The increasing incidence of cybercrime and malware, primarily in the government, defense, and IT sectors, is calling for an urgent reassessment of traditional security strategies across diverse organizations worldwide. The proliferation of attack surfaces is further expanded by the powerful emergence of cloud-based platforms and increased usage of smartphone applications. This burgeoning threat landscape is accelerating the growth of the cybersecurity services market accordingly. According to recent findings from DataHorizon Research, the cyber security services market was valued at USD 208.3 billion in 2023 and is projected to grow to USD 445.3 billion by 2032, at a CAGR of 8.8%.
Continuously increasing reliance on digital storage due to the influence of computers and cloud services, and technological advances at an unprecedented rate to rapidly develop and implement secure systems that proactively thwart potential hacker threats. It is becoming increasingly important to General Data Protection Regulation (GDPR) guidelines require cyberattacks to be quickly identified and reported within 72 hours, putting further pressure on businesses to strengthen their cybersecurity defenses.
The Banking, Financial Services and Insurance (BFSI) sector noted that the expanded use of mobile devices and online platforms for financial transactions has led to a notable spike in vulnerabilities. BFSI stakeholders are therefore required to develop and implement advanced and resilient cybersecurity measures to thwart advanced cyber threats. Implementing a robust cybersecurity incident response plan is fundamental and essential to survival and maintaining trust among customers and partners.
The cybersecurity services market consists of a range of services such as penetration testing, bug bounty, and managed detection response. Due to the professionalization of cybersecurity services, the demand for penetration testing services increased significantly in 2022. This information comes from an overview of the Cybersecurity Services market segmentation considering services, industries, and regions.
The industries occupying the cybersecurity services market include BFSI, retail, IT, and telecom, with IT and telecom accounting for a major share in 2022. This dominance, driven by the growth of digital assets and footprint, is expected to continue for the foreseeable years. A startup culture has suddenly emerged that prioritizes digital innovation across industries.
According to forecasts, North America will remain the dominant market for cybersecurity services in 2023 and will maintain a significant market share in the coming years. Demand for cybersecurity and innovative practices are key growth factors for the US market. The global cybersecurity services market is expected to witness a CAGR of 8.8% by 2032 due to technological advancements and surge in demand for digital security, which is expected to drive the development of the industry.
According to the Cyber Security Services Market report by DataHorizon Research, major players in the Cyber Security Services market include McAfee, Symantec Corporation, FireEye, Fortinet, Sophos, F-secure, Trend Micro, SecureWorks, Kaspersky Lab, and IBM. It will be.
