Global Cyber Security Market to Gather around USD 156 Billion by 2031 by Growing at ~11% CAGR during 2022-2031; Surge in Unethical Cyber Intrusion, Cyber Attacks, and Others to Drive an Upbeat Growth Trajectory
New York, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The total number of data breaches and compromises in 2021 surpassed over 24% which suggests an alarming spike in data vulnerability. Compared to 2020, there were somewhat more sensitive information-related data incidents, i.e., 84% in 2021. In addition, phishing and software flaws are responsible for an estimated 72% of cyber incidents. The need for cyber security solutions is driven by the rising instances of cyber breaches, phishing, and security issues.
In the latest research titled “Global Cyber Security Market”, Kenneth Research provided a brief outline of market components counting growth drivers, restraint factors, current market patterns, and potential for future development. The influence of COVID-19 and its impact on end-users are both completely examined within the market research report which covers the forecast period, i.e., 2022-2031. In addition, the research study analyzes the product portfolios and market expansion plans of the central competitors.
The start-up culture is seeping in significantly in recent years. The United States is the top nation with 72,000 such firms. Considering that, the Fintech (financial technology) sector employs 7.2% of all startups globally. Growing number of start-ups also influences total firms globally. In 2019, there were estimated 215 million firms worldwide. The likelihood of cybercrime rises along with the number of businesses. Cybercrime is growing steadily and latest reports suggest that around USD 550 billion is contributed towards cybercrime management annually across the globe. Each year the rate of cybercrime rises and it is predicted that it will peak in the coming years. More than 81% of firms worldwide are reportedly affected by cybercrime in terms of safety presently. It is primarily on account of the kind of crime that uses the virtual environment, which limits the ability of authorities to track cyber-attacks.
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A significant rise in data breaches and hacks from sources that are becoming more and more widespread in the workplace, such as mobile and Internet of Things (IoT) devices, can be attributed to a lack of data protection, the consequences of a global pandemic, and an increase in the sophistication of exploits. Additionally, COVID-19 has increased the use of remote workers, paving the way for cyber-attacks. As of today, there are 6.75 billion smartphone users worldwide, or 84 percent of the world’s population which translates to 6.9 billion smartphone users in 2022. In addition to that, there were 5.1 billion internet users globally as of April 2022 representing 65 percent of the world’s population. Almost 95% of this total or 5 billion people used social media. The market is anticipated to expand as a result of the increase in internet and smartphone usage.
Market players are continuously enhancing their solutions in response to the increasing focus on global demand for cyber security solutions. In January 2022, Safe Security and Infosys Limited partnered strategically to help organizations reduce their exposure to cyber risk. As part of this partnership, Safe Security offered Infosys Limited to access the SaaS platform, which can forecast breaches and estimate the potential financial impact of each cyber-attack before it happens allowing customers to avail preventive and predictive approach to cyber security than the current reactive method. Such developments are anticipated to open up new growth opportunities for the global cyber security market during the forecast period.
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Based on geographical presence, the global cyber security market is sectioned into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. A significant presence of various market participants and increased cyber breach cases in several countries are expected to contribute towards market expansion in Asia Pacific region enabling the highest growth over the forecast period. For instance, cybercrime incidents have increased dramatically in India in recent years. India recorded over 1 million instances of cyber-attacks in 2020. When compared to the prior year, a huge increase was evident from 410,000 cyber-attacks. The same year, the nation had one of the top 5 highest numbers of cyber security incidents. Furthermore, India ranked third in terms of internet user numbers. In addition to that, owing to ts high levels of connected devices, sophisticated mobile device usage, and significant intellectual property, South Korea is also one of the main targets for cyber-attacks. In 2020, the nation witnessed over 230,000 cybercrime incidents up from just under 55,000 in 2019.
Following suit, the North American market is emerging as the next major geographic attraction for the cyber security market. Besides this, lax security measures, a rise in interest in cryptocurrencies, and an increase in online users facilitate the growth of the market in the region. In the USA, there were 31 million SMBs, and more than 65% of them experienced at least one incident over 2018 and 2020.
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Moreover, hackers are drawn to cryptocurrencies like bitcoin as they are less authorized and tougher to track than traditional payment methods. Rising interest in cryptocurrencies and mounting cyber-attacks are predicted to expand the market in the region. Over 17% of Americans have affirmed using, investing, or trading in cryptocurrency as of 2021. Also, in the US total user base of cryptocurrency was worth over 37 million in 2021.
The study further incorporates the Y-O-Y growth, demand & supply and forecasts future opportunities in North America(U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
The global cyber security market is segregated into segments comprising on-premises and cloud, based on the deployment model. The cloud segment is anticipated to increase at the fastest rate of the segments during the forecast period. Over 80% of the business workloads were predicted to be cloud-based in 2020 which simplified data storing, organization and analysis. Around USD 1.5 trillion is estimated to spend on IT services globally in 2022. The expansion of the segment can be ascribed to the rising number of businesses that have migrated to the cloud as a result of the advantages it provides, including faster operations, scalability, and improved security. In spite of being aware of these, only one out of every seven businesses regularly evaluates its overall cloud security infrastructure. Approximately the same ratio assesses the same weekly, and alarmingly, 60 percent do it only once a month or even less.
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Moreover, 25 percent of businesses still evaluate their cloud security posture with human intervention, which not only wastes security measures, but also, increases chances for human error.
By organization size, the global cyber security market is segmented into small and medium enterprises, and large enterprises. On account of widespread acceptance of cyber security to safeguard their networks, endpoints, data centers, devices, operators, and applications from dishonest use and destructive virus attacks, large enterprises segment is anticipated to account for the largest share of the market and experience significant growth over the forecast period. In 2020, extremely large enterprises, those with more than 25,000 employees paid an average total price of USD 4.35 million for a breach.
Furthermore, large enterprises such as healthcare, banking institutions, and large superstore chains experienced a 30 percent annual increase in security breaches whereas, there was a 240 percent rise in cybercrimes on banks in 2020. The annual cost of cyber security increased by 25 percent in 2021. In February 2015, Anthem, one of the biggest insurance firm in the U.S., reported a highly sophisticated foreign hack, that had compromised the personal information of millions of its clients, and staff, including its CEO. The data accessed comprised social security numbers, birthdays, residences, email addresses, and employment information, such as salaries.
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The global cyber security market is further segmented on the basis of component, security type, and industry vertical.
Global Cyber Security Market, Segmentation by Component:
Global Cyber Security Market, Segmentation by Security Type:
Global Cyber Security Market, Segmentation by Industry Vertical:
Driving endeavors in the global cyber security market that have been profiled in this report include IBM, Cisco Systems, Inc., Avast Software s.r.o., Broadcom, Dell Inc., Check Point Software Technologies Ltd., CyberArk Software Ltd., FireEye, Fortinet, Inc., Imperva, and others.
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