Cyber Security Market Analysis

Cyber Security Market Analysis

The cyber security market is divided based on product into infrastructure protection, network security, identity and access management (IAAM), and security services. The infrastructure protection segment is expected to depict more than 15% CAGR through 2032. Excessive usage of IoT devices as well as email & web-based applications makes it essential for enterprises to defend their IT infrastructure against rapidly evolving threats, which is primed to stimulate segment development in the coming years.
 

The infrastructure protection product segment is further divided into security information and event management (SIEM), endpoint protection, data loss prevention (DLP), cloud security, email/web gateway, vulnerability assessment, and others. The vulnerability assessment infrastructure protection segment held over 20% of the market share in 2022. Companies are opting for regular vulnerability assessments as a strategy to safeguard IT assets, keep up with the environment's weaknesses, and react promptly to any attacks.  These systems give businesses the information and risk background they need to recognize internet-based hazards and respond suitably.
 

The market is classified based on organization into SME, government, and large enterprises. The cyber security market revenue from government organizations is poised to register around 15% CAGR between 2023 and 2032. Government representatives are urging public sector agencies to integrate cyber security tools to protect their network architecture.
 

In terms of end-user, the manufacturing segment captured over 10% market share in 2022 and is slated to observe notable progression by 2032 on account of the surging prominence of Industry 4.0 in the manufacturing sector. Manufacturers are investing in innovation and leveraging cutting-edge automation, AI, and hyper-connected infrastructure technology to compete in a global market, which makes them susceptible to cybercrimes. To reduce these risks to manufacturing, IT teams and security experts in the sector are implementing cybersecurity solutions.
 

The Asia Pacific cyber security market revenue is forecast to grow at more than 20% CAGR from 2023 to 2032. This growth is attributed to the rapid industrial digitalization in the region since it is emerging as a highly advanced digital hub for global trade, commerce, and transportation. There are significant concerns about the consequences for security resulting from the proliferation of smart devices in APAC, which is likely to fuel regional market growth.