“Global Cyber Security Training Market to reach a market value of USD 14.95 Billion by 2031 growing at a CAGR of 16.8%”
The Global Cyber Security Training Market size is expected to reach $14.95 billion by 2031, rising at a market growth of 16.8% CAGR during the forecast period.
The manufacturing sector is increasingly digitized and connected, making it more vulnerable to cyber threats like ransomware, phishing, and data breaches. As cyber threats continue to evolve and become more sophisticated, there is a growing need for cybersecurity training to help organizations defend against these threats. Consequently, the manufacturing segment would acquire nearly 10% of the total market share by 2031. Cyberattacks may disrupt supply chains and enterprises, negating the benefits of digitization and leading to losses in revenue and productivity that harm reputations.
Sector-specific cybersecurity requirements arise from the imperative to safeguard confidential information and adhere to regulatory standards that are distinct to a particular industry. The finance industry, for instance, is subject to stringent regulations to ensure the security and integrity of customer information and financial transactions. Organizations in these industries prioritize cybersecurity training to ensure compliance and protect sensitive data. In addition, educational establishments frequently provide staff and students with cybersecurity training sessions to underscore the significance of data protection and the potential perils associated with cyber assaults. Thus, industry-specific cybersecurity training programs play a crucial role in preparing employees to handle the unique cybersecurity challenges their respective industries face. Additionally, Global organizations are confronted with the critical challenge of bridging the cybersecurity skills gap, which occurs when the demand for cybersecurity professionals surpasses the supply of available talent. organizations are investing in cybersecurity training programs to upskill their workforce. Therefore, the initiative to narrow the skill gap will aid in the market's growth.
However, Developing and implementing effective training programs can be costly, requiring resources for curriculum development, training materials, instructor fees, and technology infrastructure. Budget constraints can also impact the quality and effectiveness of cybersecurity training programs. Organizations may opt for lower-cost training options which may not provide the same level of engagement and interactivity as in-person training. Hence, these factors may hamper the expansion of the market.
By industry, the market is fragmented into BFSI, IT & telecom, healthcare, government/defense, manufacturing, energy, and others. The BFSI segment acquired an 18% revenue share in the market in 2023. The BFSI sector is adopting emerging technologies such as artificial intelligence, blockchain, and cloud computing, introducing new cybersecurity challenges. Cybersecurity training helps organizations understand and mitigate the risks associated with these technologies. Cybersecurity breaches can erode customer trust in BFSI organizations.
Based on certification, the market is segmented into vendor specific certifications and industry standard certifications. The vendor specific certifications segment recorded a 37% revenue share in the market in 2023. Vendor-specific certifications focus on a particular vendor's technology or product, providing in-depth knowledge and skills specific to that technology. Some vendors require organizations to have certified professionals on staff to maintain partnership status. This requirement drives the demand for vendor-specific certifications among organizations that partner with specific vendors.
On the basis of target audience, the market is bifurcated into enterprises and individuals. The individuals segment garnered a 41% revenue share in the market in 2023. Individuals are increasingly concerned about cybersecurity, particularly with the rise in cyber threats such as identity theft and phishing scams. Cybersecurity training helps individuals protect themselves online and safeguard their personal information.
Based on training type, the market is characterized into online training, classroom training, and bootcamps. The bootcamps segment procured a 20% revenue share in the market in 2023. Bootcamps provide an intensive and targeted educational environment, generally lasting from several weeks to several months. This format appeals to individuals looking to quickly upskill or transition into a cybersecurity career.
On the basis of delivery method, the market is classified into self-pace training, instructor-led training, and blended training. The instructor-led training segment recorded a 30% revenue share in the market in 2023. Instructor-led training (ILT) provides a dynamic learning environment wherein attendees can actively participate and converse with both instructors and fellow learners in real-time. Collaborative endeavors, employment prospects, and beneficial connections can result from networking within the cybersecurity community.
By content, the market is divided into foundational cybersecurity, technical skill training, compliance training, emerging technologies training, cybersecurity leadership, and others. The technical skill training segment garnered a 25% revenue share in the market in 2023. Cyberattacks are progressively gaining complexity and sophistication. Technical skill training provides individuals with the knowledge and skills to detect, respond to, and mitigate these advanced cyber threats.
Free Valuable Insights: Global Cyber Security Training Market size to reach USD 14.95 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed a 40% revenue share in the market in 2023. Cyber attacks frequently target North America on account of its substantial economy and pervasive adoption of digital technologies. The region faces a constant threat from cybercriminals, making cybersecurity training essential for organizations to defend against these threats.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 4.4 Billion |
| Market size forecast in 2031 | USD 14.95 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 16.8% from 2024 to 2031 |
| Number of Pages | 370 |
| Number of Tables | 660 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Certification, Target Audience, Training Type, Delivery Method, Content, Industry, Region |
| Country scope |
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| Companies Included | IRONSCALES LTD, Cofense Inc., Fortra, LLC (HGGC), Barracuda Networks, Inc. (KKR & Co. Inc.), Google LLC (Alphabet Inc.), Proofpoint, Inc. (Thoma Bravo), Mimecast Limited, DuoCircle LLC, Kaspersky Lab and Trustwave Holdings, Inc. (The Chertoff Group) |
By Certification
By Target Audience
By Training Type
By Delivery Method
By Content
By Industry
By Geography
This Market size is expected to reach $14.95 billion by 2031.
Rising demand for training to address industry-specific requirements are driving the Market in coming years, however, Significant budget constraints restrictions issues restraints the growth of the Market.
IRONSCALES LTD, Cofense Inc., Fortra, LLC (HGGC), Barracuda Networks, Inc. (KKR & Co. Inc.), Google LLC (Alphabet Inc.), Proofpoint, Inc. (Thoma Bravo), Mimecast Limited, DuoCircle LLC, Kaspersky Lab and Trustwave Holdings, Inc. (The Chertoff Group)
The expected CAGR of this Market is 16.8% from 2024 to 2031.
The Online Training segment is generating the highest revenue in the Market by Training Type in 2023; there by, achieving a market value of $7 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; there by, achieving a market value of $5.3 billion by 2031.
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