Global Cybersecurity Services Market Analysis/Forecasts Report 2023: $158.4 Billion by 2030 - Rising Government Initiatives Encouraging the Adoption of Cybersecurity Services
The global cybersecurity services market is projected to reach USD 158.4 billion by 2030, at a CAGR of 17.5% during the forecast period of 2023-2030.
DUBLIN, March 24, 2023 /PRNewswire/ -- The "Cybersecurity Services Market by Type, Organization Size, Security Type, Sector (BFSI, Healthcare, Government, IT & Telecommunications, and Other Sectors) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global cybersecurity services market is projected to reach USD 158.4 billion by 2030, at a CAGR of 17.5% during the forecast period of 2023-2030.
The growth of the cybersecurity services market is driven by the growing significance of cybersecurity services in the banking sector and rising government initiatives encouraging the adoption of cybersecurity services.
In addition, the growing need for cybersecurity services among SMEs, the increasing use of artificial intelligence, machine learning, and blockchain technologies for cyber defense, and the development of smart infrastructure are expected to create market growth opportunities.
In 2023, the professional services segment is expected to account for the larger share of the global cybersecurity services market. The large market share of this segment is attributed to the growing demand for comprehensive identification, assessment, and management of security across enterprise systems, and the rising need for support & maintenance, integration, training, consulting, and advisory, penetration testing services. However, the managed services segment is projected to register the highest CAGR during the forecast period.
In 2023, the large enterprises segment is expected to account for the larger share of the global cybersecurity services market. The large market share of this segment is attributed to the strong IT infrastructure of large enterprises and the availability of skilled IT personnel to manage cybersecurity services platforms.
Furthermore, large enterprises have a stable financial backup and can easily procure customized cybersecurity services. However, the small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period.
In 2023, the network security segment is expected to account for the largest share of the global cybersecurity services market. The large market share of this segment is attributed to the rising adoption of network services and an increase in the number of malware attacks on enterprise networks. However, the cloud security segment is projected to register the highest CAGR during the forecast period.
In 2023, North America is expected to account for the largest share of the global cybersecurity services market. North America's large market share is attributed to the increase in government initiatives promoting cybersecurity across the region, increasing cyberattacks on IoT devices, the introduction of government laws to improve IoT cybersecurity, and regional market players' efforts to provide application scanning services for municipal agencies. However, Asia-Pacific is expected to register the highest CAGR during the forecast period.
Key questions answered in the report:
- Which are the high-growth market segments in terms of the type, organization size, security type and sector?
- What is the historical market for cybersecurity services across the globe?
- What are the market forecasts and estimates for the period of 2023-2030?
- What are the major drivers, restraints, and opportunities in the global cybersecurity services market?
- Who are the major players in the global cybersecurity services market and what share of the market do they hold?
- Who are the major players in various countries and what share of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the global cybersecurity services market?
- What are the different strategies adopted by the major players in the global cybersecurity services market?
- What are the geographical trends and high-growth countries?
- Who are the local emerging players in the global cybersecurity services market and how do they compete with the other players?
Market Dynamics
Drivers
- Growing Significance of Cybersecurity Services in the Banking Sector
- Government Initiatives Encouraging the Adoption of Cybersecurity Service
Restraints
- Shortage of Trained Professionals
Opportunities
- Growing Need for Cybersecurity Services Among SMEs
- Increasing Use of Artificial Intelligence, Machine Learning, and Blockchain Technologies for Cyber Defense
- Development of Smart Infrastructure
Challenges
- Misconceptions Regarding Cybersecurity Services
- Vulnerability Issues with IoT Devices
Trends
- Rising Adoption of Cloud Security Services Among Businesses
Regulatory Analysis
Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
- Cisco Systems Inc.
- Fortinet Inc.
- IBM Corporation
- Check Point Software Technologies Ltd.
- Microsoft Corporation
- Palo Alto Networks Inc.
- Rapid7 Inc.
- CrowdStrike Holding Inc.
- Accenture plc
- Secureworks Corp.
- Trend Micro Incorporated
- CyberDefenses Inc.
- Nozomi Networks Inc.
- Aristi Cybertech Private Limited
- Skylark Information Technologies Private Limited .
Scope of the Report
Cybersecurity Services Market, by Type
- Professional Services
- Integration Services
- Penetration Testing Services
- Training, Consulting, and Advisory Services
- Support & Maintenance Services
- Other Professional Services
- Managed Services
- Managed Detection & Response Services
- Compliance & Vulnerability Management Services
- Other Managed Services
Cybersecurity Services Market, by Organization Size
- Small & Medium-sized Enterprises
- Large Enterprises
Cybersecurity Services Market, by Security Type
- Cloud Security
- Application Security
- Endpoint Security
- Network Security
- Other Security Types
Cybersecurity Services Market, by Sector
- BFSI
- Healthcare
- Government
- IT & Telecommunications
- Retail & E-Commerce
- Energy & Utility
- Manufacturing
- Education
- Other Sectors
Cybersecurity Services Market, by Geography
- North America
- U.S.
- Canada
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/mc6n3u
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