Global Cybersecurity Market is anticipated to grow significantly between 2023 and 2032 as a result of the growing inclination toward online payment options.
The noticeable surge in digital payments across the globe led to a significant transformation in both online and offline transaction techniques. Businesses are now focusing on digitizing their operations to increase income through digital payment options. Further innovation in this area will be encouraged by the growing consumers’ demand for rapid, inexpensive, and efficient payment experiences, which is projected to boost the cyber security market growth throughout the forecast period.
The cybersecurity market is classified based on product, organization, end-user, and region.
As per product, the security services segment held over 60% market share in 2022. Cybersecurity services providers globally have been improving their security posture to protect businesses from potential threats and further fortify their cyber defenses. This, in conjunction with the increased cost-effectiveness associated with security services and proliferating BYOD trends, is foreseen to aid segment growth.
With regard to security services, the cybersecurity industry from the managed security services segment amassed over 35% market share in 2022. Managed security services assist consumers in fulfilling their requirements associated with complicated system reporting and proactively recognizing network performance problems. Besides, the capability of these services to provide the necessary support and oversee the clients’ networks is poised to transform the market dynamics through 2032.
Based on organization, the cyber security market share from the large enterprises segment is estimated to record a sizeable valuation by the end of 2032. Despite enormous investment in network protection devices by large enterprises, hackers continue to find alternative access routes into their data systems. An increasing number of large enterprises have been emphasizing improving their disaster preparedness plans and recovery protocols to address these issues. This, in turn, is speculated to propel segment revenues over the next ten years.
In terms of end-user, the securities segment is expected to grow at over 15% CAGR through 2032. Companies operating the securities business have been introducing significant advancements in their cybersecurity techniques to protect vulnerable client data and credentials. Additionally, the increasing deployment of cybersecurity solutions due to the required obligation to follow government regulations and standards will help the cybersecurity market gain remarkable impetus in the coming years.
Regionally, the cybersecurity market in the Middle East was valued at over USD 5 billion in 2022. Cybercriminals globally have turned their focus to the Middle East due to its booming economy and the ongoing digital transformation in the region. As per credible sources, over 2.57 million phishing attempts were recorded in the Middle East between April and June 2020. Thus, the escalating cyber threats and the growing adoption of cloud computing is forecast to drive growth in the MEA cybersecurity industry.