The cyber security market is on track to reach an estimated value of $500.7 billion by 2030, according to Million Insights. This staggering figure highlights the importance of staying ahead of the curve when it comes to cyber security, as the potential for malicious activity and financial loss grows.
The global cyber security market size experienced impressive growth in 2021, reaching USD 184.93 billion. It is expected to grow steadily over the next decade, with a CAGR of 12% and reach USD 500.7 billion by 2030. The surge in demand can be attributed to the distribution of cloud solutions, increased use of smart devices, and e-commerce websites as more businesses and consumers move online. Besides, the surge in IoT-infused technological devices is likely to increase cyber threats due to which the implementation of cyber security solutions assists in overcoming security issues.
Key Industry Insights & Findings from the report:
- Based on components insights, the services segment accounted for the largest revenue share of 50% in 2021 owing to the increasing demand for upgradation, consultation, and management services for SMEs.
- Based on security-type insights, the infrastructure protection segment upheld the market with 25% revenue in 2021 due to a rise in data center constructions, adoption of IoT devices, and initiation of governmental programs.
- Based on solution insights, the identity access management (IAM) segment dominated the market with a 25% revenue share in 2021 on the account of installing mobile endpoint devices to combat data breaching.
- Based on service insights, the managed services segment is expected to reveal a 10% growth rate in the forecast period owing to the rising demand for outsourcing IT services to monitor, and maintain security solutions.
- Based on deployment insights, the cloud-based segment is constituted a growth rate of 10% during the forecast period due to the placement of cloud computing infrastructure, on-premise solutions, and cost-effective security solutions.
- Based on organization size insights, the SMEs segment is projected to reveal an 11% growth rate in the forecast period on the account of cybersecurity implementation to overcome low-security levels and cyber attacks.
- Based on application insights, the defense and government segment dominated the market with a 20% revenue share in 2021 owing to high governmental investments in cybersecurity pertaining to information confidentiality.
- Based on regional insights, Asia Pacific is projected to reveal a CAGR of 15% during the forecast period due to the expansion in the adoption of cloud technology, IoT devices, endpoint devices, and data center constructions.
Read 110-page full market research report for more Insights, “Cyber Security Market Size, Share & Trends Analysis Report By Component, By Security Type, By Solution, By Services, By Deployment, By Organization Size, By Applications, By Region And Segment Forecasts From 2022 To 2030“, published by Million Insights.
