MarketsandMarkets forecasts the global cyber security market size is expected to grow from an estimated value of USD 173.5 billion in 2022 to 266.2 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 8.9% from 2022 to 2027. Increment in target-based cyberattacks that causes operational disruptions, Cybersecurity Mesh Architecture (CSMA) approaches becoming more popular, and the rising demand for cyber-savvy boards are some factors driving the cyber security market growth.
What is Cybersecurity?
MarketsandMarkets defines cyber security, as a set of technologies, processes, and practices to fortify critical systems such as networks, physical devices, programs, information from unauthorized access, insider threats, and malicious attacks. These cyberattacks can affect the data transmission across the networks, cause operational disruptions, and result in money extortion/ransomware.
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The cyber security market is led by some of the globally established players such as IBM, Cisco, Check Point, Trellix, Trend Micro and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.
IBM is a computer, technology, and IT consulting corporation. The company offers cyber security solutions, including IAM, cloud security, application security, network projection, intelligence and operations, data protection, and endpoint security. It also offers cyber security services, including data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance. IBM’s security division offers next-generation security threat intelligence solutions and services in the cybersecurity market. The company offers its services to various industries including supply chain, financial services, automotive, real estate, food safety, identity, and international trade. It has a global reach in North America, Europe, Middle East and Africa, Asia Pacific, and Latin America.
Apart from large vendors, some SMEs, and start-ups such as DataVisor, RevBits, WiJungle, BluVector, Aristi Labs, Imperva, Securden, Algosec, Cynet, and Nozomi Networks are also evolving in the cyber security market. The primary goals of RevBits cyber security are the creation of cutting-edge security software and unmatched cyber incident services. It offers cyber security products and services dedicated to producing cutting-edge security software and unequaled cyber incident services. The company’s software solutions protect organizations in the following areas: endpoint security, next-generation anti-phish and privileged access management. All solutions may be managed through a unified dashboard interface, the RevBits Cyber Intelligence Platform. This single sign-on environment allows administrators to customize their management dashboard and delivers cross-platform alert notifications.
According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onwards, companies are expected to follow organic growth strategies to provide cyber security solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.
Cyber Security Market by Component (Software, Hardware, and Services), Software (IAM, Encryption and Tokenization, and Other Software), Security Type, Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2027
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