Cyber Security Services Market Size, Growth Analysis to 2027
The global Cyber Security Services market gathered revenue around USD 91.2 Billion in 2020 and market is set to grow USD 191.9 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 9.7% during the prediction period 2021 to 2027.
Growth Factors:
Continued cybersecurity breaches on the enterprise and individual levels, and the subsequent need to address the vulnerabilities in networks, apps, and systems, are the factors expected to drive the growth. The need for identifying advanced, persistent threats to networks, monitoring critical infrastructure 24/7, and penetration testing applications for meeting various regulatory compliance standards and acts, such as FISMA, MARS-E, PCI DSS, Sarbanes-Oxley (SOX), and HIPAA, is expected to contribute to the growth of the market.
As cyberattacks are getting more and more sophisticated, cyber security services are also evolving accordingly. Some of the common cyber security services include penetration testing, bug bounty, and Managed Detection Response (MDR), and the demand for these and other similar services are growing in line with the continued deployment of digital and cloud-based applications. These services help enterprises identify IT infrastructure vulnerabilities, fix the bugs, and gain access to the necessary remedies for tackling cyberattacks. Additionally, as a result of the outbreak of the COVID-19 pandemic, work-from-home and remote working mandates are impelling employees to connect with unsecured networks. Hackers are taking this opportunity to exploit the loopholes and particularly infiltrate corporate web applications. Hence, incumbents of several industries are in a dire need to continuously monitor the evolving cyber threats and safeguard their enterprise systems.
Testing web applications and databases and identifying their weaknesses and vulnerabilities are expected to emerge as the major focus areas for the incumbents of various industries and industry verticals, including BFSI, healthcare, IT, manufacturing, and retail, over the forecast period. The healthcare industry vertical has been frequently targeted by hackers and cybercriminals. Cybercrimes targeting the healthcare industry are expected to intensify in line with the continued digitalization and the introduction of IoT-based medical devices. In May 2019, the American Medical Collection Agency, a billing services provider, revealed that it was subjected to cyberattacks for a duration of eight months from August 2018 to March 2019 and that approximately 25 million patients may have been affected due to these cyberattacks. Meanwhile, a report published by Radware, a provider of cybersecurity and application delivery solutions, revealed that a healthcare organization needs to spend approximately USD 1.4 million on average to recover from a cyberattack. Thus, the growing need to protect healthcare institutions from cyberattacks has created new opportunities for cyber security services providers.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Cyber Security Services market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Cyber Security Services market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
| Report Scope | Details |
| Market Size | USD 191.9 Billion by 2027 |
| Growth Rate | CAGR of 9.7% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Component, solution, services, security type, deployment, organization, application And Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Broadcom (Symantec CorporationCorp.); Check Point Software Technology Ltd.; Cisco Systems, Inc.; IBM; McAfee, LLC; Palo Alto Networks, Inc.; Trend Micro, Incorporated Inc. |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Cyber Security Services market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Cyber Security Services Market Report Highlights:
· Advancements in artificial intelligence, machine learning, and the internet of things are disrupting cyberspace and reshaping the global threat landscape, thereby driving the growth of the market over the forecast period
· The healthcare segment is anticipated to exhibit the highest CAGR of 11.0% over the forecast period. The increased instances of cybercrimes in the recent past, and particularly during the outbreak of the COVID-19 pandemic, have prompted healthcare application developers to address the application vulnerabilities
· Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period. The growing demand for penetration testing and bug bounty services in line with the mandatory compliances, which require periodic technological evaluation, is expected to drive the growth of the regional market
· Some of the major players operating in the market include Accenture, AT&T, Atos SE, Cisco, IBM, and Rapid7
Regional analysis:
North America accounted for an overall market share of more than 39.2% in 2020. The growing demand for cyber security services in North America is attributed to the aggressive spending on cyber security by the government and public authorities. The U.S. Department of Defense (DoD) has been leveraging white hat hackers' capabilities and using hacker-powered security in unique ways. For instance, Hack the Army targeted the DoD's operationally significant websites and identified over 400 bugs, which allowed them to earn USD 100,000 in total bounties. Moreover, the increased spending on security solutions and services by large enterprises and SMEs coupled with the increasing stringency in standards and policies for maintaining and securing data and protecting privacy is also expected to contribute to the growth of the regional market.
The Asia Pacific regional market is anticipated to register the highest CAGR of more than 16.1% over the forecast period. The aggressive efforts toward securing networks and identifying vulnerabilities are anticipated to contribute to the growth of the regional market. Asia Pacific is expected to offer numerous opportunities for adopting cyber security services, given the continued digitalization in India, Malaysia, Thailand, and Southeast Asian countries.
Developing countries, such as China and India, have strong defense forces, which are aggressively adopting cyber security services for mitigating threats against key resources as a result of the increasing awareness about cyber warfare disruption. In 2019, the Japanese government announced mass penetration testing of all IoT devices as part of the efforts to secure its vast technology landscape, a move that received mixed reactions from the Japanese population. Rapid economic development across various Asian countries is driving the adoption of penetration testing and bug bounty platforms for securing critical information related to the defense industry vertical.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Cyber Security Services Market include: Accenture; AT&T; Atos SE; Capgemini; Cisco; CrowdStrike; Deloitte Touche Tohmatsu Limited; DXC Technology Company; IBM; Rapid7
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Cyber Security Services market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Cyber Security Services market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Cyber Security Services markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Cyber Security Services market Study:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers