Cyber Security Technology Market By Solution Type (Network Security, Endpoint Security, Application Security, Cloud Security, Identity & Access Management, Data Security) , By Deployment Mode (Cloud, On-premise) By Organization Size (Small and Medium-size

Cyber Security Technology Market By Solution Type (Network Security, Endpoint Security, Application Security, Cloud Security, Identity & Access Management, Data Security) , By Deployment Mode (Cloud, On-premise) By Organization Size (Small and Medium-sized Enterprises, Large Enterprises) By Industry Vertical (BFSI, Manufacturing, Healthcare, Retail, Government & Defense, IT & Telecom, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032

Cyber Security Technology Market

The cyber security technology market was valued at $172.8 billion in 2023 and is projected to reach $377.5 billion by 2032, growing at a CAGR of 9% from 2024 to 2032.

Cyber security technology is a system of programs & networks that protect devices from unauthorized access, online attacks, and data theft. The adoption of robust cyber security technologies is critical for businesses to prevent the disruption of their operations. In addition, attackers pose significant threats to the lives of individuals, which necessitates constant upgrades in technology to combat potential damages.

Constant evolution in the landscape of cyberattacks is a key driver of the cyber security technology market. In addition, as businesses strive to digitally transform their operations through ingenious technologies such as AI, ML, and cloud storage, the market growth is projected to augment significantly. To improve flexibility and efficiency, the adoption of cyber security mesh is an emerging trend in the market. It involves a combination of cloud & edge computing, along with on-premise installations that integrates all the devices into a single point. This integration facilitates the standardization of security structure and enhances security management.

However, high costs associated with the installation of cyber security technology and lack of skilled professionals to operate the cyber security infrastructure hampers the development of the market. Moreover, the constantly evolving threat landscape results in frequent technological obsolescence, thereby restraining the market growth. On the contrary, constant increase in losses due to cyber damage is anticipated to open new avenues for the cyber security technology market. American business magazine, Forbes stated in one of its recent articles that the total cost of damages due to data breaches is expected to reach a mark of $10.5 trillion by 2025. Therefore, the cyber security technology market is poised to witness various lucrative opportunities as businesses strive to reduce their losses.

Segment Review

The cyber security technology market is segmented into solution type, deployment mode, organization size, industry vertical, and region. On the basis of solution type, the market is divided into network security, endpoint security, application security, cloud security, identity & access management, and data security. Depending on deployment mode, it is bifurcated into cloud and on-premise. As per organization size, it is classified into small- & medium-sized enterprises and large enterprises. By industry vertical, it is categorized into BFSI, manufacturing, healthcare, retail, government & defense, IT & telecom, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and Latin America.

Key Findings

On the basis of solution type, the network security segment held a high share of the market in 2023.

Depending on deployment mode, the cloud segment acquired a high stake in the market in 2023.

As per organization size, the large enterprises segment dominated the market in 2023.

By industry vertical, the BFSI segment accounted for a high share of the market in 2023.

Region wise, North America was the highest revenue generator in 2023.

Competition Analysis

The leading players operating in the global cyber security technology market include Accenture, Broadcom Inc., Capgemini, Cognizant, F5 Networks Inc., FireEye Inc., HCL Technologies Limited, IBM Corporation, Infosys Limited, and L&T Technology Services Limited. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.

Key Market Segments

By Solution Type

Network Security
Endpoint Security
Application Security
Cloud Security
Identity Access Management
Data Security

By Deployment Mode

Cloud
On-premise

By Organization Size

Small and Medium-sized Enterprises
Large Enterprises

By Industry Vertical

BFSI
Manufacturing
Healthcare
Retail
Government Defense
IT Telecom
Others

By Region

North America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
Latin America
Brazil
Colombia
Argentina
Rest of Latin America

Key Market Players

Accenture
Broadcom Inc.
Capgemini
Cognizant
F5 Networks Inc.
FireEye Inc.
HCL Technologies Limited
IBM Corporation
Infosys Limited
L&T Technology Services Limited