Global Cybersecurity Market size to reach $314.28bn by 2028; Report

Sun, 2 Jul, 2023 By Arya M Nair, Official Reporter

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Cybersecurity market size forecast for 2023-28 — Rep.Image

The Cybersecurity Market size is estimated at $182.86 billion in 2023, and is expected to reach $314.28 billion by 2028, growing at a CAGR of 11.44 percent during the forecast period (2023-2028), according to a report by Mordor Intelligence, a market intelligence & advisory firm.

Cybersecurity protects the network, information, and personal data from cyberattacks. The trends of bringing your own device (BYOD), AI, IoT, and machine learning in cybersecurity are rapidly growing.

For instance, machine learning offers advantages in outlier detection, which benefits cybersecurity.

The cybersecurity industry ecosystem comprises several regional clusters of cybersecurity firms contributing to global market dynamics. In the current market scenario, the cybersecurity industry operates in three distinct mega-clusters: the San Francisco Bay Area (SFBA), Metropolitan Washington, DC, and Israel.
The three cybersecurity mega-clusters share two essential characteristics. The first is that the startup and high-tech innovation culture is a significant growth driver for all three ecosystems. SFBA and Israel have thriving startup ecosystems with a substantial associated flow of risk capital. They are heavily focused on products, while Washington exhibits a higher proportion of service-based firms (in Washington, only 11 percent of cybersecurity firms are focused solely on products). The second characteristic is the link between human capital and national security.
Ransomware attacks have ravaged many state and local public sector agencies. In some cases, entire local governments were forced to declare an emergency due to massive leaks of sensitive data and loss of services. For instance, in June 2021, JBS Foods, the world’s leading meatpacking enterprise, declared that it had paid a $11 million ransom to REvil ransomware threat actors following a cyberattack that forced the company to shut down production at several sites worldwide, including its production facilities in United States, Australia, and Canada.
One of the major causes of growing cyberattacks is the lack of skilled cybersecurity personnel in each industry. The number of experienced cybersecurity professionals, especially in Europe, Asia-Pacific, Latin America, and Middle-East are low compared to the need for security professionals to handle cyber threats for financial institutes, government organizations, and private sector/industrial businesses.
Due to the ongoing COVID-19 pandemic, countries worldwide have implemented preventive measures. With schools being closed and communities being asked to stay at home, multiple organizations have found a way to enable their employees to work from their homes. This has, thus, resulted in a rise in the adoption of video communication platforms.

Cybersecurity Industry Segmentation

Cybersecurity solutions help an organization monitor, detect, report, and counter cyber threats, which are internet-based attempts to damage or disrupt information systems and hack critical information using spyware and malware, and phishing to maintain data confidentiality. The study tracks the market based on the spending by the end-users on cybersecurity solutions, as listed in the scope of the study.
The cybersecurity market is segmented by product type (solutions (application security, cloud security, consumer security software, data security, identity and access management, infrastructure protection, integrated risk management, network security equipment), services (professional, managed)), by deployment (on-premise, cloud), by end-user industry (BFSI, healthcare, aerospace and defense, IT and telecommunication, government, retail, manufacturing), by geography (North America (United States, Canada), Europe (United Kingdom, Germany, France, Italy, Spain, The Netherlands, Nordics Region, Poland, Russia), Asia-Pacific (China, South Korea, Japan, India, Singapore, Malaysia, Australia, Indonesia), and Rest of the World (Latin America (Brazil, Mexico, Colombia, Argentina), Middle East and Africa (GCC (Saudi Arabia, United Arab Emirates, Rest of GCC), Africa (South Africa, Egypt, Morocco))). The market sizes and forecasts are provided in terms of value in USD billion for all the above segments.

Cybersecurity in Health sector

Over the last few years, the healthcare sector has become a target of significant interest among cybercriminals. Due to its generation of valuable data, healthcare has recently become vulnerable to cyber-attacks. With the outbreak of the COVID-19 pandemic, hackers vastly evolved their tactics to exploit the fears escalating amongst the population. This has spurred the need to adopt cybersecurity practices to keep pace with changing threats, especially in healthcare. Many cases of cyber attacks have been reported by organizations like the Centers for Disease Control and World Health Organization. Cybercriminals have considerably reframed their phishing attempts to launch targeted cyber-attacks by taking advantage of the COVID-19 pandemic.
Cybercriminals use ransomware to digitally threaten hospitals and medical services, preventing them from accessing important files and systems unless a ransom is paid. Therefore, it has become essential for these institutions to take the necessary precautions and get ahead of threats. Thus, such factors are driving cybersecurity solutions in the healthcare industry. Several services are incorporating artificial intelligence (AI) to combat cybersecurity threats. Besides, AI tools are expected to significantly automate connected device inventory and equipment risk profiling throughout a hospital to provide a dynamic management system for device decommissioning and onboarding.

The most significant players in the global cybersecurity market in 2023 are;