Cybersecurity Market to Reach $248.26 Billion by 2023

Strategic Insights -

The global cybersecurity market is projected to experience significant growth, driven by the increasing need for advanced threat protection and data security solutions. Enterprises are adopting advanced security technologies, including encryption, Identity and Access Management (IAM), and Unified Threat Management (UTM), to safeguard their critical information and infrastructure. The market is expected to grow from $152.71 billion in 2018 to $248.26 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.2%.

Key Takeaways:

  • The encryption solutions segment is expected to grow at the highest CAGR from 2018 to 2023, due to the increasing need for secure data protection across the entire lifecycle.
  • The cybersecurity market consists of solutions, technologies, and services applied at various levels to protect organizations' and users' personal and professional data from cyber-attacks.
  • Modern-day business organizations are highly dependent on Information and Communication Technologies (ICT), making them vulnerable to a variety of cybercrimes.
  • Cybersecurity vendors are developing advanced intelligence-based cybersecurity solutions to provide holistic and proactive security to critical business applications.
  • Key players in the cybersecurity market, such as IBM, Check Point, Cisco, F5 Networks, FireEye, and others, are adopting different strategies to extend their worldwide presence and expand their shares.
  • Partnerships and collaborations, new product launches, mergers and acquisitions, and business expansions are the key strategies adopted by industry players to accomplish growth in the market.
  • FireEye has a broad product and services portfolio for technologies such as network, email, mobile, endpoint, forensics, file management and storage, and security management.
  • Cisco has a strong cybersecurity product and services portfolio, and it aims to offer customers a highly secure and intelligent platform to meet security-related challenges in today's changing threat landscape.

Statistics:

  • Estimated market size: $152.71 billion (2018)
  • Market size by 2023: $248.26 billion
  • Compound Annual Growth Rate (CAGR): 10.2% (2018-2023)
  • Encryption solutions segment growth rate: expected to grow at the highest CAGR from 2018 to 2023
  • Cybersecurity market segmentation by solution:

+ IAM: 23.1% market share

+ Risk and compliance management: 20.5% market share

+ Encryption: 13.4% market share

+ UTM: 12.5% market share

+ Firewall: 10.3% market share

+ Antivirus/antimalware: 9.5% market share

Sources:

  • MarketsandMarkets - "Cybersecurity Market by Solution (IAM, Encryption, UTM, Antivirus/Antimalware, Firewall, IDS/IPS, Disaster Recovery, and DDOS Mitigation), Service, Security Type, Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2023"
  • FireEye - "FireEye Acquires X15 Software to Enhance Security Tools Portfolio"
  • Cisco - "Cisco and Orange Partner to Expand Open Transit Internet Network"
  • MarketsandMarkets - "Cybersecurity Market Report"
  • MarketsandMarkets - "MarketsandMarkets Contact Information"