The global cybersecurity services market is set to grow by USD 49 billion from 2024 to 2028. This represents a compound annual growth rate of 9.23% over the forecast period. The rise in data breaches and the use of artificial intelligence and machine learning in cybersecurity services are the main drivers of this growth.
Major players in the market include Accenture, Akamai Technologies, Kaspersky Lab, Broadcom, Cisco Systems, CrowdStrike, Dell Technologies, FireEye, Fortinet, IBM, McAfee, Palo Alto Networks, Rapid7, Sophos, Trend Micro, and Zscaler. AI and ML have greatly improved threat detection, predictive analytics, and incident response in cybersecurity services. These technologies can spot unusual patterns, detect malicious activity, and tell the difference between normal and abnormal behavior in networks, user access, and systems.
This proactive approach cuts down on false alarms and lets security teams focus on real threats. The market is growing significantly due to the increasing number of cyber threats targeting businesses and organizations. The rise of digital technologies like cloud computing and remote work has expanded the attack surface and created new cybersecurity risks.
Cyberattacks are increasing against digital transactions, critical infrastructure, and industries such as banking, finance, healthcare, and e-commerce.
Cybersecurity market growth drivers and challenges
However, the high cost of implementing comprehensive cybersecurity solutions poses challenges, especially for small and medium-sized enterprises with limited budgets.
The shortage of skilled cybersecurity professionals also makes it difficult for businesses to protect their digital assets. Securing cloud applications and infrastructure remains challenging as well, particularly with the added vulnerabilities of remote work. Investments in cloud security and advanced technologies like AI and ML are becoming more common in enterprise security solutions.
These investments are crucial to address remote working vulnerabilities and mitigate risks from cyber espionage and physical threats to critical infrastructure. The demand for advanced cybersecurity services is expected to continue growing as organizations work to stay ahead of evolving cyber threats. The use of AI and ML in cybersecurity will keep driving innovation and efficiency in the market, improving threat detection and overall security measures.
The cybersecurity services market is divided based on deployment (on-premises and cloud-based), end-user (government, banking and finance, ICT, manufacturing, and others), and region (North America, Asia-Pacific, Europe, Middle East and Africa, and South America). In conclusion, the cybersecurity services market is poised for substantial growth, fueled by the increasing number of cyber threats and the use of AI and ML technologies. While high costs and workforce shortages remain challenges, continued investment and innovation in cybersecurity will be essential to protect digital assets and ensure organizational resilience against evolving threats.
