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Cyber Security as a Service Market Analysis by Security Type (Network Security, Endpoint Security, Application Security, and Cloud Security); by End-User (Large Enterprises, Small & Medium Enterprises), by Industry Verticals (Aerospace & Defense, BFSI, Public Sector, Retail, Healthcare, IT & Telecom, Energy & Utilities, and Manufacturing) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Microsoft announced the launch of a national campaign that helps community colleges to expand the cybersecurity workforce.
  • Cyber-Ark Software Ltd. drives identity security market advancement through astounding cybersecurity innovation.

Global Cyber Security as a Service Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~13%

Base Year Market Size (2022)

~USD 72 Billion

Forecast Year Market Size (2033)

~USD 140 Billion

The global cyber security as a service market is estimated to garner a revenue of ~USD 140 Billion by the end of 2033 by growing at a CAGR of ~13% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 72 Billion in the year 2022. The growth of the market can be attributed to the increasing instant of massive cyber-attack. According to the FBI, the number of complaints regarding ransomware reported to IC3 increased by 82% between 2019 to 2021, globally.

Cyber-Security-as-a-Service-Market-Scope

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There has been a rise in malware and phishing threats among enterprises which has brought the privacy of the organization under menace. Three attackers broke into Twitter in July 2020 and took control of well-known Twitter accounts. They employed social engineering tactics to steal employee passwords and access the business' internal management systems, which were ultimately labeled as phishing attempts by Twitter (phone phishing). Furthermore, a rise in the adoption of mobile phones is anticipated to boost the market trend.

Global Cyber Security as a Service Market: Growth Driver and Challenge

Growth Drivers

  • Rising Cyber Crime on Social Media Platforms

According to the survey conducted by Cyber Crime Awareness Foundation, hacking into social media accounts and identity theft were two types of cybercrimes that alarmingly rose in the 2019–2020 period. These crimes accounted for around 28.31% of all cybercrimes in 2020 compared to 15.35 % in 2019. This indicates that from 2019-2020, personal account Hacking and theft grew by about 13%. Social media account is a common target for cybercriminals. These includes Facebook and Twitter and other platform which contains lots of confidential information. Hence protection of social media platforms has become a necessity owing to which the demand for market is expected to increase.

  • Inadequate Knowledge of People Regarding Cyber Crime

According to cyber-crime statistics, almost 68% of Americans have never checked to see if they have ever been affected by a data breach.

  • Technology Advancement in Cyber Security Service

6th-generation vPro Chips from Intel are the beginning of a significant development in this area for complete corporate productivity. These powerful user authentication chips are built right into the hardware. These are intended to revolutionize 'authentication security' by utilizing multiple levels and methods of authentication that work in tandem. It has up to 2.5 times the performance, 3 times the battery life and 30 times the graphic performance of a system over a five-year-old system.

  • Increasing Fraudulent Money Request Attacks

The attacks involving bogus money requests and cybercrimes are on the rise. By 2025, it is predicted that cybercrimes would cost USD 10.5 trillion yearly globally.

  • Increasing Number of Internet Users

The number of internet users worldwide has reached 5.03 billion, or 63.1 percent of the world's population.

Challenges

  • Lack of Training and Inadequate Workforce
  • Limited Security Budget Among SMEs
  • Lack of Interoperability with the Information

To handle cyber security service, one should have adequate knowledge about it. However, lack of training becomes the biggest barrier to the process as it requires one to handle tedious task of securing one’s account and personal information. Hence this is excepted to hamper the growth of the market.

The global cyber security as a service market is segmented and analyzed for demand and supply by security type into network security, endpoint security, application security, and cloud security. Out of these segments, cloud security segment is anticipated to garner the largest revenue by the end of 2033, backed by increasing adoption of cloud-based solution. Governments in developed countries have long shifted their focus away from legacy IT systems and toward more cloud-based data management solutions, including the use of public cloud services delivered over infrastructure shared by multiple clients.  Over 100 zettabytes of data are expected to be stored in the cloud by 2025, i.e., around 50% of worldwide data.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Future

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in the ICT sector has significantly contributed to GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT goods exports (% of total goods exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Global Cyber Security as a Service Market Regional Synopsis

Regionally, the global cyber security as a service market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, backed by the proliferation of IoT devices. The Asia-Pacific region has long had a strong manufacturing base, and the industry is still a strong adopter of the Internet of Things (IoT).

The global cyber security as a service market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global cyber security as a service market includes the following segments:

By Security Type

Network Security

Endpoint Security

Application Security

Cloud Security

By End-User

Large Enterprises

Small & Medium Enterprises

By Industry Verticals

Aerospace & Defense

BFSI

Public Sector

Retail

Healthcare

IT & Telecom

Energy & Utilities

Manufacturing

Top Featured Companies Dominating the Global Cyber Security as a Service Market

  • Cisco Systems, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • IBM Corporation
  • Microsoft
  • Check Point Software Technologies Ltd.
  • Oracle
  • Trend Micro Incorporated.
  • Cyber Ark Software Ltd.
  • FireEye.
  • Imperva
  • ProofPoint, Inc.

 

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