Cybersecurity Market

Top Companies List of Cybersecurity Industry - IBM (US), Cisco (US), Microsoft (US) | MarketsandMarkets

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. The cybersecurity market is propelled by several key factors. The escalating sophistication and frequency of cyberattacks require advanced and robust security solutions.

The widespread adoption of digital technologies and the IoT across various sectors increases the potential attack surface, necessitating enhanced cybersecurity measures. Additionally, stringent regulatory requirements and data protection laws compel organizations to strengthen their cybersecurity postures. Furthermore, the growing awareness among businesses and individuals about the risks of cyber threats contributes significantly to the demand for cybersecurity solutions.

Cybersecurity Market Definition

Cybersecurity is the practice of protecting computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks, unauthorized access, and damage. It involves a range of technologies, strategies, and processes designed to safeguard digital assets and personal information from cyber threats.

Major Cybersecurity Companies Include

  • IBM (US)
  • Accenture (Ireland)
  • AlgoSec (US)
  • Cynet (Israel)
  • Trend Micro (Japan)
  • Rapid7 (US)
  • Micro Focus (UK)

To know about the assumptions considered for the study download the pdf brochure

IBM (US)

IBM is a renowned player in the computer, technology, and IT consulting sectors, known for its innovation and development of cutting-edge technologies. The company’s extensive product range includes sophisticated computer systems and software, networking systems, storage devices, and microelectronics. Besides hardware, IBM offers a plethora of services, such as infrastructure support, hosting solutions, and consulting services across a wide spectrum of technologies, from mainframe computing to nanotechnology. The company's operations are segmented into various divisions, including Global Financing, Global Business Services (GBS), Global Technology Services, Systems, Cloud, and Cognitive Software.

In cybersecurity, IBM stands out with a comprehensive array of solutions and services. These include IAM, cloud security, application security, network protection, intelligence and operations, data protection, and endpoint security. Furthermore, IBM provides a suite of cybersecurity services, which encompass data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance. The security division of IBM is particularly notable for offering next-generation security threat intelligence solutions and services, catering to a diverse range of industry use cases such as supply chain, financial services, automotive, real estate, identity verification, and international trade.

IBM's cybersecurity solutions and services are tailored to meet the needs of various industries, including BFSI, energy and utilities, healthcare, government, insurance, manufacturing, retail, telecommunications, travel, and transportation. The company's global presence spans key regions like North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America.

IBM's role in the cybersecurity market is further strengthened through strategic partnerships and acquisitions, such as IBM's partnership with Palo Alto Networks 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.  Also recently, IBM acquired Polar Security (Israel) and Randori (US). These collaborations and acquisitions enable IBM to continuously enhance its cybersecurity offerings, making it a key player in the global cybersecurity landscape.

Accenture (Ireland)

Accenture is a provider of global management consulting services that offers a wide range of services and solutions in strategy, consulting, digital, technology, and operations. Accenture operates through numerous business segments, including products, financial services, communications, media and technology, health and public service, and resources. The company has been continuously innovating to implement and deliver solutions for improving its clients’ productivity and efficiency by providing tailored solutions to meet their specific demands. Accenture caters to cybersecurity services such as cyber defense, applied cybersecurity, managed security-as-a-solution, and industry security solutions.
The company caters to more than 40 industries, including software and platforms, banking, communications and media, electronics and high-tech, consumer goods and services, public service, retail, travel, and utilities. Its customers primarily include individual consumers, SMEs, large global enterprises, public sector institutions, internet service providers, application developers, and OEMs. Accenture is in more than 120 countries in North America, Europe, Asia-Pacific, the Middle East, Africa, and Latin America.??????

Accenture’s role in the cybersecurity market is further strengthened through strategic partnerships and acquisitions. For instance, the acquisition of Broadcom (US), Innotec Security (Spain), MNEMO (Mexico), 6point6 (U.K.), among others and partnerships with Google, Johnson Controls (Ireland), and HDFC Ltd (India). These collaborations and acquisitions enable Accenture to continuously enhance its cybersecurity offerings, making it a key player in the global cybersecurity landscape.

Apart from prominent vendors, other players include Algosec, Cynet, Nozomi Networks, Revbits, Aristi Labs, Illumio, Seclore, Securonix, Sejel Tech, Proficio, Wijungle, Secureden, Orca Security, Wattle Corporation, Open Raven, CPX, and Mesh Security which are also evolving in the cybersecurity market.

AlgoSec (US)

AlgoSec is a network security software firm that offers network security policy management software, generally known as firewall policy management. The company's solutions are intended to automate security policy administration and enforcement across firewalls, routers, VPNs, and other security devices. They are designed to help organizations manage the configuration of their security systems, discover vulnerabilities, test the systems against their security policies, and verify compliance. AlgoSec platform helps the world's most complex enterprises to gain visibility, minimize risk, and implement process improvements across hybrid networks with zero-touch.

AlgoSec provides its offering in different verticals, including finance, managed security service providers, Insurance, telecommunications, healthcare, and government, to over 1800 enterprise customers in 80 countries across North America, Europe, the Middle East, and Asia Pacific regions.

Cynet (Israel)

Cynet is a cyber-security firm that combines critical cybersecurity technologies to assist organizations in identifying security flaws and threat intelligence, as well as managing endpoint security. Cynet automates the cybersecurity defenses, removing the complexity and need for ongoing supervision. Cynet prevents, detects, investigates, and responds to attacks automatically, relieving the security staff of this constant responsibility. The company offers its Cynet platform, designed from the ground up to simplify security. They have natively integrated the critical security technologies we require into a uniform, user-friendly platform. Also, they automated most everyday chores to relieve consumers of that stress. Additionally, a comprehensive 24/7 MDR service has been introduced at no extra charge to offer customers ongoing monitoring and professional help.

Cynet offers its services in verticals, including healthcare, manufacturing, energy, and law, in regions including North America, Europe, and the Middle East. In June 2022, Cynet was named the winner of the Cyber Defense Global InfoSec Awards 2022.

MnM says most businesses use inorganic growth strategies to hold their market share. In 2021–2022, the number of agreements rose significantly. MnM is expecting that the rate of agreements will further increase in the cybersecurity market in the coming years as startups are evolving in the following market space, having technical advancements which, with time, get acquired or partnerships with tech giants to bring the innovations in their existing solutions and increase their market share in the cybersecurity market.

Trend Micro (Japan)

Trend Micro is a multinational cybersecurity and defense company headquartered in Tokyo, Japan. Founded in 1988 by Steve Chang, Jenny Chang, and Eva Chen, Trend Micro specializes in cybersecurity solutions for businesses and consumers. The company offers products and services such as antivirus software, endpoint security, network defense, cloud security, and threat intelligence. Trend Micro is known for its proactive approach to cybersecurity, leveraging advanced technologies to protect against a wide range of cyber threats.

Rapid7 (US)

Rapid7 is a cybersecurity analytics and automation company based in Boston, Massachusetts, USA. Founded in 2000, Rapid7 provides security data and analytics solutions that help organizations detect and respond to cyber threats more effectively. The company's products and services include vulnerability management, incident detection and response, penetration testing, and security automation. Rapid7 is known for its focus on simplifying complex security challenges and empowering security teams with actionable insights.

Micro Focus (UK)

Micro Focus International plc is a multinational software and information technology company based in Newbury, England, UK. Founded in 1976, Micro Focus provides software solutions for application modernization, enterprise DevOps, hybrid IT management, cybersecurity, and data analytics. The company serves a wide range of industries, including banking, government, healthcare, and telecommunications. Micro Focus has a diverse portfolio of products acquired through mergers and acquisitions, including software assets from Hewlett Packard Enterprise (HPE), Attachmate, and Serena Software.

Related Reports:

Cybersecurity Market by Offering, Solution Type, Services (Professional and Managed), Deployment Mode (On-Premises Cloud, and Hybrid), Organization Size (large enterprises and SMEs), Security Type, Vertical and Region - Global Forecast to 2028

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Cybersecurity Market Size,  Share & Growth Report
Report Code
TC 3485
RI Published ON
1/24/2024
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