Rising cyberattack epidemic is expected to drive market expansion in the near future at a CAGR of 12.60% during the forecast period 2024 to 2032.

Rising cyberattack epidemic is expected to drive market expansion in the near future at a CAGR of 12.60% during the forecast period 2024 to 2032.

Market Research Future (MRFR) has published a cooked research report on the Cyber Security Service Market that contains information from 2019 to 2032. The cyber security service market is estimated to register a CAGR of 12.60% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the cyber security service market - Accenture, CrowdStrike, AT&T, Atos SE, Deloitte Touche Tohmatsu Limited, Rapid7, DXC Technology Company, Capgemini, Cisco, and IBM.

Market Highlights

The cyber security service market is accounted to register a CAGR of 12.60% during the forecast period and is estimated to reach USD 647739.4 billion by 2032.

The market for cybersecurity services is expected to develop due to the growing importance of these services in the banking industry, as well as the increasing number of government programs that promote their use. Additionally, it is anticipated that the market will expand due to the rising demand for cybersecurity services among SMEs, the expanding use of artificial intelligence, blockchain, and machine learning technologies for cyber defense, and the advancement of smart infrastructure. However, the lack of skilled workers is impeding this market's expansion.

Segment Analysis

The cyber security service market has been segmented into service type and industry verticals.

On the basis of service type, the market is segmented into Professional Services (Integration, Penetration Testing, Training, Consulting, Advisory, Support and Maintenance, Bug Bounty, and Others) and Managed Services (Managed Detection Response (MDR), Compliance and Vulnerability Management, Managed Security Incident and Event Management (SIEM), and Others). The professional services segment was attributed to holding the largest market share in 2023. It is anticipated that the market for cyber security services will see a rise in demand for professional services due to the growing complexity of IT systems and the dynamic threat landscape. Security solutions are deployed and integrated with the aid of design and implementation services while consulting services assist firms in recognizing and addressing potential security risks and vulnerabilities. Services for education and training give staff members the ability to recognize and address security concerns.

Based on industry verticals, the cyber security service market has been segmented into IT & Telecom, Retail, Healthcare, BFSI, Defense/Government, Energy, Manufacturing, and Others. The Defense/Government segment was expected to hold the largest market share in 2023. Sensitive, confidential information about the country's military preparations and residents is the information most vulnerable to hackers. Such information is always a target for unethical hackers. The vast amounts of data being processed and stored in cloud and on-premise environments have created a demand for secure systems that can repel hacker penetration attempts.

Regional Analysis

The cyber security service market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe cyber security service market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The cyber security service market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's cyber security service market comprises the Middle East, Africa, and Latin America.

The largest market share for cyber security service was maintained by the North American regional sector. Since there are more online risks and data breaches, there is a sharp growth in the need for cyber security services in the area. Major IT companies like Microsoft and IBM are present in the area, which is contributing to the growth of the cyber security services industry. The United States possesses the largest market in the region because of the increasing ubiquity of cloud-based solutions and the growing demand for smartphones and other intelligent gadgets.

Moreover, the Europe market has been persistently growing over the forecast period because there are a number of well-known players in the area. The European Union's implementation of different rules aimed at guaranteeing data security and privacy is driving the growth of the cyber security services industry in this region because of the widespread use of cutting-edge technologies that are driving up demand for cyber security services, such as cloud computing and the Internet of Things (IoT).

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period as a result of a growing number of cyberattacks due to the region's rapid digitalization and internet connectivity. Rising business investments in cyber security services and the growing acceptance of cloud-based solutions are driving the region's market expansion. The region's increasing adherence to Bring Your Own Device (BYOD) laws is another factor driving up demand for cyber security services.

Furthermore, the rest of the world's cyber security service market is divided into the Middle East, Africa, and Latin America. The rest of the world is expected to witness a steady expansion in the cyber security services market. A growing number of cyberattacks are occurring as a result of the region's rapid digitalization and internet connectivity. The increasing use of mobile devices and cloud-based solutions in the region is also driving growth in the market for cyber security services.

Key Findings of the Study

• The cyber security service market is expected to reach USD 647739.4 billion by 2032, at a CAGR of 12.60% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing market as a result of an increase in cyberattacks brought on by the area's quick internet connectivity and digitization.


• Based on service type, the professional services segment was attributed to holding the largest market in 2023, with an approximate market share of 55%.