by Cyber security refers to the protection of computer systems, networks, programs and data from unauthorized access or criminal cyber activities such as hacking, spying, malware attacks and more. Cyber security products include antivirus, firewall, encryption technologies, biometrics and other authentication systems that help secure systems and networks from vulnerabilities and cyber threats. With the continuous rise in digitalization and online activities across industries, the risks of cybercrimes have heightened considerably over the years. Organizations are increasingly investing in advanced cyber security solutions to safeguard confidential data and critical infrastructure from data breaches and network intrusions. The global cyber security market is growing rapidly due to stringent regulations for data protection, increasing spending on cybersecurity by enterprises and governments, and rising awareness about potential risks of malware and phishing scams.
The global Cyber Security Market is estimated to be valued at US$ 188.94 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the cyber security market is the rapid adoption of AI and machine learning. Integration of AI capabilities helps cyber security solutions to analyze huge volumes of data, detect threats in real-time and respond quickly to minimize damages. AI further allows security platforms to continuously learn and improve over time. Leading vendors are investing heavily in AI research to develop next-gen products with self-learning and self-defending abilities against sophisticated cyber threats. This growing focus on AI-driven cyber security solutions is expected to significantly drive market revenues over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as cyber security market requires huge investments in technology and skill development. However, independent cyber security solution providers are eyeing opportunities in niche areas.
Bargaining power of buyers: The bargaining power of buyers is high as larger enterprises demand customized cyber security solutions at competitive prices. Buyers can negotiate on pricing and features.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While large cyber security vendors have a significant market share, tech companies providing security tools have some bargaining power.
Threat of new substitutes: The threat of new substitutes is moderate as there is scope for innovative solutions combining technologies like AI, IoT and blockchain with cyber security. However, substituting entire security suites is difficult.
Competitive rivalry: The competitive rivalry is high among major players intensifying competition. Players differentiate based on features, integration, pricing and service support.
Key Takeaways
The Global Cyber Security Market Size is expected to witness high growth. The global Cyber Security Market is estimated to be valued at US$ 188.94 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
North America region currently dominates the cyber security market due to growing vulnerabilities from remote work and an increase in sophisticated cyber-attacks. The rising expenditure on cyber security by organizations to safeguard critical data and meet compliance mandates will drive revenues. Asia Pacific region is likely to be the fastest growing region in the cyber security market. This is attributed to increasing digitalization, threat of cyber-attacks and stringent data protection regulations in major countries like India, China and Japan.
Key players operating in the cyber security market are Amway, Pfizer Inc., Asahi Group Holdings, Ltd., Meiji Holdings Co., Ltd., Everest NeoCell LLC., Reserveage Nutrition, Vitabiotics Ltd., The Boots Company PLC, and Murad Europe Ltd, among others. Key players are focusing on developing innovative solutions by integrating artificial intelligence and deep learning capabilities for enhanced threat detection and response capabilities.
