Cybersecurity Market Worth Over $300bn by 2024: Global Market Insights, Inc

Jan 23, 2019

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The cybersecurity market is expected to grow from USD 120 billion in 2017 to USD 300 billion by 2024, according to a 2019 Global Market Insights, Inc. report. The market is propelled by the increasing need among enterprises to minimize security risks. As enterprises are rapidly embracing cloud platforms and other networking technologies, they are becoming more vulnerable to various cyber-attacks. The average expenditure on cybercrime has increased significantly.


The rising penetration of various mobile & wireless devices is fostering the growth of the cybersecurity market. The falling prices of mobile devices and advancements in the connectivity infrastructure across the globe are propelling the adoption of smart devices across enterprises and consumers. This has caused a simultaneous increase in the number of cyber-attacks on mobile devices.

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The IAAM market will grow at a CAGR of over 17% over the forecast timespan. The increasing spending by large enterprises and government organizations is driving the growth of the cybersecurity market. Additionally, the emergence of stringent regulatory compliances due to security concerns is expected to increase, impacting positively on market growth. The infrastructure protection market is also expected to grow at a significant pace over the projected frame due to the growing adoption of IoT devices and the increasing use of email & web-based applications.

In 2017, the large enterprises market accounted for a market share of over 60% in the global cyber security market. The increasing risk of cyber-attacks is driving the adoption of cybersecurity solutions among large enterprises. In 2017, the large organizations lost an average of over USD 10 million due to cybersecurity breaches. The average cost of cyber-attacks rose by 11% in 2017. This has encouraged large enterprises to adopt security solutions to mitigate the risk of cyber-attacks. The SME market is anticipated to witness a high growth rate due to the extensive adoption of BYOD policies to improve employee productivity.

The transportation market is expected to grow at a CAGR of over USD 15% over the projected timespan. The use of smart logistics, IIoT, and other reconstruction initiatives have further increased the risk by creating a wider attack surface from enormous systems. Any disruption in the operations of transportation and logistics companies can cause substantial downtime and loss of revenue. This is leading transportation companies to implement cybersecurity solutions. The IT & telecom sector is also predicted to grow at a high pace as it deals with sensitive customer data used for providing unified communication services.

Browse key industry insights spread across 450 pages with 654 market data tables & 27 figures & charts from the report, "Cybersecurity Market Size By Product Type (Identity, Authentication and Access Management (IAAM) [Access Management, Identify Access Management], Infrastructure Protection [Endpoint Protection, Email/Web Gateway, Security Information and Event Management (SIEM), Vulnerability Management, Cloud Security, Data Loss Prevention (DLP)], Network Security [Internet Service Provider Equipment, Virtual Private Network (VPN), Unified Threat Management (UTM), Firewall], Security Services [Implementation, Managed Security Services, Consultancy & Training, Hardware Support] ), By Organization (SME, Government, Large Enterprises), By Industry (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, GermanyFranceItalySpainNorwayIrelandSwedenNetherlandsAustralia & New Zealand (ANZ), ChinaIndiaJapanSouth KoreaPhilippinesThailandSingaporeMalaysiaBrazilMexicoColumbiaArgentinaPeru, UAE, Saudi ArabiaSouth AfricaNigeriaKenyaOman), Growth Potential, Competitive Market Share & Forecast, 2018- 2024" in detail along with the table of contents:

In 2017, Europe accounted for a share of over 20% in the global cybersecurity industry. The regional market is expected to grow exponentially due to a rise in the number of government investments and public-private partnerships to enhance the cybersecurity infrastructure. In addition, there is an introduction of supportive government policies and compliance regulations mandating companies to adopt security measures. The Asia Pacific cyber security market is predicted to grow at a CAGR of 20% over the forecast timespan. Extensive digitalization across multiple industry verticals and the rising number of smartphone users are factors driving the growth of the in the region.

Prominent companies operating in the cybersecurity market include BAE Systems, Cisco Systems, Inc, CyberArk Software Ltd., McAfee LLC, Microsoft Corporation, IBM Corporation, Intel Corporation, Proofpoint Inc. Rapid7, Sophos Group plc, Splunk, Inc, Symantec Corporation and Trend Micro, Inc. RSA Security, LLC., Oracle Corporation, Palo Alto Networks, Inc., FireEye, Inc., Fortinet, Inc., Hewlett-Packard, Ltd., F-Secure Corporation, F5networks, Inc., Check Point Software, etc.

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About Global Market Insights 

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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