cyber security services market witnessed USD 197 billion in 2020, growing at a robust CAGR of 9.7% during forecast period.

Introduction of the Cyber Security Services Market Report

Cyber security services can be defined as security services that ensure software, networks, computers, programs, mobile devices, hardware, electronic systems and data are always secure and protected from all types of threats, unauthorized access and malicious attacks.  The cyber security services cover a wide range of areas including integration, support and maintenance, training, consulting, and advisory, penetration testing, managed detection response, risk management, risk assessment, threat intelligence, application assessment, & security monitoring services.

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Market Dynamic

Key Drivers and Emerging Trends

Rising industrial digitization, rise in the Internet of Things (IoT) through the adoption of Software as a Service (SaaS), proliferation of smartphones, laptops, smart wearable electronics, and rising amount of digital data including intellectual property, financial data, personal information on computers and other devices among government, healthcare, defence, corporate, financial organizations are some of the major factors expected to drive the growth of the cybersecurity services market size. In addition, the growing adoption of digital technologies, including the Industrial Internet of Things (IIoT), Machine Learning (ML), Artificial Intelligence (AI), cloud computing, big data, wireless communication, and robotics among business enterprises is further propelling the demand for cyber security services during the forecast period.

Moreover, according to the Identity Theft Resource Center (ITRC), in the first six months of 2020, there were 540 data breaches and approximately 164 million people affected, including those who received more than one breach notice in U.S. Furthermore, 32% of businesses faced cyber security breaches as per the Cyber Security Breaches Survey 2019, by the Department for Digital, Culture, Media and Sport, UK.  Increasing incidences of data security attack is expected to augment the growth of the cybersecurity services market.

Restraint in the Cyber Security Services Market

However, high operational cost and the lack of skilled security professionals are some of the prominent factors expected to restrain the growth of the cybersecurity services market over the forecast period.

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Type – Segment Analysis

Based on the type, the managed services segment is expected to grow at a significant rate during the forecast period owing to the difficulty in managing the in-house cyber threat landscape; the rising demand for managed security incident and event management (SIEM) and compliance and vulnerability management services; and growing availability of managed security service providers (MSSPs) globally. Additionally, MSSPs offers advanced security solutions and experts that helps organizations in monitoring threats in real-time, which further propels the market growth over the forecast period.

Industry Vertical – Segment Analysis

Based on the industry, Banking, Financial Services, and Insurance (BFSI) segment is anticipated to hold a notable market share owing to the growing online transactions by individuals and financial companies; rising use of digital payment apps like PayTM and GPay; and increasing incidences of data breaches pertaining customers data & employee information including bank account & personal identification numbers, credit card numbers and login credentials, and other confidential details.

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Regional – Segment Analysis:

Based on region, North America is expected to account for a major market share over the forecast period. This can be attributed to the industrial growth in various sectors including e-commerce, e-health, e-banking, and telecommunications and the increasing adoption of cloud computing, BYOD and IoT trends in industries coupled with the rising number of cyberattacks incidents. Moreover, according to the World Bank, around 87% of the U.S. population use internet in 2019. This is further expected to contribute to the adoption of cyber security services in the region.

Top Market Players

Several leading Cyber Security Services companies operating in the market, include, International Business Machines Corporation, Cisco Systems, Inc., Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc., Dell Technologies Inc., Juniper Networks, Inc., Check Point Software Technologies Ltd., AT&T Inc., and FireEye, Inc. among others. 

Key Developments: 

• • In 2019, By Light Professional IT Services LLC., partnered with FireEye, Inc. to expand and enhance its EmberSec portfolio comprising managed services, including Managed Detection and Response (MDR) security incident event management (SIEM), utilizing endpoint detection and response, network security monitoring, security incident event management (SIEM) and email threat protection.

Segments covered in the Report:

The global Cyber Security Services market has been segmented on the basis of type, industry vertical, and key regions. Based on type, the market is segmented into professional Services and managed Services. Based on industry vertical, the market is segmented into IT & telecom, retail, BFSI, healthcare, defence, energy, manufacturing, and others. 

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Key questions answered in this research report:

• • At what pace is global Cyber Security Services Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Cyber Security Services Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Cyber Security Services Market?
  • Which type generated maximum revenues in 2020 and identify the most promising type during the forecast period?
  • What are the various industry verticals of global Cyber Security Services Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues (2020)	USD 197 billion
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Industry Vertical, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	International Business Machines Corporation, Cisco Systems, Inc., Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc., Dell Technologies Inc., Juniper Networks, Inc., Check Point Software Technologies Ltd., AT&T Inc., and FireEye, Inc. among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Cyber Security Services Market by Type

• • Professional Services
    • Integration
    • Support and Maintenance
    • Training, Consulting, and Advisory
    • Penetration Testing
    • Bug Bounty
    • Others
  • Managed Services
    • Managed Detection Response (MDR)
    • Managed Security Incident and Event Management (SIEM)
    • Compliance and Vulnerability Management
    • Others

Global Cyber Security Services Market by Industry Vertical

• • IT & Telecom
  • Retail
  • BFSI
  • Healthcare
  • Defence
  • Energy
  • Manufacturing
  • Others

Global Cyber Security Services Market by Region

• • North America Cyber Security Services Market (Option 1: As a part of the free 25% customization)
    • North America Cyber Security Services Market by Type
    • North America Cyber Security Services Market by Industry Vertical
    • US Cyber Security Services Market All-Up
    • Canada Cyber Security Services Market All-Up
  • Europe Cyber Security Services Market (Option 2: As a part of the free 25% customization)
    • Europe Cyber Security Services Market by Type
    • Europe Cyber Security Services Market by Industry Vertical
    • UK Cyber Security Services Market All-Up
    • Germany Cyber Security Services Market All-Up
    • France Cyber Security Services Market All-Up
    • Spain Cyber Security Services Market All-Up
    • Rest of Europe Cyber Security Services Market All-Up
  • Asia-Pacific Cyber Security Services Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Cyber Security Services Market by Type
    • Asia-Pacific Cyber Security Services Market by Industry Vertical
    • China Cyber Security Services Market All-Up
    • India Cyber Security Services Market All-Up
    • Japan Cyber Security Services Market All-Up
    • Rest of APAC Cyber Security Services Market All-Up
  • RoW Cyber Security Services Market (Option 4: As a part of the free 25% customization)
    • RoW Cyber Security Services Market by Type
    • RoW Cyber Security Services Market by Industry Vertical
    • Brazil Cyber Security Services Market All-Up
    • South Africa Cyber Security Services Market All-Up
    • Saudi Arabia Cyber Security Services Market All-Up
    • UAE Cyber Security Services Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Cyber Security Services Market All-Up

Major Players Operating in the Cyber Security Services Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • International Business Machines Corporation
  • Cisco Systems, Inc.
  • Microsoft Corporation
  • Oracle Corporation
  • Palo Alto Networks, Inc.
  • Dell Technologies Inc.
  • Juniper Networks, Inc.
  • Check Point Software Technologies Ltd. 
  • AT&T Inc.
  • FireEye, Inc.