Redding, California, March 28, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Cybersecurity Services Market by Type, Organization Size, Security Type, Sector (BFSI, Healthcare, Government, IT & Telecommunications, and Other Sectors)—Global Forecast to 2030,’ the global cybersecurity services market is projected to reach $158.4 billion by 2030, at a CAGR of 17.5% from 2023 to 2030.
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Cybersecurity services facilitate the systematic and comprehensive identification, assessment, and management of security across enterprise systems. These services help manage device vulnerability, ensure uninterrupted communication, and tackle data security risks while using connected devices.
The growth of the cybersecurity services market is driven by the growing significance of cybersecurity services in the banking sector and rising government initiatives encouraging the adoption of cybersecurity services. In addition, the growing need for cybersecurity services among SMEs, the increasing use of artificial intelligence, machine learning, and blockchain technologies for cyber defense, and the development of smart infrastructure are expected to create market growth opportunities. However, the shortage of trained professionals restrains the growth of this market.
Impact of COVID-19 on the Cybersecurity Services Market
The outbreak of the COVID-19 pandemic resulted in a global economic downturn. Lockdowns and quarantine restrictions were imposed across several countries, negatively impacting most industries, including cybersecurity. The COVID-19 pandemic created several challenges for market players due to the lockdowns imposed during the second & third quarters of 2020. The pandemic lowered customers’ financial potential, impacting the sales of cybersecurity services. Consequently, in 2021, major end-use industries started recovering from the economic setbacks suffered during the pandemic. The cybersecurity services market was moderately impacted by the COVID-19 pandemic due to delayed and postponed customer orders but started recovering in the last quarter of 2020.
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The rapid spread of the COVID-19 pandemic majorly impacted global healthcare networks and systems, affecting critical lifesaving operations and processes. Although the healthcare sector was severely impacted, the utilization of IoT devices and networks has significantly increased across the sector since the pandemic. Therefore, a fast recovery scenario was considered for this segment. As the first vials of COVID-19 vaccines were disseminated in December 2020, Imperva Research Labs recorded an astounding 51% increase in cyberattacks on healthcare targets. Further, a 372% increase was observed in bad bot traffic on healthcare websites from September 2020 to February 2021. As a result, healthcare facilities increasingly adopted cybersecurity services to reduce stress on existing infrastructure, prevent cyberattacks, and improve work efficiency.
Cybersecurity service providers plan to move forward and capitalize on the lucrative growth opportunities that have resulted from the COVID-19 pandemic. The cybersecurity services market is projected to transform drastically over the coming years. Several leading companies are growing rapidly through strategies such as product launches, product enhancements, partnerships, and collaborations. Companies are developing innovative cybersecurity services to adapt to the changes in customer preferences. Thus, the growing need for cybersecurity services to deal with cyberattacks & identity theft and the development of smart infrastructure are expected to fuel the growth of this market.
Based on type, the global cybersecurity services market is segmented into professional services and managed services. In 2023, the professional services segment is expected to account for the larger share of the global cybersecurity services market. However, the managed services segment is projected to register the higher CAGR during the forecast period. The high growth of this segment is attributed to the increasing need to monitor and manage security devices, systems, and software-as-a-service (SaaS) applications, growing demand for advanced security for operation technology (OT) and IT infrastructure, and affordable and enticing offerings from leading cybersecurity service providers.
Based on security type, the global cybersecurity services market is segmented into cloud security, application security, endpoint security, network security, and other security types. In 2023, the network security segment is expected to account for the largest share of the global cybersecurity services market. The large market share of this segment is attributed to the rising adoption of network services and an increase in the number of malware attacks on enterprise networks.
However, the cloud security segment is projected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the rising need to protect data and connected devices from cyberattacks, malware, hackers, and unauthorized user access through cloud-based security services and the increasing demand for advanced threat detection services across industries.
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Based on sector, the global cybersecurity services market is segmented into BFSI, healthcare, government, IT & telecommunications, retail & e-commerce, energy & utility, manufacturing, education, and other sectors. In 2023, the BFSI segment is expected to account for the largest share of the global cybersecurity services market. The large market share of this segment is attributed to the increasing need to protect systems, deal with theft, cyberattacks and damage, and reduce planned breaches, data thefts, malware, and phishing attacks. However, the healthcare segment is projected to register the highest CAGR during the forecast period.
Based on geography, the global cybersecurity services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global cybersecurity services market. North America’s large market share is attributed to government initiatives promoting cybersecurity across the region, increasing cyberattacks on IoT devices, the introduction of government laws to improve IoT cybersecurity, and regional market players’ efforts to provide application scanning services for municipal agencies.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The high growth of this market is mainly attributed to surging demand for cybersecurity services due to the increasing number of connected devices in the region, the growing need to deploy advanced cybersecurity services to ensure data, network, and device security, and government initiatives to ensure the highest level of cybersecurity for the region’s industrial sector.
The key players operating in the global cybersecurity services market are Cisco Systems, Inc. (U.S.), Fortinet, Inc. (U.S.), IBM Corporation (U.S.), Check Point Software Technologies Ltd. (Israel), Microsoft Corporation (U.S.), Palo Alto Networks, Inc. (U.S.), Rapid7, Inc. (U.S.), CrowdStrike Holding, Inc. (U.S.), Accenture plc (Ireland), Secureworks Corp. (U.S.), Trend Micro Incorporated (Japan), CyberDefenses Inc. (U.S.), Nozomi Networks, Inc. (U.S.), Aristi Cybertech Private Limited (India), and Skylark Information Technologies Private Limited (India).
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Scope of the Report
Cybersecurity Services Market, by Type
- Professional Services
- Integration Services
- Penetration Testing Services
- Training, Consulting, and Advisory Services
- Support & Maintenance Services
- Other Professional Services
- Managed Services
- Managed Detection & Response Services
- Compliance & Vulnerability Management Services
- Other Managed Services
Cybersecurity Services Market, by Organization Size
- Small & Medium-sized Enterprises
- Large Enterprises
Cybersecurity Services Market, by Security Type
- Cloud Security
- Application Security
- Endpoint Security
- Network Security
- Other Security Types
Cybersecurity Services Market, by Sector
- BFSI
- Healthcare
- Government
- IT & Telecommunications
- Retail & E-Commerce
- Energy & Utility
- Manufacturing
- Education
- Other Sectors
Cybersecurity Services Market, by Geography
- North America
-
- U.S.
- Canada
-
- Asia-Pacific
-
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
-
- Europe
-
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
-
- Latin America
-
- Mexico
- Brazil
- Rest of Latin America
-
- Middle East & Africa
-
- UAE
- Israel
- Rest of Middle East & Africa
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