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The cybersecurity services market size is forecast to increase by USD 49 billion, at a CAGR of 9.23% between 2023 and 2028. The market is experiencing significant growth due to several key drivers. The increasing number of data breaches and cyber-attacks has heightened the awareness and importance of cybersecurity, leading to an increase in demand for these services. Another trend in the market is the integration of artificial intelligence (AI) and machine learning (ML) technologies to enhance threat detection and response capabilities. However, the high cost of implementing cybersecurity services remains a challenge for many organizations, particularly smaller businesses and governments with limited budgets. Despite this, the market is expected to continue growing as businesses recognize the need for cybersecurity to protect their valuable digital assets.
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The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The on-premises segment is estimated to witness significant growth during the forecast period. The cybersecurity market is experiencing significant growth due to the increasing number of cyber threats in the digital age. With the widespread adoption of digital technologies, cloud computing, and remote work, cybersecurity risks have become a major concern for businesses and individuals alike. Advanced security solutions, such as machine learning and threat detection, are being implemented to mitigate these risks. Cyberattacks, including cyber espionage, have become more sophisticated, necessitating a skilled cybersecurity workforce.
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The On-premises was valued at USD 43.50 billion in 2018. However, there is a cyber talent shortage, making it essential for organizations to invest in cloud-based cybersecurity solutions and advanced technologies like AI and ML for network security, cloud application security, and endpoint security. The banking, financial services, healthcare, and e-commerce sectors are particularly vulnerable to digital attacks and require enterprise security solutions. Remote working vulnerabilities have also emerged as a significant concern, necessitating risk-based security measures to protect digital transactions.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market is experiencing significant growth due to the increasing number of connected devices and critical infrastructure in various sectors, including the Energy sector. With the transportation of oil and electric power becoming increasingly digital, physical threats have evolved into cyber threats. The cybersecurity skill gap is a major concern for organizations, leading to an increased demand for cybersecurity vendors. Global threat monitoring, incident response services, and security operation centers have become essential for businesses to mitigate risks. Threat intelligence plays a crucial role in proactively identifying and addressing potential cyber threats. The Energy sector, with its critical infrastructure, is a prime target for cyber attacks, making cybersecurity services an indispensable investment.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AO Kaspersky Lab - The company offers cybersecurity services such as Penetration Testing, Application Security Assessment, Payment Systems Security Assessment, and ICS Security Assessment.
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Market structure |
Fragmented |
YoY growth 2023-2024 |
8.27 |
The market is witnessing significant growth due to the increasing number of Cyber threats in the digital age. With the widespread adoption of Digital technologies, Cloud computing, and Remote work, the risk of Cybersecurity threats, Digital attacks, and Malicious attacks. Advanced security solutions are in high demand to mitigate these risks and protect Digital transactions on E-commerce platforms, Banking, Financial Services, Healthcare, and Critical infrastructure. Cybersecurity risks are not limited to the digital realm; Physical threats to critical infrastructure in the Energy sector also pose a significant challenge. The use of Artificial intelligence (AI) and Machine Learning (ML) in Cybersecurity is to combat advanced threats. However, the Cybersecurity skill gap remains a significant hurdle in effectively addressing these challenges. RiskBased Security is a crucial aspect of modern Cybersecurity, with organizations prioritizing resources to mitigate the most significant risks. The Cybersecurity landscape is constantly evolving, with new threats emerging regularly. It is essential to stay informed and invest in Enterprise security solutions to protect against Cyberattacks and safeguard sensitive information. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
An increase in the number of data breaches is notably driving market growth. The market is experiencing notable growth due to the escalating cyber threats targeting organizations across various industries. Digital transformation and the increasing use of digital technologies, including cloud computing, have expanded the attack surface, making organizations more vulnerable to cyberattacks. The shift towards remote work and digital transactions has introduced new vulnerabilities, particularly in network security and endpoint protection. Advanced security solutions, such as machine learning and artificial intelligence, are being adopted to enhance threat detection and mitigate risks.
However, the cybersecurity workforce is facing a talent shortage, making it challenging for organizations to implement effective security measures. Cyber espionage and malicious attacks on cloud applications and infrastructure are also on the rise, necessitating the need for cloud-based cybersecurity solutions. Enterprise security solutions are essential for industries like banking, financial services, healthcare, and e-commerce platforms to protect sensitive data and maintain regulatory compliance. In conclusion, cybersecurity investments in advanced technologies, risk-based security strategies, and a skilled workforce are crucial to mitigate cyber risks and safeguard digital asset. Thus, such factors are driving the growth of the market during the forecast period.
Integration of AI and ML in cybersecurity services is the key trend in the market. The cybersecurity services market is experiencing significant growth due to the increasing number of cyber threats in the digital age. With the integration of advanced technologies like Artificial Intelligence (AI) and Machine Learning (ML), cybersecurity services have become more effective in addressing cyber risks associated with digital technologies, cloud computing, remote work, and digital transactions. AI and ML algorithms are transforming cybersecurity by enhancing threat detection and analysis capabilities. They can identify anomalies, detect patterns of malicious activities, and distinguish between normal and abnormal behavior in network traffic, user access patterns, and system activities. These advanced technologies enable proactive identification of potential security incidents, reducing false positives, and allowing cybersecurity professionals to focus on genuine threats.
Cloud security services, network security, endpoint security, and cloud application security are some areas that significantly benefit from these advanced solutions. However, the cybersecurity workforce faces a talent shortage, making it crucial for organizations to invest in cybersecurity solutions and security measures to mitigate risks and protect against cyberattacks, including cyber espionage, malicious attacks, and digital attacks targeting industries like banking, financial services, healthcare, and e-commerce platforms. RiskBased Security and other advanced technologies are essential to address the skill gaps and ensure comprehensive security infrastructure. Thus, such trends will shape the growth of the market during the forecast period.
High cost of cybersecurity services implementation is the major challenge that affects the growth of the market. The market is experiencing significant growth due to the increasing number of cyber threats targeting digital technologies, remote work environments, and digital transactions. Advanced security solutions, such as machine learning and artificial intelligence, are essential for detecting and mitigating cyberattacks. However, the implementation of these advanced technologies comes with a high cost, posing financial challenges for organizations. Organizations face resource allocation issues when prioritizing cybersecurity investments amidst budget constraints. Comprehensive security measures, including advanced threat detection, incident response capabilities, and continuous monitoring, require substantial investments. The cybersecurity talent shortage further exacerbates the situation, making it challenging for organizations to acquire and manage cybersecurity professionals.
Moreover, the shift towards cloud computing and cloud-based cybersecurity solutions necessitates additional investments in cloud security services. The healthcare, banking, financial services, and e-commerce sectors are particularly vulnerable to cyber espionage and digital attacks. Therefore, enterprises must invest in enterprise security solutions that offer advanced technologies, such as machine learning and threat detection, to mitigate risks. The high cost of cybersecurity services implementation can limit the adoption of advanced security solutions, leaving organizations vulnerable to malicious attacks. Organizations must address the cybersecurity skill gaps and invest in cloud application security to ensure a security infrastructure. Risk-based security approaches can help prioritize investments and allocate resources effectively. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
The market is witnessing significant growth due to the increasing number of Cyber threats in the era of Digital technologies. With the rise of Cloud computing, Cybersecurity risks have become a major concern for businesses and individuals. Remote work and Digital transactions have further increased the vulnerabilities, making Advanced security solutions a necessity. Cyberattacks, including Malicious attacks, Cyber espionage, and RiskBased Security, are a constant threat to Enterprise security solutions in various sectors such as Banking, Financial Services, Healthcare, and E-commerce platforms. Machine Learning (ML) and Artificial Intelligence (AI) are being employed to enhance Threat detection and Cloud security services.
However, the Cybersecurity workforce faces a talent shortage, leading to a need for more Cybersecurity professionals. Cybersecurity investments in Cloud-based solutions, Network security, Endpoint security, and Cloud application security are on the rise to address these challenges. Security infrastructure is being strengthened with Advanced technologies like ML and AI to mitigate the Cybersecurity skill gaps. Remote working vulnerabilities are being addressed with Remote working policies and advanced security measures. In conclusion, the Cybersecurity market is evolving to provide comprehensive solutions to combat Digital attacks and ensure secure Digital transactions. The future holds immense potential for innovation and growth in this sector.
Market Scope |
|
Report Coverage |
Details |
Page number |
211 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.23% |
Market growth 2024-2028 |
USD 49 billion |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 36% |
Key countries |
US, China, UK, Germany, Japan, India, France, Canada, Australia, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, Akamai Technologies Inc., AO Kaspersky Lab, Broadcom Inc., Cassava Technologies, Check Point Software Technologies Ltd., Cisco Systems Inc., CrowdStrike Inc., Dell Technologies Inc., FireEye Inc., Fortinet Inc., F Secure Corp., International Business Machines Corp., McAfee LLC, Palo Alto Networks Inc., Proofpoint Inc., Rapid7 Inc., RSA Security LLC, S.C. BITDEFENDER S.R.L., Sophos Ltd., Tenable Holdings Inc., Trend Micro Inc., and Zscaler Inc. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Five Forces Analysis
7 Market Segmentation by Deployment
8 Market Segmentation by End-user
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
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