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Cybersecurity Market to Grow at a CAGR of 14.3% Over 2024-2032; Growing Adoption of Enterprise Security Solutions in Healthcare Drives Market Expansion

July 19, 2024 | Information & Technology

The global cybersecurity market size was valued at USD 172.24 billion in 2023. The market is projected to grow from USD 193.73 billion in 2024 to USD 562.72 billion by 2032, exhibiting a CAGR of 14.3% during the forecast period.


Fortune Business Insights™ presents this information in its report titled, Cybersecurity Market Size, Share & Industry Analysis, By Component (Solutions and Services), By Deployment (On-premises and Cloud), By Security Type (Network Security, Cloud Application Security, End-point Security, Secure Web Gateway, Application Security, and Others), By Enterprise Size (Small & Medium Enterprises (SMEs) and Large Enterprises), By Industry (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities, and Others), and Region Forecast, 2024-2032”.


Cybersecurity refers to a method used to protect networks, systems, and programs from digital attacks. The surging adoption of enterprise security solutions in healthcare, banking, financial services, insurance (BFSI), and manufacturing is anticipated to drive market growth during the projected period.


The increased job losses, manufacturing units’ closure, data breaches, supply chain disruptions, and lack of resources caused by the COVID-19 pandemic negatively hindered market growth during the pandemic.


Mandiant Worldwide Information Security Exchange to Mitigate Cyber Threats


In March 2022, Mandiant, Inc. introduced the Mandiant Worldwide Information Security Exchange, which is a dynamic, vendor-neutral cyber security event program series. mWISE helps bring together practitioners, leaders, and visionaries globally to identify emerging trends, transform knowledge, and discuss best practices to mitigate cyberattacks from collective action.


Surging Number of E-commerce Platforms to Drive Market Expansion


The surging number of e-commerce platforms and technological advancements, including cloud, artificial intelligence, and blockchain, boosted internet security solutions in a connected network, driving the cybersecurity market growth. The market’s growth is also driven by the increasing adoption of these technologies to remove cyber threats, which boosts the demand for network security solutions.


However, the high cost of implementing and updating internet security solutions and services hampers the adoption of cybersecurity solutions.


Cisco Systems Adopted Emerging Technologies to Expand Product Offerings


Cisco Systems is one of the leading players in the cybersecurity market and offers multiple services to protect network data. The company has adopted emerging technologies, including advanced analytics and machine learning, to enhance its product offerings and drive market expansion.


Notable Industry Development



  • March 2024 – Darktrace and Xage Security partnered to boost the companies to prevent insider threats and cyberattacks on critical infrastructures. The collaboration has incorporated AI-powered threat detection of Darktrace with zero trust protection of Xage Security, making identifying and responding to data breaches easy.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/cyber-security-market-101165


List of the Companies Profiled in the Report:



  • Cisco Systems, Inc. (U.S.)

  • IBM Corporation (U.S.)

  • Fortinet, Inc. (U.S.)

  • Proofpoint, Inc. (U.S.)

  • Microsoft Corporation (U.S.)

  • Palo Alto Networks, Inc. (U.S.)

  • Zscaler, Inc. (U.S.)

  • Broadcom, Inc. (U.S.)

  • F5 Networks, Inc. (U.S.)

  • Check Point Software Technologies (Israel)

  • Sophos Ltd. (U.K.)


Further Report Findings:



  • North America is expected to hold the largest cybersecurity market share during the projected period, with surging high-section security breaches propelling the demand for cloud application security solutions.

  • Europe is anticipated to grow with a notable CAGR during the projected period, driven by the surging number of internet security projects and associated investments by major market players.

  • Asia Pacific is projected to grow significantly during the forecast period owing to the surging number of service providers and increasing investments by foreign investors and governments in different security projects.


Table of Segmentation:










































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 14.3% from 2024 to 2032



Unit



Value (USD billion)



Segmentation



By Component



  • Solutions


    • Firewall/Antimalware/Antivirus

    • Intrusion detection and prevention system (IDPS) 

    • Identity and Access Management (IAM)

    • Data Loss Prevention (DLP) & Disaster Recovery

    • Security information and event management (SIEM)

    • Others (Encryption & Tokenization and Risk & Compliance)


  • Services


By Deployment



  • On-premises

  • Cloud


By Security Type



  • Network Security

  • Cloud Application Security

  • End-point Security

  • Secure Web Gateway

  • Application Security

  • Others


By Enterprise Size



  • Small & Medium Enterprises (SMEs)

  • Large Enterprises


By Industry



  • BFSI

  • IT and Telecommunications

  • Retail

  • Healthcare

  • Government

  • Manufacturing

  • Travel and Transportation

  • Energy and Utilities

  • Others


 By Region



  • North America (By Component, Deployment, Security Type, Enterprise Size, Industry, and Country)

    • U.S. (By Industry)

    • Canada (By Industry)

    • Mexico (By Industry)



  • South America (By Component, Deployment, Security Type, Enterprise Size, Industry, and Country)

    • Brazil (By Industry)

    • Argentina (By Industry)

    • Rest of South America



  • Europe (By Component, Deployment, Security Type, Enterprise Size, Industry, and Country)

    • U.K. (By Industry)

    • Germany (By Industry)

    • France (By Industry)

    • Italy (By Industry)

    • Spain (By Industry)

    • Russia (By Industry)

    • Benelux (By Industry)

    • Nordics (By Industry)

    • Rest of Europe



  • Middle East & Africa (By Component, Deployment, Security Type, Enterprise Size, Industry, and Country)

    • Turkey (By Industry)

    • Israel (By Industry)

    • GCC (By Industry)

    • North Africa (By Industry)

    • South Africa (By Industry)

    • Rest of the Middle East & Africa



  • Asia Pacific (By Component, Deployment, Security Type, Enterprise Size, Industry, and Country)

    • China (By Industry)

    • India (By Industry)

    • Japan (By Industry)

    • South Korea (By Industry)

    • ASEAN (By Industry)

    • Oceania (By Industry)

    • Rest of Asia Pacific




Cyber Security Market
  • PDF
  • 2023
  • 2019-2022
  • 160

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