Cybersecurity Services Industry Outlook Shows Increased Integration of Cybersecurity Due To Increasing Cyberattacks

The Business Research Company’s Cybersecurity Services Market Report - Opportunities And Strategies - Global Forecast To 2030

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The increasing incidence of massive cyber-attacks is a key factor driving the growth of the cybersecurity consulting services market. While the primary motives behind cybercrimes include political competition, negative credibility, foreign competition and radical involvement of religious groups, most cyber-attacks are for financial gain. WannaCry, Petya, NotPetya and BadRabbit, are some of the main ransomware products that have targeted large-scale businesses and government organizations. For instance, in the city of Atlanta, USA, the SamSam ransomware cyber-attack was triggered. This form of ransomware is installed on the computer network using brute-force attacks to guess weak passwords and encrypt files. The ransomware implications included inaccessibility to various municipal facilities, information leakage and economic loss. Therefore, the increasing incidence of massive cyber-attacks compels companies to integrate cybersecurity in their systems and functionality to prevent crashes, thereby driving the growth for cybersecurity services market.

The global cybersecurity services market size reached a value of nearly $66.86 billion in 2019, having increased at a compound annual growth rate (CAGR) of 9.4% since 2015. The market is expected to increase from $66.86 billion in 2019 to $91.09 billion in 2023 at a rate of 8.0%. It is then expected to grow at a CAGR of 10.4% to nearly $110.99 billion by 2025, and to $182.32 billion by 2030.

The cybersecurity services market segments by security type are network security, endpoint security, application security, cloud security, others and by user type are large enterprises, small & medium enterprises.

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