Cyber Security Service Market Overview
Cyber Security Service Market Size was valued at USD 222615.2 Billion in 2022. The cyber security service market industry is projected to grow from USD 250664.7 Billion in 2023 to USD 647739.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.60% during the forecast period (2024 - 2032). Major market drivers driving market revenue growth include the requirement for regulatory compliance, the increasing frequency and sophistication of cyberattacks, and the growing adoption of cloud-based services.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Cyber Security Service Market Trends
Growing number of cyberattacks is driving the market growth
The market for cybersecurity services is expanding due in large part to the rise in large-scale cyberattacks. Cybercrimes are primarily motivated by foreign competitiveness, radical religious engagement, financial gain, poor credibility, and political rivalry. The majority of cyberattacks are done for money. Several prominent ransomware products that have attacked government agencies and large enterprises include WannaCry, Petya, NotPetya, and BadRabbit. For instance, in July 2021, ransomware threats increased by 40% to 199.7 million attacks ly in Q3 of 2020, according to cyber security specialists. Ryuk ransomware threats increased to 67.3 million in Q3 2020, accounting for 33.7% of all ransomware instances reported so far this year. Information leakage, financial loss, and unavailability of numerous municipal facilities were among the consequences of the ransomware. As a result, the market for cybersecurity services is expanding as a result of the growing frequency of large-scale cyberattacks, which force businesses to include cybersecurity into their operations and systems to avoid system failures.
The market for cybersecurity services is anticipated to develop in the future due to the rising funds allocated to cybersecurity. An organization's financial resources set aside to safeguard its information assets against cyber-attacks are known as its cybersecurity budget. An organization can invest in more advanced and complete cybersecurity services by allocating funds for cybersecurity. According to PricewaterhouseCoopers International Limited, a professional services company based in the UK, a poll of 3,249 technology and business executives in 2021 revealed that approximately 55% of them plan to boost their cybersecurity expenditures, while 51% plan to expand the number of full-time cyber staff members. Thus, the market for cybersecurity services is growing as a result of rising cybersecurity budgets.
In order to provide clients with dependable services, major players in the cybersecurity services market are concentrating on creating cutting-edge technologies, like platforms for cybersecurity services. A unified solution offering a wide variety of cybersecurity services to enterprises is called a cybersecurity services platform. For example, the Cyber Defense Suite was introduced in February 2022 by Tata Consultancy Services, an information technology services, and consulting corporation based in India. With its distinctive architecture, the platform provides 360-degree vision and predictive intelligence, allowing for proactive defense and response from a single, unified view against emerging threats. An extensive range of swiftly customizable, modular cybersecurity services are offered via a platform that gives executives the assurance and freedom to grow their digital enterprises. The suite's scalability and automation help businesses work more quickly and agilely while lowering their total cost of ownership. Thus, driving the cyber security service market revenue.
Cyber Security Service Market Segment Insights
Cyber Security Service Service Type Insights
The cyber security service market segmentation, based on service type, includes Professional Services (Integration, Penetration Testing, Training, Consulting, and 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 dominated the market. Professional security services primarily include incident readiness and response services, advisory, consulting, and training services; they also cover technical management services and business support. One reason driving the segment's expansion is the requirement for a centralized point of contact and dependable technical assistance during the implementation of security solutions. The increasing need to manage data effectively, guard against data loss in the case of a breach, and minimize expenses associated with data loss and legal infractions is also a significant driver driving the segment's rise.
Figure 1: Cyber Security Service Market, by Service Type, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Cyber Security Service Industry Verticals Insights
The cyber security service market segmentation, based on industry verticals, includes IT & Telecom, Retail, Healthcare, BFSI, Defense/Government, Energy, Manufacturing, and Others. The defense/government category generated the most income. The most susceptible information to hackers is sensitive, private data on the nation's military plans and citizens. Unethical hackers always have their sights set on such information. The need for secure systems that can fend off hacker intrusion attempts has arisen from the massive volumes of data being processed and stored in cloud and on-premise environments. The efforts of numerous government entities to secure cyberspace are hampered, in particular by an impending labor shortage and difficulties in exchanging internal information about vulnerabilities.
Cyber Security Service Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American cyber security service market area will dominate this market. The region is experiencing rapid growth primarily due to a number of factors, including the 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 region's demand for cybersecurity services has surged due to the region's growing number of connected devices.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, and South Korea.
Figure 2: Cyber Security Service Market Share By Region 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe cyber security service market accounts for the second-largest market share. The recent expansion of the European market can be attributed in part to the early availability and adoption of new technology. Moreover, the numerous capital and IT marketplaces, together with their varied business ventures, demand effective endpoint device management and network security across unidentified networks. Further, the German cyber security service market held the largest market share, and the UK cyber security service market was the fastest growing market in the European region.
The Asia-Pacific Cyber Security Service Market is expected to grow at the fastest CAGR from 2024 to 2032. The rise in the area can be ascribed to the spread of Internet of Things devices and the rising number of data center developments. In addition, many firms have implemented cyber security solutions due to the region's huge working population, which produces a lot of data and owns a lot of endpoint devices. Moreover, China’s cyber security service market held the largest market share, and the Indian cyber security service market was the fastest growing market in the Asia-Pacific region.
Cyber Security Service Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the cyber security service market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the cyber security service industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the cyber security service industry to benefit clients and increase the market sector. In recent years, the cyber security service industry has offered some of the most significant advantages to medicine. Major players in the cyber security service market are attempting to increase market demand by investing in research and development operations, including Accenture, CrowdStrike, AT&T, Atos SE, Deloitte Touche Tohmatsu Limited, Rapid7, DXC Technology Company, Capgemini, Cisco, and IBM.
Solutions for analytics and data security are provided by Rapid7 Inc. (Rapid7). It provides products including appspider, insightAppSec, insightVM, nexpose, metasploit, and insightIDR. The company provides a range of services, such as incident detection and response, vulnerability management, IoT security testing, penetration testing, and advisory services. In addition, Rapid7 offers a range of services such as user behavior analytics (UBA), web application security testing, penetration testing, vulnerability management, and Siem. It provides goods and services to the energy, financial, government, retail, healthcare, and education sectors.
DXC Technology Co. (DXC) offers consultancy and IT services. Analytics, cloud apps, cloud infrastructure, enterprise apps, data security services, IT outsourcing (ITO), workspace, and mobility solutions are all part of the company's service offering. The primary goal of its solutions is to reduce clients' operating expenses and business risks. DXC serves the following industries: energy, utilities, oil and gas, banking, capital, insurance, consumer and retail, aerospace and defense, manufacturing and automotive, healthcare and life sciences, travel and transportation, hospitality, technology, media and telecommunications, public, and utilities.
Key Companies in the cyber security service market include
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CrowdStrike
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AT&T
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Deloitte Touche Tohmatsu Limited
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Rapid7
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DXC Technology Company
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Capgemini
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Cisco
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IBM
Cyber Security Service Industry Developments
January 2022: The American technology behemoth corporation Cisco and AT&T partnered. The goal of this partnership was to create a new managed SASE solution that would simplify the process for companies to offer highly secure, anytime, anywhere access to any application.
December 2021: IBM and Du, Emirates Integrated Telecommunications Company partnered. As part of this collaboration, Du would make use of IBM's Cyber Defense Center and its suite of Digital Trust security products and solutions.
Cyber Security Service Market Segmentation
Cyber Security Service Service Type Outlook
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Professional Services
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Managed Services
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Managed Detection Response (MDR)
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Compliance and Vulnerability Management
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Managed Security Incident and Event Management (SIEM)
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Others
Cyber Security Service Industry Verticals Outlook
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IT & Telecom
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Retail
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Healthcare
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BFSI
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Defense/Government
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Energy
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Manufacturing
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Others
Cyber Security Service Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 222615.2 Billion |
| Market Size 2023 |
USD 250664.7 Billion |
| Market Size 2032 |
USD 647739.4 Billion |
| Compound Annual Growth Rate (CAGR) |
12.60% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2019-2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Service Type, Industry Verticals, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea |
| Key Companies Profiled |
Accenture, CrowdStrike, AT&T, Atos SE, Deloitte Touche Tohmatsu Limited, Rapid7, DXC Technology Company, Capgemini, Cisco, and IBM |
| Key Market Opportunities |
Novel Technologies in the Market for Cybersecurity Services |
| Key Market Dynamics |
Growing Cybersecurity Budgets' Contribution To The Market's Expansion For Cybersecurity Services Growing Need For Cybersecurity Services Is Caused By Epidemic Of Cyberattacks |
Frequently Asked Questions (FAQ) :
The cyber security service market size was valued at USD 250664.7 Billion in 2023.
The market is projected to grow at a CAGR of 12.60% during the forecast period, 2024-2032.
North America had the largest share in the market.
The key players in the market are Accenture, CrowdStrike, AT&T, Atos SE, Deloitte Touche Tohmatsu Limited, Rapid7, DXC Technology Company, Capgemini, Cisco, and IBM, among others.
The professional services category dominated the market in 2023.
The defense/government category had the largest share in the market.
