Cybersecurity - Hong Kong | Statista Market Forecast

Revenue in the Cybersecurity market is projected to reach US$777.40m in 2024.
Security Services dominates the market with a projected market volume of US$453.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.04%, resulting in a market volume of US$1.15bn by 2029.
The average Spend per Employee in the Cybersecurity market is projected to reach US$208.50 in 2024.
In global comparison, most revenue will be generated United States (US$81.4bn in 2024).

Definition:
Cybersecurity refers to the process that provides and maintains confidentiality, integrity, availability, and privacy. This includes measures to prevent and respond to all incidents of cybercrime, such as digital attacks and disruptions, to protect computer systems, networks, programs, and data (e.g., personal assets, important files, as well as industrial and governmental information).

Cybersecurity is becoming increasingly important, as companies, governments, and individuals are more and more reliant on IT systems, which are vulnerable to malicious actions. This digital transformation has made security a priority for organizations of every size.

Structure:

The Cybersecurity market includes revenues generated by its two key products, cyber solutions and security services.

Cyber solutions refer to a range of products or services designed for the specific cybersecurity requirements of organizations, effectively aligned with their risk landscape and security strategies.
Security services refer to an overarching processing or a wide range of services that enhance an organization’s protection and security strategy against common cybercrimes, such as phishing, malware, or ransomware.

Additional information:

The Cybersecurity market comprises revenues, revenue change, average spend per employee, the number of recorded cyberattacks, the estimated cost of cybercrime, as well as a list of the key players in the market and their consolidated revenues. Market values represent revenues that are generated by primary vendors, either directly or through distribution channels (manufacturer prices, excluding VAT). Reported market revenues include consumer spending (B2C), business spending (B2B), and government spending (B2G). Detailed definitions of each market can be found on the corresponding market pages. Key players in the market include Microsoft, Accenture, and Palo Alto Networks.

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Security solutions, such as Cisco Security, SentinelOne, and Check Point Software Technologies
Professional and managed cybersecurity services, such as Secureworks, IMB Security Services, and Rapid7
Support and deploy, such as CrowdStrike Services, Fortinet Professional Services, and Symantec Professional Services

Business continuity and disaster recovery, such as Quantum Corporation Backup and Recovery Solutions, HP Enterprise (HPE) Business Continuity and Recovery Services, and IBM Resilience Services
Physical security, such as ADT Security Services, G4S Secure Solutions, and Allied Universal
Company-internal cybersecurity measures

Cybersecurity is a topic practically every company must tackle in order to ensure and enhance the success of the digital transformation of their operational activities (e.g., automated processes, cloud-based tools, or software support). Driven by the increasing awareness of data risks and threats, the global Cybersecurity market has witnessed robust growth over the last few years with revenue increasing from US$83.32 billion in 2016 to approximately US$166 billion in 2023.

Furthermore, the adoption of cybersecurity is expected to grow with the increasing internet penetration among developing and developed countries. Whilst it was common to dismiss cybersecurity as a task for the IT department, it is now increasingly becoming the dominant part of top-level strategic planning.

The COVID-19 crisis led to many organizations facing more cyberattacks due to the security vulnerability of remote work as well as the shift to virtualized IT environments, such as the infrastructure, data, and network of cloud computing. The market is expected to continue showing strong growth, with North America as the dominant region in this market. Cloud Security is the fastest-developing market.

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

In a century where cybercrimes are rapidly becoming some of the most frequent and harmful crimes, the need to protect digital assets and network devices has become greater too, and cybersecurity represents the anchor which keeps us safely surfing in a digital world. But how to ensure secure access to information in a world characterized by an ever-increasing number of threats?