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Cyber Security Market to Surpass USD 357.10 billion by 2031 | SkyQuest Technology
[April 29, 2024]

Cyber Security Market to Surpass USD 357.10 billion by 2031 | SkyQuest Technology

WESTFORD, Mass., April 29, 2024 /PRNewswire/ -- SkyQuest projects that Global Cyber Security Market size is poised to grow from USD 190.40 Billion in 2023 to USD 357.10 Billion by 2031, at a CAGR of 9.4% during the forecast period (2024-2031). In order to safeguard sensitive data and networks, the use of cloud computing, IoT devices, and remote work arrangements has increased need for sophisticated cybersecurity solutions. Strong cybersecurity measures are also required because the attack surface has grown due to the quick digitization of many industries.

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Browse in-depth TOC on the "Cyber Security Market"

  • Pages - 157
  • Tables - 78
  • Figures - 79

Cyber Security Overview:

Report Coverage


Market Revenue in 2023

$190.40 billion

Estimated Value by 2031

$357.10 billion

Growth Rate

Poised to grow at a CAGR of 9.4%

Forecast Period


Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Offering, Solution Type, Deployment Mode, Organisation Size, Security Type and Verticals

Geographies Covered

North America, Europe, Asia Pacific, and the Rest of the world

Report Highlights

Increasing shift of cyber security towards online services

Key Market Opportunities

Adoption of cloud based cyber security solution among SMEs

Key Market Drivers

Increasing demand for cybersecurity mesh.

Driving Force Behind the Cloud Security Ascendency is Surge in Computerized Reasoning and AI Arrangements

Among cybersecurity deployment modes, cloud security is clearly the most popular choice. Cloud services are superior in terms of security protocols, offering economies of scale together with access to cutting-edge tools and specialised knowledge. The fastest-growing market is cloud security, which is being driven by the growing demands of the cloud industry. The swift expansion of cloud services demands strong security protocols to protect user information and apps.

Behind Supporting Growth of on Premise is Surge of Compliance Requirement in Cyber Security Infrastructure

Control and visibility over cybersecurity infrastructure are becoming more and more important for organisations due to the growth of sophisticated cyber-attacks and strict data protection rules. Businesses may better customise and control security measures to meet their unique demands and compliance requirements with on-premises solutions. Furthermore, the preference for on-premises installations is driven by worries about data sovereignty and privacy, particularly in industries that handle sensitive data.

North American Region is Dominating Due to Cyber Security Solutions Deployed

The North American region is anticipated to hold the largest share of the market in 2023—more than 35%. This is explained by the fact that there are more cyber dangers and cyber security solutions in this region. Over the course of the projection period, the Asia-Pacific region is expected to grow at the fastest rate. This is explained by the region's expanding security threats as well as the prevalence of several market incumbents.

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  1. Rising Demand for Virtual Assistants Driving Market Growth
  2. Autonomous AI Adoption


  1. Data Privacy Concerns
  2. Bias Generated and Inaccurate AI Output

Prominent Players in Global Cyber Security Market

  • Check Point Software Technologies Ltd. (Israel)
  • McAfee LLC (US)
  • Palo Alto Networks, Inc. (US)
  • Microsoft (US)
  • Symantec Corporation (US)
  • IBM Corporation (US)
  • Fortinet, Inc. (US)
  • Trend Micro Incorporated (Japan)
  • FireEye, Inc. (US)
  • Proofpoint, Inc. (US)

View report summary and Table of Contents (TOC):

Key Questions Answered in Global Cyber Security Market Report

  • What is the anticipated market size for cyber security globally by 2031, and what is the compound annual growth rate (CAGR) anticipated to be observed between 2024 and 2031?
  • How is the security of decentralised enterprises supported by the cybersecurity mesh architecture?
  • What are some of the growth tactics used by the leading cybersecurity industry players to stay competitive?

This report provides the following insights:

  • Analysis of key drivers (increasing demand for cybersecurity mesh, new paradigm security architectures, extend security, protection from each access point), restraints (Implementing and sustaining strong cybersecurity solutions, expenses associated with security software, skilled personnel, and continuous updates, effectively safeguard of digital assets and sensitive information), opportunities (efficiently integrated into a wide array of devices, secure communication protocols, advanced identity and access management systems), and challenges (bridging skill gap, many security breaches may go undetected or unresolved) influencing the growth of cyber security market
  • Market Penetration: Comprehensive information on the product portfolios offered by the top players in the cyber security market
  • Market Penetration: Comprehensive information on the product portfolios offered by the top players in the cyber security market
  • Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the cyber security market
  • Market Development: Comprehensive information on lucrative emerging regions
  • Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
  • Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

Related Reports:

Global Artificial Intelligence (AI) in Cybersecurity Market

Global Automotive Cyber Security Market

Global Cyber Security in Oil and Gas Market

Global Cybersecurity Mesh Market

Global Cyber Insurance Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific. 

Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Massachusetts 01886
USA (+1) 351-333-4748
Email: [email protected]
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