Cybersecurity Services Market 2024 – Size, Industry Share, Trends And Forecast To 2033 | International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Palo Alto Networks Inc., Cisco Systems

The Cybersecurity Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Cybersecurity Services, The cybersecurity services market size has grown strongly in recent years. It will grow from $85.23 billion in 2023 to $92.44 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rise in disposable income, high valuations of software companies and technology development.

The cybersecurity services market size is expected to see rapid growth in the next few years. It will grow to $141.46 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to increase in the frequency and sophistication of cyberattacks, internet of things (iot), increase in internet penetration, need for authentication techniques and emergence. Major trends in the forecast period include focusing on leveraging ai, machine learning and blockchain technologies for cyber defense, offering cloud-based cybersecurity services, using data analysis to enhance cybersecurity services, adopting itil and iso 9001 standards to deliver quality services and adopting automation and integration in cybersecurity.

The increasing instances of massive cyber-attacks are a key factor driving the growth of the cybersecurity services market. The primary motive behind cybercrimes is political competition, financial gain, negative credibility, foreign competition, and radical involvement of religious groups. Most cyber-attacks are for financial gain. WannaCry, Petya, NotPetya, and BadRabbit are some of the main ransomware products that have targeted large-scale businesses and government organizations. For instance, in July 2021, according to cyber security experts, ransomware threats rose by 40% to 199.7 million attacks worldwide in Q3 of 2020. In Q3 2020, Ryuk ransomware threats rose to 67.3 million, which is 33.7% of all ransomware incidents this year. The ransomware implications included inaccessibility to various municipal facilities, information leakage, and economic loss. Therefore, the increasing instances of massive cyber-attacks compel companies to integrate cybersecurity in their systems and functionality to prevent crashing thereby driving the growth of the cybersecurity services market.

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The cybersecurity services market covered in this report is segmented –
1) Cybersecurity Services Market By Security Type: Network Security, Endpoint Security, Application Security, Cloud Security, Other Security Types
2) Cybersecurity Services Market By User Type: Large Enterprises, Small & Medium Enterprises
3) Cybersecurity Services Market By Industry Verticals: Aerospace and Defense, BFSI, Public sector, Retail, Healthcare, IT and Telecom, Energy and Utilities, Manufacturing, Other Industry Verticals

Top Major Players

International Business Machines Corporation

Microsoft Corporation

Oracle Corporation

Palo Alto Networks Inc.

Cisco Systems

Leveraging AI, machine learning, and blockchain technologies for cyber defense is a key trend in the cybersecurity services market. Cybersecurity vendors integrate artificial intelligence (AI) and machine learning principles into their solutions to tackle crucial hyper-connected workplace risks, with quicker identification, prevention, and responsiveness capabilities, the advances in technology, such as AI and machine learning, turn the tables against cybercrime. Vade Secure is one of the world’s largest e-mail security firms, leveraging artificial intelligence and machine learning to defend more than 600 million mailboxes in 76 countries from a range of attacks comprising spear phishing, ransomware, and malware. In August 2023, Abnormal Security, a US-based AI-based email security platform, launched CheckGPT, an AI-generated email detector. The new feature establishes when it is likely that generative AI technologies were used to produce email threats, such as business email compromise (BEC) and other socially-engineered attacks. Cybersecurity specialists are therefore leveraging AI and machine learning technology to resolve the emerging cyber threats facing individuals, companies, and governments.

The cybersecurity services market report table of contents includes:

1. Executive Summary

2. Cybersecurity Services Market Characteristics

3. Cybersecurity Services Market Trends And Strategies

4. Cybersecurity Services Market – Macro Economic Scenario

5. Global Cybersecurity Services Market Size and Growth

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32. Global Cybersecurity Services Market Competitive Benchmarking

33. Global Cybersecurity Services Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Cybersecurity Services Market

35. Cybersecurity Services Market Future Outlook and Potential Analysis

36. Appendix