Cybersecurity Services Global Market To Reach Value Of About $1.8 Million By 2030

The cybersecurity services market consists of sales of cybersecurity services and related products by entities (organizations, sole traders and partnerships) that provide cybersecurity services to individual customers and businesses. Cybersecurity is the practice of protecting networks, computers, programs, mobile devices, hardware, electronic systems and data from unauthorized and/or unintended access or malicious attacks. It is also known as electronic information security and information technology security.

Global Cybersecurity Services Market Size And Drivers:

The global cybersecurity services market reached a value of nearly $66.86 billion in 2019, having increased at a compound annual growth rate (CAGR) of 9.4% since 2015. The market is expected to increase from $66.86 billion in 2019 to $91.09 billion in 2023 at a rate of 8.0%. The market is expected to grow at a CAGR of 10.4% to nearly $110.99 billion by 2025, and at a CAGR of 10.4% to $182.32 billion by 2030.
The increasing incidence of massive cyber-attacks is a key factor driving the growth of the cybersecurity services market. While the primary motives behind cybercrimes include political competition, negative credibility, foreign competition and radical involvement of religious groups, most cyber-attacks are for financial gain. WannaCry, Petya, NotPetya and BadRabbit, are some of the main ransomware products that have targeted large-scale businesses and government organizations.

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Trends In The Global Cybersecurity Services Market

Leveraging Artificial Intelligence (AI), machine learning and blockchain technologies for cyber defense is a key trend in the cybersecurity services market. Cybersecurity service providers integrate AI and machine learning principles into their solutions to tackle crucial hyper-connected workplace risks, with quicker identification, prevention and responsive capabilities. Advances in technology, such as AI and machine learning, turn the tables against cybercrime.

Global Cybersecurity Services Market Segments:

By Security Type:
a. Network Security
b. Endpoint Security
c. Application Security
d. Cloud security
e. Others
By User Type:
a. Large enterprises
b. Small & medium enterprises
By Geography: The global cybersecurity services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American was the largest region in the global cybersecurity services market, accounting for 36.1% of the total market.

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Cybersecurity Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides cybersecurity services market overviews, analyzes and forecasts market size and growth for the global cybersecurity services market, cybersecurity services market share, cybersecurity services market players, cybersecurity services market segments and geographies, cybersecurity services market’s leading competitors’ revenues, profiles and market shares. The cybersecurity services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.