Cybersecurity Market to reach USD 155.83 billion by 2031 from USD 139.77 billion in 2022, at a CAGR of 13.4% during the forecast period

Key Companies Covered in the Cybersecurity Market Research are Accenture, Broadcom Inc., Capgemini, Cognizant, F5 Networks Inc., FireEye Inc., HCL Technologies Limited, IBM Corporation, Infosys Limited, L&T Technology Services Limited, PwC International Limited Broadcom Inc., Tata Consultancy Services and other key market players.

The global Cybersecurity Market size is projected to reach USD 155.83 billion by 2031 from USD 139.77 billion in 2022, at a CAGR of 13.4% during the forecast period. Kenneth Research released a report on Cybersecurity Market consisting of detailed analysis of the market and industry insights over the forecast period of 2022-2031. The latest trends and business opportunities in the market are discussed in the report on the basis of analysis of the market value and calculation of the CAGR during the forecast period.

owing to rise in COVID-19 pandemic which increased the demand for aiding employees working remotely to be able to access their work network more securely and conveniently. 

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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Global Cybersecurity Market

Cybersecurity solutions are being increasingly used across various public and private enterprises in order to ensure protection of critical personal and financial information, to mitigate risks and to establish comprehensive protection against any form of cyber-attacks. The global cybersecurity market is expected to grow at a double digit CAGR from 2018 to 2023, leading to global revenue of USD 193.76 Bn by 2023.

Depending on the various types of solutions available in the market, the global cybersecurity market has been classified into IAM (identity and access management), encryption, governance, risk and compliance, UTM (unified threat management), and SIEM (security information and event management). Among the different solution types, demand for encryption is anticipated to be the most promising in the coming years. This is due to its increasing adaptability across various telecom and IT verticals in order to protect information stored on clients’ devices and to use it on the cloud without the risk of being hacked.

In addition, demand for cybersecurity products and services from various end use industries including aerospace and defense, financial service sector, telecommunication sector and healthcare industry among others is also provided in this report. Demand for cybersecurity products and services in the financial service sector held the largest market share in 2016 and is anticipated to maintain its dominance during the forecast period.

Moreover, the cross-sectional analysis of all the above mentioned segments across different regions such as North America, Asia Pacific, Europe, Latin America and Middle East and Africa has also been provided within the scope of the research. Geographically, North America dominated the global cybersecurity market and was majorly driven by the U.S. in 2016.

Key growth factors:

o Increasing dependency of various enterprises on different information technology devices and the delicate nature of digitally stored data is expected to raise the stakes for different cyber-attack cases where financial gain is the major motive. This in turn, is anticipated to trigger the adoption rate of cybersecurity products and services across different end use industries in the coming eight years.
o In addition, in order to encounter the problem of more sophisticated cyber-attacks, different solution providers are also engaging in research and development to develop technologically advanced next-generation security solutions.

Threats and key players:

o Despite so many factors having a positive impact on the growth of the global cybersecurity market, the availability of generic cybersecurity products along with the limited cyber security budgets of various end-use industries is one of the important factors anticipated to deter the growth of the cybersecurity market to some extent during the forecast period.
o Some of the major players having a strong foothold in the global cybersecurity market includes Symantec Corporation, Check Point Technology Ltd., Paloalto Networks, Fortinet and FireEye among others.

What’s covered in the report?

1. Overview of the cybersecurity market.
2. Current market demand along with future expected demand for cybersecurity from various sectors including aerospace and defense, financial service sector, telecommunication sector and healthcare industry, among others.
3. Current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) market size data for the cybersecurity market.
4. Current and forecasted market size data for IAM (identity and access management), encryption, governance, risk and compliance, UTM (unified threat management) and SIEM (security information and event management).
5. Analysis of Company profiles of major public and private players operating in the market.
7. Key opportunities in the cybersecurity market.
8. Market trends in the global cybersecurity market.
9. Value chain analysis in order to emphasize on preventing waste, optimizing available resources, and contributing towards sustainability.
10. Market attractiveness analysis in terms of regions in order to furnish the competitive advantage of one region over the other.
11. Market positions of key players across different regions in 2016.

Why buy?

1. Understand the demand for cybersecurity products and services to determine the viability of the business.
2. Determine the developed and new markets where cybersecurity is utilized.
3. Formulate a product market strategy based on the position in the value chain to determine the optimal product/service placement.
4. Identify the gap areas and address them.
5. Develop strategies based on the industry and economic factors for each of the segments.
6. Define the competitive positioning by comparing the products and services of the key players in the market.

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The Market report answers the following questions:

What is the aim of the report?

  • The market report presents the estimated market size of Cybersecurity Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Playes
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter’s Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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