The global cybersecurity market size was US$ 125.1 billion in 2021. The global cybersecurity market is forecast to grow to US$ 299.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 10.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market

Cybersecurity solutions are essential for any organization to detect, monitor, counter, and report cyber threats. Thus, the growing volume of online data will drive the cybersecurity market forward.

The rising deployment of cloud-based platforms will contribute to the growth of the cybersecurity market. Furthermore, the growing trend of IoT, BYOD, Artificial Intelligence, and Machine Learning will bring ample growth opportunities for the cybersecurity market.

Growing cases of cybercrimes will propel the global cybersecurity market forward throughout the forecast period. Furthermore, a growing number of product launches and partnerships will escalate the cybersecurity market growth. For instance, Check Point Software Technologies announced that the company is funding in enhancing the local geofenced cloud capabilities in India. Furthermore, NASSCOM and AICTE inked a pact with Cisco in February 2021. The partnership aims to introduce a virtual internship program focusing on cybersecurity in India.

The lack of cybersecurity professionals may restrict the growth of the global cybersecurity market during the study period.

COVID-19 Impact Analysis

The COVID-19 pandemic emerged as a beneficial opportunity for the global cybersecurity market growth. Due to the pandemic, the demand for cybersecurity services surged in order to prevent organizations from data theft. In addition, the sudden hike in the volume of online data of significant shift towards online operations has contributed to the growth of the global cybersecurity market.

Regional Analysis

The Asia-Pacific cybersecurity market is forecast to grow at the fastest rate, owing to the growing cases of cyberthreats and favorable policies by governments. Growing cyberattacks in China have prompted the government to boost its defensive capabilities. In addition, the surging online data and growing deployment of cloud-based platforms will contribute to the growth of the global cybersecurity market during the forecast period.

Competitors in the Market

IBM Corporation
Microsoft
BAE Systems, Inc.
Check Point Software Technology Ltd.
F5 Networks, EMC Corporation
FireEye, Inc.
Proofpoint Inc.
Sophos PLC
Fortinet, Inc.
Cisco Systems Inc.
Symantec Corporation
Juniper Networks
Palo Alto Networks, Inc.
Qualys Inc
Other Prominent Players
Market Segmentation

The global cybersecurity market segmentation focuses on Components, Security, Deployment, End-Use, and Region.

By Components

Solution
Threat Intelligence
Encryption
Data Breaching
Unified Threat Management
Firewall Security
IDP/IDS
Disaster Recovery
Distributed Denial of Service
Others
Services
Design and Integration
Risk and Threat Assessments
Support and Maintenance
Others
By Security Type

Network Security
Cloud Security
Others
By Deployment

Cloud-based
On-premises
By End-Use Industries

BFSI
Medical
Telecom
Manufacturing
Transportation
Others
By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America