Cyber Security as a Service Market size is estimated to cross USD 140 Billion by the end of 2033, growing at a CAGR of 13% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of cyber security as a service was USD 72 Billion. 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.
In addition to these, factors that are believed to fuel the market growth of cyber security as a service include the 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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~13% |
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Base Year Market Size (2022) |
~ USD 72 Billion |
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Forecast Year Market Size (2033) |
~ USD 140 Billion |
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Regional Scope |
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Security Type (Network Security, Endpoint Security, Application Security, Cloud Security)
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.
End-user (Aerospace & Defense, BFSI, Public, Retail, Healthcare, IT & Telecom, Energy & Utilities, Manufacturing)
The global cyber security as a service market is also segmented and analyzed for demand and supply by end use industry verticals into aerospace & defense, BFSI, public sector, retail, healthcare, it & telecom, energy & utilities, and manufacturing. Out of all the industry verticals, the BFSI segment is to garner the largest market share in the forecasted period. The growth of the segment is credited to rise in the online banking fraud which increases the need for online payment fraud detection across BFSI sector. In the United States, online banking accounted for 93% of all fraud attempts and 96% of all banking transactions in the first quarter of 2021. Moreover, in comparison to last four months of 2020, the online financial frauds in the United States jumped by around 25% in the first four months of 2021.
Our in-depth analysis of the global market includes the following segments:
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By Security Type |
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By End-User |
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By Industry Verticals |
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APAC Market Statistics
The Asia Pacific cyber security as a service market is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the proliferation of IoT devices and growing usage of cyber security. 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). In the next five years, it is anticipated that the value of the internet of things (IoT) applied device market in Japan will increase by approcimately 21%. Moreover, the number of smart houses in India is currently close to 13 million, and by 2025, it is anticipated that this number would increase by nearly 13%. Furthermore, in China, the size of the cyber security business surpassed around USD 29 billion in 2021 and increased by an average of 15% per year from 2016 to 2020.
Check Point Software launched the new cyber security platform, Check Point Quantum Titan, it has three new software verticals that uses the power of artificial intelligence (AI)and deep learning. It delivers autonomous IoT security and advanced threat. It is the only platform that enables both identifications of IoT device and saves the IoT devices by applying zero-trust threat prevention profiles.
CyberArk Software Ltd. Announced the launch of CyberArk Venture, by investing funds worth of USD 30 million to design the next-generation solution for solving all the complex cyber security challenges. It also announces that the venture has completed the first investment in three cybersecurity startups, including Dig Security, Enso Security, and Zero Networks.
Author Credits: Abhishek Verma, Hetal Singh
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