Cybersecurity Services Market Worth $158.4 Billion by 2030: Market Sizes, Shares, Forecasts, and Trends Analysis Report with COVID-19 Impact by Meticulous Research®
REDDING, Calif., Feb. 6, 2023 /PRNewswire/ -- According to a new market research report titled, 'Cybersecurity Services Market by Type, Organization Size, Security Type, Sector (BFSI, Healthcare, Government, IT & Telecommunications, and Other Sectors)—Global Forecast to 2030,' the cybersecurity services market is projected to reach $158.4 billion by 2030, at a CAGR of 17.5% from 2023 to 2030.
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Cybersecurity services facilitate the systematic and comprehensive identification, assessment, and management of security across enterprise systems. These services help manage device vulnerability, ensure uninterrupted communication, and tackle data security risks while using connected devices. Cybersecurity services are critical because it helps to protect organizations and individuals from cyber attacks. Cybersecurity services can help prevent data breaches, identity theft, and cybercrime. Organizations must have strong cybersecurity measures to protect their data and customers.
The growth of the cybersecurity services market is driven by the growing significance of cybersecurity services in the banking sector and rising government initiatives encouraging the adoption of cybersecurity services. In addition, the growing need for cybersecurity services among SMEs, the increasing use of artificial intelligence, machine learning, and blockchain technologies for cyber defense, and the development of smart infrastructure are expected to create market growth opportunities. However, the shortage of trained professionals restrains the growth of this market. Further, the misconceptions regarding cybersecurity services and vulnerability issues with IoT devices pose serious challenges to the growth of the cybersecurity services market. Additionally, the rising adoption of cloud security services among businesses is the major trend in the global cybersecurity services market.
Growing Significance of Cybersecurity Services in the Banking Sector
The BFSI sector is highly dependent on IT infrastructure for delivering services, such as mobile, online, and core banking. Identity fraud is a major concern when performing financial transactions through online banking portals and insurance apps. With consistent technological advancements across BFSI channels, banks and other financial services institutions are facing data breaches & identity frauds at an unprecedented rate. For instance, according to the VMware Carbon Black Threat Data report in May 2020, cyberattacks against banks and financial institutions increased by 238% globally between February 2020 and April 2020 amidst the COVID-19 crisis. In addition, ransomware attacks on the financial sector were 9x from the beginning of February to the end of April 2020.
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Cyberattacks have become a major challenge for the banking sector, due to which banks and financial institutions are investing heavily in incorporating cybersecurity services to protect customers and digital assets against data breaches and fraud. For instance, in July 2021, Tata Communications (India) launched its IZOTM Financial Cloud, a customized community cloud platform designed to adhere to the strict data privacy, protection compliance, and security standards established by Indian regulators for the BFSI sector. This platform helps create an open financial environment that gives BFSI and FinTech's the groundwork to support cutting-edge digital services. The demand for cybersecurity services witnessed a growth in the banking sector to improve performance, scalability, security, and agility and deliver faster services, thus, promoting the market's growth.
The global cybersecurity services market is segmented by type (professional services [integration services, penetration testing services, training, consulting, and advisory services, support & maintenance services, and other professional services], managed services [managed detection & response services, compliance & vulnerability management services, and other managed services]), organization size (large enterprises, small & medium-sized enterprises), security type (network security, cloud security, endpoint security, application security, and other security types), sector (BFSI, healthcare, government, IT & telecommunications, retail & e-commerce, energy & utility, manufacturing, education, and other sectors)). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on type, in 2023, the professional services segment is expected to account for the larger share of the global cybersecurity servics market. The large market share of this segment is attributed to the growing demand for comprehensive identification, assessment, and management of security across enterprise systems, and the rising need for support & maintenance, integration, training, consulting, and advisory, penetration testing services. However, the managed services segment is projected to register the higher CAGR during the forecast period.
Based on organization size, in 2023, the large enterprises segment is expected to account for the larger share of the global cybersecurity services market. The large market share of this segment is attributed to the strong IT infrastructure of large enterprises and the availability of skilled IT personnel to manage cybersecurity services platforms. Furthermore, large enterprises have a stable financial backup and can easily procure customized cybersecurity services. However, the small & medium-sized enterprises segment is projected to register the higher CAGR during the forecast period.
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Based on sector, in 2023, the BFSI segment is expected to account for the largest share of the global cybersecurity services market. The large market share of this segment is attributed to the increasing need to protect systems, deal with theft, cyberattacks and damage, and reduce planned breaches, data thefts, malware, and phishing attacks. However, the healthcare segment is projected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the surge in patient data security & privacy concerns, the rising need to improve patient safety, and the increasing demand for cybersecurity services due to the growing adoption of remote health monitoring.
Based on geography, in 2023, North America is expected to account for the largest share of the global cybersecurity services market. North America's large market share is attributed to the increase in government initiatives promoting cybersecurity across the region, increasing cyberattacks on IoT devices, the introduction of government laws to improve IoT cybersecurity, and regional market players' efforts to provide application scanning services for municipal agencies. However, Asia-Pacific is expected to register the highest CAGR during the forecast period.
Some of the key players operating in the global cybersecurity services market are Cisco Systems, Inc. (U.S.), Fortinet, Inc. (U.S.), IBM Corporation (U.S.), Check Point Software Technologies Ltd. (Israel), Microsoft Corporation (U.S.), Palo Alto Networks, Inc. (U.S.), Rapid7, Inc. (U.S.), CrowdStrike Holding, Inc. (U.S.), Accenture plc (Ireland), Secureworks Corp. (U.S.), Trend Micro Incorporated (Japan), CyberDefenses Inc. (U.S.), Nozomi Networks, Inc. (U.S.), Aristi Cybertech Private Limited (India), and Skylark Information Technologies Private Limited (India).
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Scope of the Report
Cybersecurity Services Market, by Type
Cybersecurity Services Market, by Organization Size
Cybersecurity Services Market, by Security Type
Cybersecurity Services Market, by Sector
Cybersecurity Services Market, by Geography
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