Global Cyber Security Market Analysis

The Global Market for Cyber Security Technologies and Services Was $115.4 Billion in 2018 and Grew to $128.6 Billion in 2019

Why you should buy this report:

• The research was conducted from April 2019 to April 2020 using a unique methodology including extensive vendor and service provider financial and product analysis, extensive industry research and an evaluation of the market maturity and future dynamics.
• Forecast scenarios in the analysis were created through evaluating the relationship between cyber market expenditure and the underlying trends including regulation, economic growth and attitudes to risk.
• The analysis includes a review of product lifecycle maturity, the current market size and forecasts to 2023 for each of the main cyber security product and service categories

The publisher currently forecasts that the market will grow at a slower average rate of 6.2% per year to 2023 due to the economic consequences of the coronavirus pandemic in 2020.

The cybersecurity market grew strongly to 2019 due to strong underlying factors including the continued cyber threat and changing attitudes to risk driven by a combination of regulation and improved awareness. Additionally, the growing global economy provided the capital for organisations to invest in new digital processes and the security needed to improve resilience. These interrelated trends, coupled with the low level of security market saturation, sustained industry growth as enterprises invested in new tools and managed security services. The high growth rates are supported by the publisher’s analysis of 46 cybersecurity technologies and disciplines, 39 of which are still at an early stage in their product lifecycle, characterised by high growth, low customer saturation and large supplier ecosystems. This has led to high levels of private investment in start-ups and delisting of large public cybersecurity suppliers as private equity targets returns from emerging, high growth technology segments.

The impact of COVID-19 on the global economy will be profound though the depth and length of the resulting recession remains uncertain.

However, there will be consequences on cybersecurity budgets and the publisher forecasts reduced expenditure in 2020 even though cybersecurity has evolved significantly since the last recession in 2009. Today, regulation mandates tighter controls on data and privacy, approaches to risk have evolved in digital enterprises, and business models are transitioning to cloud-based or managed services. As a result, security has become an increasingly strategic issue and enterprises are less able to dispense with it when cost-cutting. Nevertheless, enterprises will struggle with cash flow and budget freezes in 2020 and project postponements are likely to be widespread, delaying investment in new cybersecurity projects.

Post 2020 the cybersecurity growth trend will resume as infrastructure investment recovers.

The overriding market forces stimulating investment up to 2019 will remain largely unchanged, whilst industry innovation to create new customer value, including increased automation, better visualisation, and faster detection and response, is likely to create new revenue opportunities.