Retail Cybersecurity Market Size - By Solution (Endpoint Security, Network Security, Data Protection, Application Security, Cloud Security, Others), By Deployment Model (On-premises, Cloud), Enterprise Size, Vertical, Service & Global Forecast, 2023 - 203

Retail Cybersecurity Market Size - By Solution (Endpoint Security, Network Security, Data Protection, Application Security, Cloud Security, Others), By Deployment Model (On-premises, Cloud), Enterprise Size, Vertical, Service & Global Forecast, 2023 - 2032

Global Retail Cybersecurity Market size will expand at 18.8% CAGR between 2023 and 2032, attributed to the rising ransomware attacks and data breaches. In 2022, IT Governance uncovered a staggering total of 1,063 security incidents, leading to the compromise of a staggering 480,014,323 records. Notably, among these incidents, ransomware attacks constituted 24% of all publicly disclosed cases, with a count of 255. Over the past five years, ransomware attacks have consistently been a favored weapon in cybercriminals' arsenals, with a notable peak in 2021, marked by 401 publicly disclosed incidents.

The surge in ransomware attacks and data breaches has propelled the retail sector to prioritize cybersecurity. As businesses witness the devastating consequences of these incidents on their operations and customer trust, the demand for advanced retail cybersecurity solutions is on the rise. Retailers are investing in robust defenses, leading to the expansion of the retail cybersecurity market to protect their digital assets and sensitive customer information.

The overall retail cybersecurity market is categorized based on solution, deployment model, enterprise size, vertical, service, and region.

Endpoint security segment is poised to expand notably over 2023-2032. Endpoint security solutions are the preferred choice for retail cybersecurity due to their effectiveness in safeguarding the multiple entry points in a retail environment. With diverse devices and systems connected to the network, these solutions offer comprehensive protection at the individual device level. They can detect and mitigate threats in real time, ensuring the security of sensitive customer data, payment transactions, and internal retail operations, thus establishing a robust defense against evolving cyber threats.

SMEs could capture a notable retail cybersecurity market share by 2032. The adoption of retail cybersecurity among SMEs is primarily driven by the growing recognition of the substantial financial and reputational risks associated with data breaches and cyberattacks. SMEs have become increasingly aware of the importance of safeguarding customer information, payment data, and proprietary business assets. Additionally, regulatory requirements and industry standards, coupled with the rise in cyber threats, encourage small and medium-sized enterprises to invest in retail cybersecurity to protect their operations and customer trust.

Europe retail cybersecurity industry is expanding rapidly due to several key factors. The European Union's General Data Protection Regulation (GDPR) enforces strict data protection measures, compelling retailers to invest in robust security solutions to avoid hefty fines. Additionally, the proliferation of online shopping and digital payment methods has made retailers more vulnerable to cyber threats. The rise in high-profile data breaches and ransomware attacks further emphasizes the need for comprehensive cybersecurity measures, driving the growth of the retail cybersecurity sector in Europe.