Cybersecurity Market to Be Worth $311.4 Billion by 2031

June 4, 2024

54 6 minutes read

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REDDING, Calif., June 4, 2024 /PRNewswire/ — According to a new market research report titled, ‘Cybersecurity Market by Offering (Solutions, Services), Security Type (Network Security, Cloud Security, Endpoint Security), Organization Size, Deployment Mode, Sector (BFSI, Retail & E-commerce, Healthcare) and Geography—Forecast to 2031,’ the cybersecurity market is projected to reach $311.4 billion by 2031, at a CAGR of 12.8% from 2024–2031.

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Cybersecurity is the practice of protecting computer systems, networks, programs, and data from unauthorized access, attacks, damage, or any form of unauthorized manipulation. It encompasses various technologies, processes, and practices designed to safeguard information and ensure the confidentiality, integrity, and availability of digital assets.

The growth of this market can be attributed to several factors: the growing significance of cybersecurity solutions in the banking sector, the growing number of data breaches and cyberattacks, increasing IoT deployment, and government initiatives aimed at encouraging the adoption of cybersecurity solutions. However, the shortage of trained professionals may restrain the growth of this market.

Furthermore, the growing need for cloud-based security solutions among SMEs and the increasing use of AI, ML, and blockchain technologies for cyber defense is expected to offer growth opportunities for the players operating in this market. However, lack of awareness and misconceptions regarding cybersecurity solutions is a major challenge impacting the growth of the cybersecurity market. Additionally, zero trust cyber security and the explosion of BYOD and mobile devices are the prominent trends in this market.

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The cybersecurity market is segmented by offering (solutions {identity & access management, intrusion detection system/intrusion prevention system, antivirus and antimalware, security information and event management, firewall, unified threat management, encryption, disaster recovery, web filtering, risk and compliance management, data loss prevention, cloud security broker, other solutions}, services {professional services, managed services}), security type (network security, application security, endpoint security, cloud security, and other security types), organization size (large enterprises, small & medium-sized enterprises), deployment mode (on-premise deployments, cloud-based deployments), sector (BFSI, retail & e-commerce, government, IT & telecommunications, manufacturing, healthcare, education, energy & utilities, and other sectors), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

Based on offering, the cybersecurity market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of above 57.0% of the cybersecurity market. The segment’s large share is attributed to the increasing adoption of cybersecurity solutions to monitor network activity for suspicious behavior, prevent cyberattacks, and deliver applications to users with greater security and the growing need to secure data in transit and prevent unauthorized access. In addition, the benefits offered by the solutions segment, such as high performance, reliability, comprehensive vulnerability coverage, efficiency, and security of real-time applications, contribute to this segment’s growth.

Furthermore, several leading key players are taking initiatives to support the growth of this segment. For instance, in January 2023, VIPRE Security Group (U.S.) launched its endpoint detection & response (EDR) solution. This endpoint detection & response solution delivers streamlined, sophisticated, high-performing cloud-based EDR management in a single, easy-to-navigate console. Also, this segment is projected to register a higher CAGR during the forecast period of 2024–2031.

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Based on security type, the cybersecurity market is segmented into network security, application security, endpoint security, cloud security, and other security types. In 2024, the network security segment is expected to account for the largest share of above 34.0% of the cybersecurity market. However, the cloud security segment is expected to grow at the highest CAGR during the forecast period of 2024–2031. The rising need to secure workload on the cloud, the increasing demand for advanced threat detection solutions across industries, the growing adoption of cloud security solutions among SMEs, and the growing sophistication of cybercrimes are expected to support the growth of this segment. Furthermore, several leading key players are taking initiatives to support the growth of this segment. For instance, In September 2022, Radware Ltd. (Israel) opened its new cloud security center in Italy to deliver cloud security services across Italy.

Based on deployment mode, the cybersecurity market is segmented into on-premise deployments and cloud-based deployments. In 2024, the on-premise deployments segment is expected to account for the larger share of above 58.0% of the cybersecurity market. However, the cloud-based deployments segment is expected to register the highest CAGR during the forecast period of 2024–2031. The rapid evolution of new avenues for cloud-based deployments, the superior flexibility offered by cloud-based deployments, and the increasing incorporation of cloud-based solutions by small & medium-sized enterprises are expected to support the growth of this segment.

Based on organization size, the cybersecurity market is segmented into large enterprises and small & medium-sized enterprises. In 2024, the large enterprises segment is expected to account for the larger share of above 72.0% of the cybersecurity market. However, the small & medium-sized enterprises segment is expected to grow at the highest CAGR during the forecast period of 2024–2031. The increasing adoption of cybersecurity solutions & services among small & medium-sized enterprises (SMEs) to track, monitor, and manage assets, the growing digital transformation across industries, and the increasing number of cyberattacks on networks are expected to support the growth of this segment.

Based on sector, the cybersecurity market is segmented into the BFSI, retail & e-commerce, government, IT & telecommunications, manufacturing, healthcare, education, energy & utilities, and other sectors. In 2024, the BFSI segment is expected to account for the largest share of above 22.0% of the cybersecurity market. However, the healthcare segment is expected to register the highest CAGR during the forecast period of 2024–2031. The rising adoption of telemedicine devices and remote healthcare services, the rising number of cyberattacks, and the increasing need for securing connected medical devices and effective cloud security measures are expected to support the growth of this segment.

Based on geography, the cybersecurity market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2024, North America is expected to account for the largest share of above 38.0% of the cybersecurity market. However, the Asia-Pacific cybersecurity market is projected to register the highest CAGR of 16.0% during the forecast period of 2024–2031. The rapid growth of this region is mainly driven by factors such as surging demand for cybersecurity solutions due to the increasing number of connected devices in the region, the growing need to deploy advanced cybersecurity solutions to ensure data, network, and device security, and government initiatives to ensure the highest level of cybersecurity for the region’s industrial sector. Furthermore, increasing ransomware attacks on connected devices and market players’ efforts to launch advanced cybersecurity solutions are also supporting the growth of this regional market.

The key players operating in the cybersecurity market are Cisco Systems, Inc. (U.S.), Fortinet, Inc. (U.S.), IBM Corporation (U.S.) Check Point Software Technologies Ltd. (Israel), Microsoft Corporation (U.S.), Palo Alto Networks, Inc. (U.S.) CrowdStrike Holding, Inc. (U.S.), Trend Micro Incorporated (Japan), Rapid7, Inc. (U.S.), Qualys, Inc. (U.S.), Secureworks, Inc. (U.S.), Alert Logic, Inc. (U.S.), F5 Networks, Inc. (U.S.), Watchguard Technologies, Inc. (U.S.), and Oracle Corporation (U.S.)

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Scope of the Report:

Cybersecurity Market Assessment—by Offering

Solutions
- Identity & Access Management
- Intrusion Detection System/Intrusion Prevention System
- Antivirus and Antimalware
- Security Information and Event Management
- Firewall
- Unified Threat Management
- Encryption
- Disaster Recovery
- Web Filtering
- Risk And Compliance Management
- Data Loss Prevention
- Cloud Access Security Broker
- Other Solutions
Services
- Professional Services
- Managed Services

Cybersecurity Market Assessment—by Security Type

Network Security
Application Security
Endpoint Security
Cloud Security
Other Security Types

Cybersecurity Market Assessment—by Organization Size

Large Enterprises
Small & Medium-sized Enterprises

Cybersecurity Market Assessment—by Deployment Mode

On-premise Deployments
Cloud-based Deployments

Cybersecurity Market Assessment—by Sector

BFSI
Retail & E-commerce
Government
IT & Telecommunications
Manufacturing
Healthcare
Education
Energy & Utilities
Other Sectors

Cybersecurity Market Assessment—by Geography

North America
Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Poland
- Switzerland
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Singapore
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- Rest of the Middle East & Africa

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Cybersecurity-as-a-Service Market by Application (Network Security, Cloud Security, Endpoint Security, Application Security), Organization Size, Sector (BFSI, IT & Telecommunications, Retail, Healthcare), and Geography – Global Forecast to 2030.

Cybersecurity Services Market by Type, Organization Size, Security Type, Sector (BFSI, Healthcare, Government, IT & Telecommunications, and Other Sectors) – Global Forecast to 2030.

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