Market Insights report
The Cybersecurity industry is experiencing continuous expansion, with arising new trends year by year. And, as one of the most substantially growing markets in the industry, is also 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.
This report gives insights into the Cybersecurity market and includes a wide range of statistics: the overall market development, a forecast until 2029, and more are included for the global Cybersecurity market as well as for the two service segments Security Services and Cyber Solutions. In total, the worldwide Cybersecurity revenue, which amounted to US$167.3 billion in 2023, is expected to continue growing at a high rate to reach US$271.9 billion by 2029.
What's included?
The cybersecurity industry has developed relatively recently, as only in recent years has the amount of sensitive information stored on computers connected to the Internet increased. Institutions and companies have an increased need for information security because they need to protect their trade secrets, confidential information and personal information about their partners, customers and employees. (e.g., automated processes, cloud-based tools, or software support). The adoption of cybersecurity is also 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. Cyber security in developed countries is becoming increasingly sophisticated. With 20 billion devices expected to be connected to the IoT globally by 2028, cybersecurity is expected to grow in developing countries as well.
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. Besides, dramatic developments on a global scale, such as the Russia-Ukraine war, also continue to accelerate cybersecurity spending and the priorities of organizations.
In this report, market revenues, growth potentials, market drivers, key players, and future trends in the Cybersecurity market are discussed. In the Technology Market Outlook, the Cybersecurity market is divided into two segments: Security Services and Cyber Solution
Overall, the total revenue of the Cybersecurity market will reach US$167.3 billion in 2023. With about US$90.2 billion, Security Services represents the largest segment, comprising approximately 51% of worldwide revenues. Globally, the highest revenue in the Cybersecurity market in 2023 was generated in the United States with US$73 billion. The second place is China with a revenue of US$13.04 billion, followed by the United Kingdom with about US$10 billion. Key players presented in this report are IBM, Microsoft, Cisco, Palo Alto Network, and Broadcom.
Market Outlook
The Cybersecurity Market
Overview
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