The rise in cybercrimes and malware occurrences, primarily in government, defence, and IT sectors, is triggering an urgent reassessment of conventional security strategies across diverse global entities. The burgeoning attack surface has been further amplified by a robust advent of cloud-based platforms and heightened smartphone application usage. This burgeoning threat landscape has resulted in a commensurate escalation in cybersecurity services market growth. As per the recent research revelations of DataHorizzon Research, the Cyber Security Services Market was valued at USD $208.3 billion in 2023, projecting an expansion to USD $445.3 billion by 2032 at a CAGR of 8.8%.
With the persistent enhancement of digital storage dependence affected by computers and cloud services and technological progress pacing at an unprecedented rate, the criticality of promptly developing and implementing secure systems capable enough to pre-empt potential hacker threats gains prominence. The General Data Protection Regulation (GDPR) guidelines necessitate the rapid identification and reportage of cyberattacks within a 72-hour window, thereby mounting additional pressure on businesses to shore up their cybersecurity defences.
The banking, financial services, and insurance (BFSI) sectors noted a pronounced surge in vulnerabilities due to the expansive use of mobile devices and online platforms for money transactions. Therefore, BFSI stakeholders are urged to develop and implement advanced and resilient cybersecurity measures to stave off sophisticated cyber threats. Implementing robust cybersecurity incident response plans becomes fundamental and indispensable for survival and for maintaining trust among customers and partners.
The cybersecurity services market comprises an array of services, such as penetration testing, bug bounty, and managed detection response. Due to professionalization in cybersecurity services, the demand for penetration testing services held notable prominence in 2022. This information comes from the segmentation overview of the cybersecurity services market, which factors in service, industry, and region.
The industries accounting for the cybersecurity services market include BFSI, retail, IT and telecom, with IT and telecom accounting for a significant share in 2022. This dominance is projected to continue into foreseeable years, catalysed by an increase in digital assets and footprints and the sudden emergence of a startup culture in various industries that prioritise digital innovation.
Forecasts indicate North America to remain the dominant market for cybersecurity services in 2023, maintaining a significant market share in coming years. Demand for cybersecurity and innovative practices serve as the major growth factors in the U.S. market. The cybersecurity services market globally anticipates an 8.8% CAGR by 2032, with technological advancements and the surge in demand for digital security expected to drive industry developments.
The Cyber Security Services Market report by DataHorizzon Research states that some key players in the cybersecurity services market include McAfee, Symantec Corporation, FireEye, Fortinet, Sophos, F-secure, Trend Micro, SecureWorks, Kaspersky Lab, and IBM.