Security Services - Cyprus | Statista Market Forecast

Revenue in the Security Services market is projected to reach US$12.08m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.45%, resulting in a market volume of US$15.74m by 2029.
The average Spend per Employee in the Security Services market is projected to reach US$17.54 in 2024.
In global comparison, most revenue will be generated United States (US$44.7bn in 2024).

Definition:
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. These services include design and integration, consulting, implementation, risk and threat assessment, as well as professional training and education.

Structure:

The Security Services market includes revenues generated by its two key products, managed services and professional services.

Managed services 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.
Professional services are a broad category of services that improve an organization's defense and security plan against prevalent cybercrimes like phishing, malware, and ransomware.

Additional information:

The Security Services market comprises revenues, revenue change, average spend per employee, a list of the key players in the market, as well as their consolidated revenues and market shares. 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, Capgemini, and Palo Alto Networks.

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Managed security services, such as Secureworks, Wipro Cybersecurity & Risk Services, and DXC Technology Managed Security Services
Cybersecurity outsourcing, such as Deloitte Cybersecurity Services, Infosys Cybersecurity Services, and Tata Consultancy Services (TCS) Cybersecurity Services
Security consulting, such as Cognizant Cybersecurity Consulting, IBM Security Services, and Booz Allen Hamilton Cybersecurity Consulting
Security planning and training, such as CompTIA, SANS Institute, and Infosec Institute

Physical security, such as ADT Security Services, G4S Secure Solutions, and Allied Universal
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
Security specific solutions, such as Trend Micro Cloud One, McAfee Network Security Platform, and Varonis Data Security Platform
Support or maintenance of company-owned software products

Driven by the development of digital technologies such as the Internet of Things, data pooling, and AI, company processes were automated, and more of their infrastructures were reliant on IT systems. As more processes were done digitally, hackers had more opportunities to steal company information. Especially during the COVID-19 pandemic, when many industries rushed to find solutions for their employees to work remotely, data vulnerabilities were exposed that led to malicious activities in the form of phishing, malware, and ransomware.

In addition, there are different types of cyberattacks, and to prevent them from damaging company operations, core businesses, and employees, each security service requires a different approach. This complexity has sped up the development of cybersecurity services, which include overarching processes, such as design and integration, consulting, implementation, risk, and threat assessment, as well as professional training and education. By providing a comprehensive security strategy, these services help to protect companies against common cybercrimes.

The Security Services market is the largest part of the Cybersecurity industry in 2023, with US$88 billion, and is expected to reach US$114.7 billion by 2028.

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?