Cybersecurity Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis

Remote Working Culture Fostering The Cyber Security Market, and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Oct 2023

  • Report Code : TIPRE00026612
  • Category : Technology, Media and Telecommunications
  • Status : Upcoming
  • No. of Pages : 200
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Cybersecurity solution protects unlawful or unauthorized use of electronic data, and cybersecurity services are the overarching processes to achieve security and protect against common cyber threats. Cybersecurity solutions target malware, ransomware, phishing, and distributed denial of service (DDoS) attacks through a broad array of network security measures designed to protect the network, data, and system. Many available cybersecurity solutions include advanced persistent threat, threat intelligence, security and information event management, vulnerability management, antivirus, firewall, and secure web gateway.

COVID-19 Impact

During the COVID-19 pandemic, the government and regulatory authorities mandated public and private organizations to adopt new practices for working remotely and maintaining social distance. During the COVID-19 pandemic, the digital way of doing business has become a new Business Continuity Plan (BCP) for various organizations globally. With the adoption of remote working practices, BYOD devices, work from home (WFH) trend, and internet penetration worldwide, organizations and individuals are liable toward using digital technologies, driving the need for cybersecurity solutions to minimize the risk of cyberattacks.

Key Regulations

The various standards are designed to enhance cybersecurity and contribute to risk management. For example, Federal Information Processing Standards (FIPS) 140-2 and Security Requirements for Cryptographic Modules establish standard requirements for all cryptographic-based security systems used by federal organizations to protect sensitive or valuable data. International, regional, national, industry, and government groups develop cybersecurity standards. A standards development organization's (SDO) primary mission is the development of voluntary consensus standards on an international, regional, or national basis. Some of the cybersecurity compliance standards that form a solid foundation for any cybersecurity strategies are the Federal Information Security Management Act (FISMA), DFARS (Defense Federal Acquisition Regulation Supplement), Health Insurance Portability and Accountability Act (HIPAA), ISO 22301, ISO/IEC 27001,  and NIST Cybersecurity Framework (CSF).

Regional Trends

In terms of region, North America holds a significant share, followed by Europe and the Asia Pacific (APAC) in the global cybersecurity solution market. The presence of several prominent cybersecurity solution providers in the region contributes to the market's growth. Key players such as IBM, Microsoft Corporation, Oracle Corporation, and Fortinet offer enhanced cybersecurity solutions and services to cater to the need of customers. Also, the government is taking various initiatives in countries such as the US, Canada, and Mexico to strengthen their network infrastructure to minimize the risk against cyber-attacks. For instance, The Government of Canada (GC), in the country’s Digital Operation Strategic Plan (DOSP) for 2021-2024, approves a forward-looking 3-year enterprise-wide plan to establish the strategic direction for the integrated management of service, information, data, information technology (IT) and cybersecurity. Such government initiatives contribute to the growth of the cybersecurity solution market in North America.

The cybersecurity solution market in APAC is expected to grow at the highest CAGR during the forecast period. The increased number of cyberattacks on government and critical infrastructure in APAC results in increased investment in cybersecurity technologies to strengthen threat detection and response capabilities. According to IBM X-Force Threat Intelligence Index, India reported the second-highest number of cyberattacks after Japan in APAC in 2020. Also, according to the report, finance and insurance was the top attacked industry in India (60%), followed by manufacturing and professional services.

Competition Analysis and Recent Developments

Some of the prominent players operating in the market are Fortinet; Oracle Corporation; Microsoft Corporation; Micro Focus International plc; Rapid7; NortonLifeLock Inc. (Symantec Corporation);  Trend Micro Inc.; FireEye; Check Point Software Technologies; Cisco Systems, Inc.; and International Business Machines Corporation. The companies focus on product launching strategies to stay competitive and gain a better customer base. Some of the recent developments are mentioned below:

In October 2021, Comtech Telecommunications launched a new lineup of cybersecurity products and services to support clients' threat monitoring and assessment, training, and workforce development efforts.

In November 2020, Check Point Software Technologies Ltd. launched its next-generation unified cyber security platform, Check Point R81. The new platform will deliver autonomous threat prevention designed for the entire distributed enterprise, enabling IT staff to manage the most complex and dynamic network environments quickly and efficiently.

In September 2020, Bharti Airtel Ltd. launched a suite of cybersecurity solutions for large, medium, and small businesses as they shift to digital and cloud platforms, increasing the need to protect data and information from online attacks.

In July 2020, Google Cloud announced two new security offerings—Confidential VMs and Assured Workloads—for governments to provide customers with advanced security tools to support compliance and data confidentiality.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

  7. F5, INC.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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