Cyber Security Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Hardware, Software, Service), By Development model (Cloud, On-Premise), By Type (Endpoint Security, Cloud Security, Network Security, Application Security, Infrastructure Protection, Data Security, Others), By Application (IT & Telecom, Retail, BFSI, Healthcare, Defense/Government, Manufacturing, Energy, Others), and Region

Cyber Security Market size was valued at US$ 176.7 billion in 2023 and is projected to grow at a CAGR of 13.4% from 2024 to 2030. Cyber security is the protection of internet-connected devices or system like hardware, software, data from damage attack or to protect from unauthorized access. The cyber security involves the implementation of processes, technologies and controls tom ensure the security of the system. The threat related to internet sensitive information such as hacking, phishing and malware. Cyber security ensures the security of data or information like confidentiality, availability of information, integrity and detecting of threats and protecting data or information from the threats.

The increasing penetration of connected devices or system is an important factor to propel market. Nowadays many organizations are adopting cloud-based technology solutions that allow their customer tom access the data directly from the cloud which in turn increases the risk of cyber-attacks and crimes, the increasing adoption of the cloud-based system by organizations is expected to increase the market demand and market value of market in the forecasted years.

The rising awareness among the consumers regarding cyber-attacks forces organization to adopt cyber security Also, in addition, the government regulations like General Data Protection Regulation, California Consumer Privacy act makes it mandatory to protect data in an organization which is also expected to increase the demand of market. Whereas, the shortage of skilled labour in cyber security is expected hinder the market growth in the forecasted years, in addition to that the cost of setting up a cyber security system is way too expensive due to which small and middle-sized organizations cannot afford to have cyber security which again is expected to hinder the market growth.  

Cyber Security Market Key Developments

• In February 2022, Tata Consultancy Service launches Cyber defense suit-a comprehensive set of quickly adoptable, modular cyber security service offered on the platform in order to gain leader’s confidence and agility to grow their digital enterprise.
• In February 2023, Quad Nations launches ‘Quad Cyber Challenge’ a public campaign to increase cyber security.
• In February 2023, OX Securities launched OSC&R, a framework for comprehending and analyzing vulnerability to entire cyber supply chain security.