possibility and consequence of cyber incidents.
• By minimising downtime, financial losses, and reputational harm, cybersecurity solutions help organisations respond to cybersecurity issues swiftly and efficiently through protocols for incident detection, analysis, containment, eradication, and recovery.
• Networks, systems, and endpoints are continuously monitored by cybersecurity solutions for suspicious activity and indicators of compromise (IOCs). Threat intelligence feeds and analytics are used to identify and react to new threats instantly.
• Endpoints including PCs, laptops, mobile phones, and servers can be protected against malware, unauthorised access, and other online dangers with the help of cybersecurity solutions. This ensures that the entire IT infrastructure of the company is safeguarded.
• Cybersecurity solutions offer cloud security capabilities to safeguard infrastructure, data, and applications hosted on the cloud against dangers particular to the cloud, illegal access, and other security lapses. This guarantees safe cloud adoption and migration.
• Cybersecurity solutions are scalable and versatile, meeting the specific security needs and budgetary restrictions of organisations with customisable features and deployment options.

Report Objectives

• To define, describe, and forecast the Cybersecurity Market based on offering, solution type, services, deployment mode, organization size, security type, verticals, and region:
• To predict and estimate the market size of five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market
• To provide detailed information related to the primary factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Cybersecurity Market
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the Cybersecurity Market
• To profile the key players of the Cybersecurity Market and comprehensively analyze their market size and core competencies.
• Track and analyze competitive developments, such as new product launches, mergers and acquisitions, partnerships, agreements, and collaborations in the global Cybersecurity Market.

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