Cybersecurity Services Global Market Report 2024

The cybersecurity services market size has grown strongly in recent years. It will grow from $85.23 billion in 2023 to $92.44 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The historical period's growth can be credited to robust economic expansion in emerging markets, an increase in disposable income, high valuations of software companies, and advancements in technology.

The cybersecurity services market size is expected to see rapid growth in the next few years. It will grow to $141.46 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The anticipated growth in the forecast period is driven by the escalation in the frequency and sophistication of cyberattacks, the prevalence of the Internet of Things (IoT), an upsurge in internet penetration, the demand for authentication techniques, and emerging trends. Key trends in the forecast period involve a strategic emphasis on harnessing AI, machine learning, and blockchain technologies for cyber defense, providing cybersecurity services through cloud-based platforms, employing data analysis to enhance cybersecurity services, adhering to ITIL and ISO 9001 standards for quality service delivery, and integrating automation in cybersecurity.

The surge in significant cyber-attacks is a pivotal factor propelling the expansion of the cybersecurity services market. Cybercrimes are primarily motivated by political competition, financial gains, negative credibility, foreign competition, and the radical involvement of religious groups, with financial gain being the most common objective. Notable ransomware products such as WannaCry, Petya, NotPetya, and BadRabbit have targeted large-scale businesses and government organizations. For instance, cybersecurity experts reported a 40% increase in ransomware threats to 199.7 million attacks worldwide in Q3 of 2020, with Ryuk ransomware incidents reaching 67.3 million, constituting 33.7% of all such incidents. The consequences of ransomware attacks included various municipal facilities' inaccessibility, information leakage, and economic losses. Consequently, the growing instances of massive cyber-attacks drive companies to integrate cybersecurity into their systems to prevent disruptions, fostering the cybersecurity services market's growth.

The anticipated growth of cybersecurity budgets is poised to drive the expansion of the cybersecurity services market in the future. A cybersecurity budget represents the financial resources allocated by an organization to safeguard its information assets from cyber threats. Such budgets empower organizations to invest in more sophisticated and comprehensive cybersecurity services. As an illustration, a 2021 survey of 3,249 technology and business executives by PricewaterhouseCoopers International Limited revealed that approximately 55% of respondents expected to increase their cybersecurity budgets, with 51% planning to augment full-time cyber staff in 2021. Therefore, the upward trajectory of cybersecurity budgets acts as a catalyst for the growth of the cybersecurity services market.


Embracing AI, machine learning, and blockchain technologies for cyber defense emerges as a prominent trend in the cybersecurity services market. Cybersecurity vendors are integrating principles of artificial intelligence (AI) and machine learning into their solutions to effectively address risks in today's hyper-connected workplaces, offering swift identification, prevention, and response capabilities. Technological advancements, particularly in AI and machine learning, are empowering the fight against cybercrime. Vade Secure, a global email security firm, utilizes artificial intelligence and machine learning to protect over 600 million mailboxes across 76 countries from various threats, including spear phishing, ransomware, and malware. In August 2023, Abnormal Security, a US-based AI-driven email security platform, introduced CheckGPT, an AI-generated email detector. This innovative feature determines when generative AI technologies were likely used to produce email threats such as business email compromise (BEC) and other socially engineered attacks. Cybersecurity experts are leveraging AI and machine learning to address emerging cyber threats affecting individuals, businesses, and governments.

Major companies engaged in the cybersecurity services market are concentrating on developing cutting-edge technologies, such as cybersecurity services platforms, to deliver reliable services to their customers. A cybersecurity services platform serves as a centralized solution, providing organizations with a comprehensive array of cybersecurity services. For instance, in February 2022, Tata Consultancy Services, an Indian-based information technology services and consulting company, introduced the Cyber Defense Suite. This uniquely designed platform offers a 360-degree view and predictive intelligence, enabling proactive defense and response against evolving threats from a unified perspective. The platform provides executives with the confidence and flexibility to expand their digital businesses by offering a comprehensive range of quickly adaptable, modular cybersecurity services. The suite's automation and scalability reduce the total cost of ownership while empowering enterprises to operate with increased speed and agility.


Major companies operating in the cybersecurity services market report are International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Palo Alto Networks Inc., Cisco Systems Inc., Proofpoint Inc., Fortinet Inc., Check Point Software Technologies Ltd., Sophos Group, Splunk Inc., StratoKey, QuintessenceLabs, Antiy Labs, Vkansee, AhnLab, Banff Cyber Technologies, Cyberops Infosec LLP, eSec Forte Technologies, MARLABS Inc., Trend Micro, Mimecast, Ernst & Young (EY), Clearswift, PricewaterhouseCoopers (PwC), Becrypt, 6WIND, Barracuda Networks Inc., 8ack GmbH, Accelerated IT Services & Consulting oHG, IOActive, Armor, BT, BAE, Avast, Bitdefender, Kaspersky, Rostelecom, SafeTech, Anect, Cyber Dacians, AEC, Symantec, FireEye, BlackBerry, McAfee, Herjavec Group, Absolute, Arctic Wolf, Packetlabs Ltd., Clean Cloud, PhishX, Ibliss, Site Blindado, Safeway, Auth0, CoinFabrik, Groundworks Technologies, Nektra Advanced Computing, Aqua Security, BigID, Cato Networks, Checkmarx, Smartym Pro, Redwerk, TAIOS, Cyberbit, CyberArk, Westech, AVeS Cyber Security, Vance Cyber Security, CyberSec (Pty) Ltd., Lafont Innovation LLC, Enovise, Techinnovar Limited, CyberSOC, DataSixth, One Alliance Group.

North America was the largest region in the cybersecurity services market in 2023. Asia-Pacific was the second largest region in the global cybersecurity services market. The regions covered in the cybersecurity services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cybersecurity services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain. The cybersecurity services market includes revenues earned by entities by providing services such as network security, application security, information security and operational security. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The primary security categories of cybersecurity services include network security, endpoint security, application security, cloud security, and others. Endpoint security focuses on preventing malicious actors and campaigns from exploiting endpoints or entry points on end-user devices, including desktops, laptops, and mobile devices. These services find applications across various industry verticals, such as aerospace and defense, BFSI, public sector, retail, healthcare, IT and telecom, energy and utilities, manufacturing, among others.

The cybersecurity services market research report is one of a series of new reports that provides cybersecurity services market statistics, including cybersecurity services industry global market size, regional shares, competitors with a cybersecurity services market share, detailed cybersecurity services market segments, market trends and opportunities, and any further data you may need to thrive in the cybersecurity services industry. This cybersecurity services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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