Detailed insights into cybersecurity market

The practice of defending systems, networks and programs from online threats is known as cybersecurity. These cyberattacks typically try to access, alter, damage or delete sensitive data while interfering with corporate operations. The importance of cybersecurity against online dangers has increased in the modern, evolving digital environment. Due to the fast-rising cybercrimes, frauds, threats, hazards, and vulnerabilities, it has become essential among enterprises. The cybersecurity industry is expanding as a result of a number of causes, such as an increase in the frequency & sophistication of cyber threats, the advent of disruptive digital technologies, and strict data protection rules for information security. The market for cybersecurity in 2021 was USD 216.10 billion, and it will be worth USD 478.68 billion by 2030, growing at a 9.5% CAGR During the forecast period.

Market Dynamics


The expansion of the market is due to the sophistication of cyberattacks rising. The number of cybercrimes and scams has increased, costing businesses a great deal of money. The rise in cybercrime and cyberattacks will be a major market-driving factor. As cybercrimes have dramatically increased, businesses worldwide have concentrated their spending on cutting-edge information security solutions to strengthen their internal security infrastructures. A sustained and focused cyberattack in which an intruder gains access to a network and goes unnoticed for a long time is an advanced persistent threat (APT).


Emerging companies usually struggle to find the money and the proper resources to adopt cybersecurity solutions in emerging nations like MEA, Latin America, and APAC. Lack of capital funding and security expertise may be a major obstacle for certain small and medium-sized organizations in adopting the cybersecurity strategy.


The idea of cloud computing is popular due to its dependable and adaptable design. Cloud solutions are becoming more and more common among businesses because they simplify data storage and give users access to limitless computing power via remote servers that can be accessed over the internet. Governments in numerous nations have established regulations and specific recommendations for cloud platform security, which has driven the growth of the global sector. By switching to cloud-based platforms like Software-as-a-Service (SaaS) and Infrastructure-as-a-Service, SMEs are continually trying to upgrade their applications and infrastructure.

Market Segmentation 

Component Insights

In 2022, the services sector contributed for more than 50% revenue share. This is due to the increased demand for advisory services and maintenance and upgradation services from small and medium enterprises.

Security Type Insights

The infrastructure protection segment ruled the market with the biggest revenue share of more than 25% in 2022. It is due to the growth of connected and IoT devices and the development of more data centers. Additionally, numerous initiatives launched by governments, like the European Programme for Critical Infrastructure Protection & the Critical Infrastructure Protection Program in the United States, will support market expansion.

Solution Insights

In 2022, the IAM segment contributed more than 27% of the total revenue, making up the greatest revenue share. It is due to the rise in mobile endpoint devices that put the company at risk of cyberattacks and data breaches.

Application Insights

In 2022, the defense/government sector had the biggest market share, accounting for more than 20% of the total market. Due to the sensitive information they hold, government and defense companies constantly face a security threat from state-sponsored hacktivists. As a result, numerous governments globally are making significant investments in enhancing their countries’ cyber security, ultimately contributing to the segment’s growth.

Regional Overview 

Asia Pacific will grow at a CAGR of above 15%. The high use of cloud technologies, the spread of IoT devices, and the rise in data center constructions are all factors in this region’s expansion. In addition, the region’s big working population has a lot of endpoint devices and produces a lot of data, which is why many businesses are putting cybersecurity solutions in place. Additionally, rising government and defense sector spending in nations like China, India, Japan, South Korea, and others to protect themselves from cyber warfare will propel market expansion.

Key Players

  • HCL Technologies Limited
  • IBM Corporation
  • Infosys Limited
  • Accenture
  • Broadcom Inc.
  • Capgemini
  • Cognizant
  • F5 Networks Inc.
  • FireEye Inc.
  • L&T Technology Services Limited
  • PwC International Limited Broadcom Inc.
  • Tata Consultancy Services
  • Tech Mahindra Limited
  • Wipro Limited
The market for cybersecurity in 2021 was USD 216.10 billion, and it will be worth USD 478.68 billion by 2030, growing at a 9.5% CAGR During the forecast period. The market for cybersecurity is expanding due to the growing adoption of modern techniques like artificial intelligence and the Internet of Things across various sectors.

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