The Global Cyber Security Services Market size is expected to reach $178 billion by 2027, rising at a market growth of 9.8% CAGR during the forecast period.
Increased usage of online applications and mobile apps has resulted from advancements in Machine Learning (ML), Artificial Intelligence (AI), and the Internet of Things (IoT), resulting in a more sophisticated IT infrastructure that is highly prone to cyber-attacks. Corporations are outsourcing security services to discover flaws, examine the security environment, and respond quickly to assaults in order to solve possible security concerns. Over the forecast period, the requirement to resolve flaws in online and mobile apps, as well as manage loss of data risks associated with cybercrime, is likely to drive the usage of cyber security services.
The incidents of cyber-attacks occurring throughout the world continue to thrive down. Simultaneously, cyber-attacks are becoming more sophisticated, and cyber-attack-related losses are growing. As new networks are now being deployed and current networks are being extended, cyber-attacks are becoming increasingly prevalent.
While many businesses are implementing stringent remote working rules following the outbreak of the COVID-19 pandemic, cyber-attacks on company data and equipment are on the rise. The pandemic's onset has pushed businesses to implement a Work From Home (WFH) practice in accordance with government rules in order to safeguard the safety of their workers. However, due to the increased usage of cloud services via unsecured devices, this operational move has revealed the infrastructure to risks. Financial organizations, manufacturing units, educational institutions, and information technology corporations are all in danger, necessitating the need to change security delivery approaches.
A current conceptual approach to security architectures is the cybersecurity mesh. It allows scattered companies to deliver and enhance security in which it is required the most. It's a decentralised notion that tries to secure users' or computers' identities, and it's one of the hottest techniques right now. Whether on-premises or in the cloud, the goal is to restrict access to an organization's network to authorised individuals (or systems). The cybersecurity mesh, in theory, aids IT professionals in managing security from each access point while also preventing hackers from obtaining access to the device.
IoT traffic is likely to increase in the coming years as more businesses embrace IoT devices to boost operational efficiency and communication. The expanding use of IoT devices has broadened the attack surface for hackers. In the coming years, organisations dealing with sensitive business and personal data are likely to adopt a cybersecurity model approach because it provides security professionals with more visibility into user can access networks from numerous places, made accessible applications, and the precise time of access.
In order to adopt Next-Generation Firewalls (NGFWs) and Advanced Threat Protection (ATP) technologies, young firms' cybersecurity budgets are insufficient. Small businesses in underdeveloped nations are expected to be stymied in their deployment of cybersecurity solutions due to a lack of investment and resources. Because of their limited financial resources, many businesses lack the necessary IT security infrastructure, resulting in a sluggish development of new technologies and corporate security solutions. Small businesses are tasked with managing budget finances for a variety of operational issues and business continuity plans.
Based on Service Type, the market is segmented into Professional Services (Training, Consulting & Advisory, Integration, Support & Maintenance, Penetration Testing & Bug Bounty, and Others) and Managed Services (into Managed Security Incident & Event Management (SIEM), Compliance & Vulnerability Management, Managed Detection Response (MDR), and Others). The managed services segment obtained a significant revenue share of the market in 2020.
Organizations are partnering with Managed Security Service Providers due to the growing threat landscape and the challenges of controlling all component of the cyber threat scenario in-house (MSSPs). Partnering with MSSPs provides enterprises with access to advanced security solutions, and also problem hunting experts and security professionals, and aids in real-time threat monitoring.
Based on End User, the market is segmented into Government & Defense, Manufacturing, BFSI, IT & Telecom, Retail, Healthcare, and Others. In 2020, the BFSI segment held a significant revenue share of the overall Cyber Security Services market. In the BFSI industry, cybersecurity is used to identify data thefts that disrupt IT systems by hacking key information via malware, spyware, or phishing. By maintaining the confidentiality of information systems, cybersecurity solutions enable firms in the BFSI industry to detect, monitor, report, and counter cyber-attacks. The growing usage of cloud-based security solutions and the increasing danger of data loss are two main drivers of cybersecurity in the BFSI market.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 90.4 Billion |
| Market size forecast in 2027 | USD 178 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 9.8% from 2021 to 2027 |
| Number of Pages | 320 |
| Number of Tables | 504 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Service Type, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific regional market acquired the promising revenue share in the cyber security services. The regional market is expected to increase as a result of the strong efforts to secure networks and detect vulnerabilities.
Free Valuable Insights: Global Cyber Security Services Market size to reach USD 178 Billion by 2027
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Cisco Systems, Inc. and Deloitte Touche Tohmatsu Limited are the forerunners in the Cyber Security Services Market. Companies such as IBM Corporation, Capgemini SE, Accenture PLC are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Crowdstrike Holdings, Inc., Deloitte Touche Tohmatsu Limited, Capgemini SE, IBM Corporation, Accenture PLC, Cisco Systems, Inc., DXC Technology Company, AT&T, Inc. (AT&T Intellectual Property), Atos Group, and Rapid7, Inc.
By Service Type
By End User
By Geography
The cyber security services market size is projected to reach USD 178 billion by 2027.
Rising demand for the cybersecurity network are driving the market in coming years, however, high cost of deployment limited the growth of the market.
Crowdstrike Holdings, Inc., Deloitte Touche Tohmatsu Limited, Capgemini SE, IBM Corporation, Accenture PLC, Cisco Systems, Inc., DXC Technology Company, AT&T, Inc. (AT&T Intellectual Property), Atos Group, and Rapid7, Inc.
The Professional Services market dominated the Global Cyber Security Services Market by Service Type 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $123.93 billion by 2027.
The North America market dominated the Global Cyber Security Services Market by Region 2020, and would continue to be a dominant market till 2027.
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