The global cyber security market was valued at $119.9 billion in 2019, and it is expected to generate a revenue of $433.6 billion by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 12.6% from 2020 to 2030 (forecast period). The major factors driving the progress of the market are the growing penetration of smartphones, rising incidence of cyberattacks, increasing digitization rate, surging adoption of the cloud computing technology, and mushrooming demand for safeguarding customers’ confidential data.
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| Cyber Security Market |
The growing prevalence of data breaches is a major growth driver of the market. Weak passwords, improper configurations, malware attacks, and complex access permissions are the major causes of data breaches across the world. In addition, the occurrence of data breaches has increased massively in recent years, owing to the growing focus of enterprises on shifting their database and operations to the cloud network. The prevalence of data breaches can be reduced by adopting cybersecurity solutions, as they assist in preventing unauthorized access to data, detecting potential security risks, and identifying and analyzing cyber threats in real-time.
Besides, the soaring use of mobile devices is also propelling the advancement of the cyber security market. Mobile devices equipped with advanced capabilities are being increasingly deployed widely, owing to their ability to provide access to the internet, global positioning system (GPS) navigation, emails, and various other applications. However, various security solutions, such as firewall and software, are not regularly updated on these devices, which makes them highly vulnerable to cyberattacks. The total smartphone penetration around the world reached 65% in 2019, and it is predicted to rise to 80% by 2025.
Furthermore, the surging adoption of mobile devices is fueling the development of mobile botnets (compromised software), which is causing the denial of service (DoS) or the loss of sensitive information. The other major factor driving the market is the growing requirement for adhering to strict data privacy laws in several countries.
Depending on deployment, the cyber security market is classified into cloud and on-premises. Of these, the cloud category is contributing higher revenue to the market and it is predicted to be the faster-growing category throughout the forecast period as well. This is credited to the growing requirement for cloud services, because of their ability to match highly automated and dynamic operations in a very cost-effective manner, and surging prevalence of cloud security challenges, such as visibility and control of cloud data, proper access to cloud data and applications, and misconfiguration of this data.
Geographically, the Asia-Pacific (APAC) cyber security market is expected to witness the fastest growth in the forthcoming years, owing to the growing public awareness about the importance of combating cyberattacks, burgeoning requirement for a centralized view of the entire network infrastructure, rising demand for data protection solutions, and increasing penetration of mobile internet in the region.
Thus, the market will grow substantially in the coming years, primarily because of the growing use of mobile devices and surging penetration of the internet across the world.
