Digital Security Control Market Size - By Component (Hardware, Software, Services), By Organization Size (Large Enterprises, SME), By Application (BFSI, Healthcare, Government, Commercial) & Forecast, 2024 – 2032

Digital Security Control Market Size

Digital Security Control Market size was valued at USD 20 billion in 2023 and is estimated to register a CAGR of over 12.5% between 2024 and 2032. The expansion of digital infrastructure is a significant factor in the market growth. The proliferation of the Internet of Things (IoT) has increased the number of connected devices within networks, from industrial sensors to smart home products. These devices represent a potential entry point for security threats.
 

As digital infrastructure expands to include a broader array of connected devices, the need for robust security controls to manage and protect these endpoints becomes critical. More companies are moving their operations, data storage, and computing processes to the cloud. This shift offers flexibility and scalability but also introduces new challenges in securing cloud environments. Cloud platforms, characterized by their complexity including multi-tenant environments and distributed data centers, necessitate specialized security solutions. These solutions are essential for safeguarding data both in transit and at rest, ensuring privacy, and effectively managing access.
 

The expansion of digital infrastructure correlates with an increase in the volume and variety of data being generated and collected. Ranging from customer data to operational data, this information is often sensitive and valuable, making it a prime target for cyber-attacks. Protecting this data requires sophisticated security controls capable of handling complex data structures and large volumes at high speeds.
 

The exponential increase in connected devices and IoT deployments in consumer, industrial, and enterprise environments has expanded the attack surface that organizations need to protect. IoT devices often collect, transmit, and store sensitive data, which can include personal information, proprietary business data, or critical infrastructure information. The sensitivity of this data makes IoT systems attractive targets for cybercriminals, fueling the need for advanced security technologies to ensure data integrity and privacy. Securing these devices and the data they generate is crucial, necessitating enhanced security controls and monitoring.
 

The upfront costs associated with implementing digital security control systems including hardware, software, infrastructure, and professional services can be substantial. Organizations may face budget constraints or financial limitations that prevent them from making the necessary investments in digital security solutions, leading to delays or hesitancy in adoption. Integrating digital security control systems with legacy infrastructure, third-party applications, and disparate systems within the organization can be complex and costly.
 

Compatibility issues, data migration challenges, and interoperability concerns may arise during integration, necessitating extensive testing, configuration, and troubleshooting efforts, thereby increasing implementation costs. Organizations incur ongoing costs for maintaining, upgrading, and supporting digital security control systems. This includes expenses related to software updates, license renewals, technical support, and cybersecurity measures to safeguard against evolving threats and vulnerabilities. Failure to budget for ongoing maintenance and support can result in additional financial burdens over time.
 

Digital Security Control Market Trends

AI and ML technologies are being increasingly integrated into digital security control solutions to enhance threat detection, automate incident response, and improve decision-making processes. AI-powered analytics enable security systems to analyze vast amounts of data in real time, identify anomalous behavior patterns, and proactively detect security incidents or breaches, thereby augmenting the capabilities of security operators and reducing response times.
 

As cyber threats become more sophisticated, reliance on traditional password-based security is diminishing. Multi-factor authentication, which requires two or more verification factors, is becoming a standard security measure for enhancing digital security. This trend is particularly pronounced in industries handling sensitive data, such as finance and healthcare.
 

Blockchain technology is being explored for its potential in various security applications due to its decentralized and tamper-evident nature. It offers the potential for securing transactions, identity verification, and safeguarding supply chains. Blockchain’s ability to maintain integrity and transparency while preventing fraud is attracting interest across multiple industries.
 

Digital Security Control Market Analysis

Based on component, the market is divided into hardware, software, and services. The software segment dominated the global market with a share of over 40% in 2023. There is a significant shift toward cloud computing in various business operations, which necessitates robust cloud security solutions. Security software that can protect data in the cloud, ensure safe data transmission, and manage user access is in high demand. Cloud-based security software offers scalability, ease of deployment, and cost-effectiveness, making it particularly appealing. The landscape of cybersecurity threats is continuously evolving, with new types of malware, ransomware, and other cyber-attacks emerging regularly.
 

This dynamic threat environment creates a need for sophisticated security software that can defend against known threats and adapt to new ones. Organizations and individuals are increasingly investing in security software to protect their digital assets and sensitive data. Moreover, the proliferation of IoT devices across homes, industries, and cities introduces numerous security vulnerabilities. Security software that can protect these devices and their networks is critical. The need for specialized software solutions that can address the unique security challenges posed by IoT is boosting growth in this segment.
 

Based on application, the digital security control market is divided into BFSI, IT & telecommunications, healthcare, government, commercial, and others. Healthcare institutions are the prime targets for cyberattacks due to the sensitive nature of the Personal Health Information (PHI) they handle. Data breaches can lead to significant legal and financial consequences. Increasing instances of cyber threats including ransomware and data theft are prompting healthcare organizations to invest more in robust digital security solutions to protect patient data and ensure continuity of care.
 

The healthcare industry is increasingly integrating digital technologies including Electronic Health Records (EHRs), telemedicine, mobile health applications, and IoT devices such as patient monitoring systems. Each of these technologies presents unique security challenges, necessitating specialized digital security controls to protect against vulnerabilities.
 

North America digital security control market accounted for 30% of the revenue share in 2023. The region is witnessing a rise in cyber threats and attacks targeting organizations across various sectors including government, healthcare, finance, and critical infrastructure. The escalating frequency and sophistication of cyber threats, coupled with the growing reliance on digital technologies and interconnected systems, are augmenting the demand for advanced digital security control solutions to mitigate risks, protect sensitive data, and safeguard critical infrastructure.
 

The Increasing awareness of cybersecurity risks among businesses, government agencies, and consumers is driving greater investments in digital security control solutions. Organizations are prioritizing cybersecurity initiatives and allocating budgetary resources to enhance their security posture, protect against cyber threats, and build cyber resilience. Additionally, high-profile cyber incidents and data breaches have underscored the importance of robust digital security controls, prompting organizations to invest in comprehensive security solutions to safeguard their assets & reputation.
 

Digital Security Control Market Share

Palo Alto Networks and McAfee, LLC hold a significant share of over 5% in the digital security control industry. Palo Alto Networks holds a major market share in the digital security control industry due to its comprehensive suite of advanced cybersecurity solutions, including next-generation firewalls, cloud security, endpoint protection, and threat intelligence. Their innovative approach to security, continuous product development, and strong customer focus ensure effective protection against evolving cyber threats, making them a leader in the cybersecurity industry.
 

McAfee, LLC holds a significant market share in the digital security control market because of its long-standing reputation for providing robust antivirus and security solutions. McAfee offers a comprehensive range of products that protect consumers and businesses from malware, phishing attacks, and other cyber threats. Their integrated, multi-layered security solutions across various platforms and devices solidify their position as a trusted leader in cybersecurity.
 

Digital Security Control Market Companies

Major companies operating in the digital security control industry are:

• Palo Alto Networks
• McAfee, LLC
• CrowdStrike, Inc. 
• Cisco Systems, Inc.
• Fortinet Inc.
• Thales
• NEC Corporation
   

Digital Security Control Industry News

• In November 2022, NEC Corporation launched biometric authentication solution. This new solution combine NEC's face recognition and iris recognition. This solution enables high-speed, high-precision authentication with a false acceptance rate of less than one in 10 billion just by having an individual direct their face towards an authentication device. Furthermore, the solution maintains extremely accurate, touchless authentication accuracy without sacrificing security or convenience—even in situations where people are wearing masks, goggles, and gloves. This means that this solution can be used for a wide range of applications beyond biometric authentication, such as stringent access control and payments that need the use of passwords and other authentication factors.
   

The digital security control market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Million) from 2021 to 2032, for the following segments:

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Market, By Component

• Hardware
  • Smart card
    • Contact
    • Contactless
  • Biometric technology
  • Security tokens
  • Subscriber Identity Module (SIM)
• Software
  • Anti-phishing
    • Firewall
    • Antivirus
    • Others
  • Authentication
  • Network surveillance
  • Security management
  • Web technologies
• Services

Market, By Organization Size

• Large enterprises
• SME

Market, By Application

• BFSI
• Healthcare
• Government
• Commercial
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • ANZ
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA