Cybersecurity Services Global Market Report 2023: Growing Need for Cybersecurity Services Among SMEs Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Cybersecurity Services Market by Type, Organization Size, Security Type, Sector (BFSI, Healthcare, Government, IT & Telecommunications, and Other Sectors) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The research report titled, 'Cybersecurity Services Market by Type, Organization Size, Security Type, Sector (BFSI, Healthcare, Government, IT & Telecommunications, and Other Sectors) - Global Forecast to 2030', provides an in-depth analysis of cybersecurity services market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030.

The global cybersecurity services market is projected to reach USD 158.4 billion by 2030, at a CAGR of 17.5% during the forecast period of 2023-2030. The growth of the cybersecurity services market is driven by the growing significance of cybersecurity services in the banking sector and rising government initiatives encouraging the adoption of cybersecurity services. In addition, the growing need for cybersecurity services among SMEs, the increasing use of artificial intelligence, machine learning, and blockchain technologies for cyber defense, and the development of smart infrastructure are expected to create market growth opportunities.

The study offers a comprehensive analysis of the global cybersecurity services market by type, organization size, security type, sector, and geography.

Based on type, the global cybersecurity services market is segmented into professional services and managed services. In 2023, the professional services segment is expected to account for the larger share of the global cybersecurity services market. The large market share of this segment is attributed to the growing demand for comprehensive identification, assessment, and management of security across enterprise systems, and the rising need for support & maintenance, integration, training, consulting, and advisory, penetration testing services. However, the managed services segment is projected to register the highest CAGR during the forecast period.

Based on organization size, the global cybersecurity services market is segmented into large enterprises and small & medium-sized enterprises (SMEs). In 2023, the large enterprises segment is expected to account for the larger share of the global cybersecurity services market. The large market share of this segment is attributed to the strong IT infrastructure of large enterprises and the availability of skilled IT personnel to manage cybersecurity services platforms. Furthermore, large enterprises have a stable financial backup and can easily procure customized cybersecurity services. However, the small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period.

Based on security type, the global cybersecurity services market is segmented into cloud security, application security, endpoint security, network security, and other security types. In 2023, the network security segment is expected to account for the largest share of the global cybersecurity services market. The large market share of this segment is attributed to the rising adoption of network services and an increase in the number of malware attacks on enterprise networks. However, the cloud security segment is projected to register the highest CAGR during the forecast period.

Based on geography, the global cybersecurity services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global cybersecurity services market. North America's large market share is attributed to the increase in government initiatives promoting cybersecurity across the region, increasing cyberattacks on IoT devices, the introduction of government laws to improve IoT cybersecurity, and regional market players' efforts to provide application scanning services for municipal agencies. However, Asia-Pacific is expected to register the highest CAGR during the forecast period.

Market Dynamics

Drivers

• Growing Significance of Cybersecurity Services in the Banking Sector
• Government Initiatives Encouraging the Adoption of Cybersecurity Service

Restraints

• Shortage of Trained Professionals

Opportunities

• Growing Need for Cybersecurity Services Among SMEs
• Increasing Use of Artificial Intelligence, Machine Learning, and Blockchain Technologies for Cyber Defense
• Development of Smart Infrastructure

Challenges

• Misconceptions Regarding Cybersecurity Services
• Vulnerability Issues with IoT Devices

Trends

• Rising Adoption of Cloud Security Services Among Businesses

Scope of the Report

Cybersecurity Services Market, by Type

• Professional Services
• Integration Services
• Penetration Testing Services
• Training, Consulting, and Advisory Services
• Support & Maintenance Services
• Other Professional Services
• Managed Services
• Managed Detection & Response Services
• Compliance & Vulnerability Management Services
• Other Managed Services

Cybersecurity Services Market, by Organization Size

• Small & Medium-sized Enterprises
• Large Enterprises

Cybersecurity Services Market, by Security Type

• Cloud Security
• Application Security
• Endpoint Security
• Network Security
• Other Security Types

Cybersecurity Services Market, by Sector

• BFSI
• Healthcare
• Government
• IT & Telecommunications
• Retail & E-Commerce
• Energy & Utility
• Manufacturing
• Education
• Other Sectors

Cybersecurity Services Market, by Geography

• North America
• U.S.
• Canada
• Asia-Pacific
• China
• Japan
• South Korea
• India
• Rest of Asia-Pacific
• Europe
• U.K.
• Germany
• France
• Spain
• Italy
• Rest of Europe
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• UAE
• Israel
• Rest of Middle East & Africa

Companies Mentioned

• Cisco Systems Inc.
• Fortinet Inc.
• IBM Corporation
• Check Point Software Technologies Ltd.
• Microsoft Corporation
• Palo Alto Networks Inc.
• Rapid7 Inc.
• CrowdStrike Holding Inc.
• Accenture plc
• Secureworks Corp.
• Trend Micro Incorporated
• CyberDefenses Inc.
• Nozomi Networks Inc.
• Aristi Cybertech Private Limited
• Skylark Information Technologies Private Limited .

For more information about this report visit https://www.researchandmarkets.com/r/i63ael

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