The Cyber Security Services Market was valued around USD 197 billion in 2020 and is expected to grow at a CAGR of 9.7% over the forecast period (2021-2028).
The factors driving the growth of Cyber Security Services Market includes increasing penetration of smartphones, laptops, and tablets, rising concerns related to cyber-attacks around the world and growing trend of online shopping. Moreover, growing adoption of advanced technologies by companies such as Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT), rise in the launch of innovative products and strategic mergers and acquisitions between key players, are some of the additional factors supplementing the Cyber Security Services Market size. In addition, the increasing investments by leading players on research and development, rising disposable incomes, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.
However, growth of the Cyber Security Services Market is hindered due to insufficient availability of cybersecurity professionals.
The major players operating in the market are Cisco Systems, Inc., Microsoft Corporation, Oracle Corporation, Check Point Software Technologies Ltd., AT&T Inc., Palo Alto Networks, Inc., Dell Technologies Inc., Juniper Networks, Inc., FireEye, Inc. and International Business Machines Corporation, among others.
Based on Type, the Managed Services segment is predicted to grow at a significant CAGR during the forecast period
Managed security service providers help organizations to monitor threat in real time and provides advanced security solutions, are some of the features pushing growth of the segment.
Based on Industry Vertical, the BSFI segment is projected to grow at a robust CARG over the forecast period
Rise in the incidences of data breaches and increasing use of digital payment application such as Google Pay and PayPal, are propelling growth of the segment.
Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period
Presence of the leading players such as Cisco Systems, Inc., Microsoft Corporation and Oracle Corporation, growing adoption of advanced technologies by major corporations, rise in tech savvy population and high per capita incomes, are some of the important factors augmenting the market growth in North American region.
Key Development
- In 2019, By Light Professional IT Services LLC., partnered with FireEye, Inc. to expand and enhance its EmberSec portfolio comprising managed services, including Managed Detection and Response (MDR) security incident event management (SIEM), utilizing endpoint detection and response, network security monitoring, security incident event management (SIEM) and email threat protection.
Market Segmentation
Segmentation by Type
- Professional Services
- Integration
- Support and Maintenance
- Training, Consulting, and Advisory
- Penetration Testing
- Bug Bounty
- Others
- Managed Services
- Managed Detection Response (MDR)
- Managed Security Incident and Event Management (SIEM)
- Compliance and Vulnerability Management
- Others
Segmentation by Industry Vertica
- IT & Telecom
- Retail
- BFSI
- Healthcare
- Defence
- Energy
- Manufacturing
- Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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