April 12, 2024

Cyber Security is Trending Due to Increased Cyber Attacks

Cyber security has become one of the fastest growing markets over the past few years driven by a significant rise in sophisticated cyber-attacks and data breaches across various organizations globally. Cyber security products provide protection to computer systems, networks, and data from cyber threats or attacks such as malware, spamming, cybercriminals, etc. and ensure the safety, confidentiality, and integrity of sensitive information. Solutions offered include identity and access management, risk and compliance management, encryption, unified threat management, and other integrated security frameworks. The Global Cyber Security Market is estimated to be valued at US$ 218.79 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Cyber Security are Symantec Corporation, IBM Corporation, Check Point Software Technologies, Microsoft Corp, Trend Micro Incorporated, Lockheed Martin Corporation, Sophos Ltd, Intel Corporation, Verizon Communication Inc., and SecureWorks Inc. The rising instances of cyber-attacks, data breaches, and growing sophistication of threats have compelled organizations across all industry verticals to significantly increase their cyber security spending to safeguard critical systems and data. According to reports, the total cost of cybercrime is predicted to rise to US$ 10.5 trillion annually by 2025 with ransomware attacks alone expected to cause damages worth US$ 20 billion. In addition, growing digitization of operations, increasing adoption of cloud-based applications and IoT, and expanding network perimeters have further enlarged the attack surfaces enhancing the need for advanced cyber security controls and technologies. Various governments are also working towards improving overall cyber resilience by framing regulations and developing national cyber defense capabilities. The cyber security market is witnessing rapid globalization with key players aggressively expanding into foreign markets through partnerships and acquisitions to tap the growing worldwide demand.

Market Key Trends

Zero trust architecture is emerging as one of the major trends in the cyber security industry. Unlike the traditional perimeter-based security models focusing on restricting access to protected networks using firewalls, zero trust architecture implements a “never trust, always verify” principle and continuously authenticates and authorizes all users and devices trying to access resources in a private network. As this approach eliminates fixed security perimeters and the concept of trusted insiders, it is highly effective against modern sophisticated threats. Zero trust is gaining immense traction across government agencies, large enterprises, and critical infrastructure providers looking for advanced protection against cyber-attacks. The global zero trust security market is projected to register a CAGR of over 15% till 2030.

Porter’s Analysis
Threat of new entrants: High barriers to entry due to high research and development costs and presence of well-established players in the market.
Bargaining power of buyers: High buying power due to availability of substitutes and rising consumer awareness. However, buyers require advanced security solutions which create vendor lock-in
Bargaining power of suppliers: Low as cyber security market has large number of solution providers. However, few firms control key technologies
Threat of new substitutes: Low as there isn’t a direct substitute for cyber security. However, some companies are offering complementary solutions as substitutes.
Competitive rivalry: Intense competition among key players to gain market share through partnerships, acquisitions and new product launches.

Geographical Regions
North America accounted for the largest share of the cyber security market in 2024 due to stringent regulations, increasing instances of cyber threats and technological advancements. Presence of key players and higher IT expenditure also boosted the market in the region.
The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rapid digitization, adoption of cloud based technologies, increasing penetration of internet and growing cyber threats in the region. Countries like India, China and Japan are anticipated to drive the cyber security demand in Asia Pacific.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it