Skip to main content
Market Insights Technology
- Worldwide
- Revenue in the Cybersecurity market is projected to reach US$185.70bn in 2024.
- Security Services dominates the market with a projected market volume of US$97.30bn in 2024.
- Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.92%, resulting in a market volume of US$271.90bn by 2029.
- The average Spend per Employee in the Cybersecurity market is projected to reach US$52.16 in 2024.
- In global comparison, most revenue will be generated in the United States (US$81,370.0m in 2024).
Key regions: United States, Canada, Brazil, India, Belgium
Definition:
Cybersecurity refers to the process that provides and maintains confidentiality, integrity, availability, and privacy. This includes measures to prevent and respond to all incidents of cybercrime, such as digital attacks and disruptions, to protect computer systems, networks, programs, and data (e.g., personal assets, important files, as well as industrial and governmental information).
Cybersecurity is becoming increasingly important, as companies, governments, and individuals are more and more reliant on IT systems, which are vulnerable to malicious actions. This digital transformation has made security a priority for organizations of every size.
Structure:
The Cybersecurity market includes revenues generated by its two key products, cyber solutions and security services.
- Cyber solutions refer to a range of products or services designed for the specific cybersecurity requirements of organizations, effectively aligned with their risk landscape and security strategies.
- Security services refer to an overarching processing or a wide range of services that enhance an organization’s protection and security strategy against common cybercrimes, such as phishing, malware, or ransomware.
Additional information:
The Cybersecurity market comprises revenues, revenue change, average spend per employee, the number of recorded cyberattacks, the estimated cost of cybercrime, as well as a list of the key players in the market and their consolidated revenues. Market values represent revenues that are generated by primary vendors, either directly or through distribution channels (manufacturer prices, excluding VAT). Reported market revenues include consumer spending (B2C), business spending (B2B), and government spending (B2G). Detailed definitions of each market can be found on the corresponding market pages. Key players in the market include Microsoft, Accenture, and Palo Alto Networks.
For more information on the data displayed, use the info button right next to the boxes.
in-scope
- Security solutions, such as Cisco Security, SentinelOne, and Check Point Software Technologies
- Professional and managed cybersecurity services, such as Secureworks, IMB Security Services, and Rapid7
- Support and deploy, such as CrowdStrike Services, Fortinet Professional Services, and Symantec Professional Services
out-of-scope
- Business continuity and disaster recovery, such as Quantum Corporation Backup and Recovery Solutions, HP Enterprise (HPE) Business Continuity and Recovery Services, and IBM Resilience Services
- Physical security, such as ADT Security Services, G4S Secure Solutions, and Allied Universal
- Company-internal cybersecurity measures
Cybersecurity
- Cyber Solutions
- Application Security
- Cloud Security
- Data Security
- Network Security
- Endpoint Security
- Other Solutions
- Security Services
- Managed Services
- Professional Services
Related markets:
Devices
Software
IT Services
Public Cloud
Internet of Things
Communication Services
Data Center
Robotics
Semiconductors
Artificial Intelligence
Please wait
Download PDF FAQs and more info on the methodology
Market
Region
Region comparison
Currency
Analyst Opinion
Cybersecurity is a topic practically every company must tackle in order to ensure and enhance the success of the digital transformation of their operational activities (e.g., automated processes, cloud-based tools, or software support). Driven by the increasing awareness of data risks and threats, the global Cybersecurity market has witnessed robust growth over the last few years with revenue increasing from US$83.32 billion in 2016 to approximately US$166 billion in 2023.
Furthermore, the adoption of cybersecurity is expected to grow with the increasing internet penetration among developing and developed countries. Whilst it was common to dismiss cybersecurity as a task for the IT department, it is now increasingly becoming the dominant part of top-level strategic planning.
The COVID-19 crisis led to many organizations facing more cyberattacks due to the security vulnerability of remote work as well as the shift to virtualized IT environments, such as the infrastructure, data, and network of cloud computing. The market is expected to continue showing strong growth, with North America as the dominant region in this market. Cloud Security is the fastest-developing market.
Methodology
Data coverage:
Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.
Modeling approach / Market size:
Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.
Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.
Additional notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
Overview
- Revenue
- Key Players
- Cybercrime
- Analyst Opinion
- Global Comparison
- Methodology
- Key Market Indicators
Please wait
Contact
Get in touch with us. We are happy to help.
Meredith Alda
Sales Manager– Contact (United States)
Tel
+1 914 619-5895
Mon - Fri, 9am - 6pm (EST)
Yolanda Mega
Operations Manager– Contact (Asia)
Tel
+65 6995 6959
Mon - Fri, 9am - 5pm (SGT)
Kisara Mizuno
Senior Business Development Manager– Contact (Asia)
Mon - Fri, 10:00am - 6:00pm (JST)
Lodovica Biagi
Director of Operations– Contact (Europe)
Tel
+44 (0)20 8189 7000
Mon - Fri, 9:30am - 5pm (GMT)
Carolina Dulin
Group Director - LATAM– Contact (Latin America)
Tel
+1 212 419-5774
Mon - Fri, 9am - 6pm (EST)
Unlock Market Insights with a Professional Account
- Get immediate access to all Market Insights, reports & statistics
- Download data in multiple formats for collaborative research
- Includes usage & publication rights for sharing data externally
Buy Professional Account
Already have an account? Login
