Global Cyber Security Services Market Insights Forecasts to 2033

• The Global Cyber Security Services Market Size was Valued at USD 66.74 Billion in 2023
• The Market Size is Growing at a CAGR of 13.57% from 2023 to 2033
• The Worldwide Cyber Security Services Market Size is Expected to Reach USD 238.18 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Cyber Security Services Market Size is Anticipated to Exceed USD 238.18 Billion By 2033, Growing at a CAGR of 13.57% from 2023 to 2033.

Market Overview

Cyber security services are expert services that assist businesses in defending their data and networks against cyberattacks. They have included in a business's risk management strategy. Cyber security services provide specialist solutions and knowledge to protect computer networks, systems, data, and information against potential assaults, cyber threats, and illegal access. These services entail scanning and evaluating networks, apps, and computer systems to find any possible flaws or vulnerabilities that hackers might exploit. Moreover, with the growing use of web and mobile applications brought about by advancements in artificial intelligence (AI), the Internet of Things (IoT), and machine learning (ML), the IT infrastructure has become increasingly complicated and susceptible to cyberattacks. The need for sophisticated, flexible security solutions is being driven by the growth of 5G networks and the proliferation of Internet of Things (IoT) devices, which are increasing risks. Governments are changing their approaches to cyber security, which is driving the cyber security services market.

Report Coverage

This research report categorizes the cyber security services market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the cyber security services market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the cyber security services market.

Driving Factors

The increasing awareness among Small- and Medium-sized Enterprises (SMEs) and the development of Artificial Intelligence (AI)-powered threat detection is working to address the scarcity of skilled cyber security professionals as well as reducing the high cost of comprehensive solutions are driving the growth in cyber security services market. The rising trend of mobile banking and smartphone-based payment applications along with the increasing preference for cyber security services to detect probable threats are driving the growth cyber security services market. The increase in the frequency and complexity of cyber threats growth in dependence on digital infrastructure and improved potential to experience data breaches as primary driving factors for cyber security services market.

Restraining Factors

High-cost advanced security solutions, the lack of skilled professionals, complex integration with existing systems, and regulatory challenges are all restraining factors in the adoption of the cyber security services market. 

Market Segmentation

The cyber security services market share is classified into service and industry vertical.   

• The professional services segment is estimated to hold the largest market revenue share through the projected period.  

Based on the service, the cyber security services market is classified into professional services and managed services. Among these, the professional services segment is estimated to hold the largest market revenue share through the projected period. The growing need for specialist knowledge in fields like risk assessments, penetration testing, and vulnerability management is responsible for the driving market in the professional services segment.

• The defense/government segment is anticipated to hold the largest market share through the forecast period.

Based on the industry vertical, the cyber security services market is divided into IT & telecom, retail, BFSI, healthcare, defense/government, energy, manufacturing, and others. Among these, the defense/government segment is anticipated to hold the largest market share through the forecast period. The administration of sensitive data, including military plans and national security information, which are common targets for cybercriminals, is the source of the defense and government segment.

Regional Segment Analysis of the Cyber Security Services Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the cyber security services market over the predicted timeframe.

North America is anticipated to hold the largest share of the cyber security services market over the predicted timeframe. The market for cyber security services in North America is driven by rising cyber threats, stricter regulations, and the extensive use of cutting-edge technologies like cloud computing and the Internet of Things. Innovation is encouraged by the region's robust IT infrastructure and the presence of significant cyber security providers, and security solutions are increasingly incorporating AI and ML for real-time threat detection.

Asia Pacific is expected to grow at the fastest CAGR in the cyber security services market during the forecast period. The growing digitalization of enterprises, an increase in cyberattacks, and government efforts to fortify cyber security frameworks are the main factors drives the growth in this region. There is an immediate demand for cutting-edge security solutions due to the region increasing reliance on cloud services and IoT.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the cyber security services market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.  

List of Key Companies

• Rapid7
• Accenture
• Cisco Systems, Inc
• Ignition Technology
• Capgemini
• AT&T INC.
• Atos SE
• Deloitte Global
• CrowdStrike Holdings, Inc
• IBM
• DXC Technology Company
• Others  

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development

• In November 2024, Ignition Technology and CrowdStrike collaborated to launch the Falcon Cyber Security platform in Ireland. This collaboration intends to enhance breach prevention and build a safer and more efficient Cyber Security framework throughout Europe by fusing Ignition's market knowledge with CrowdStrike's cutting-edge AI-driven solutions.

• In January 2024, the largest technological infrastructure services provider in the world, Kyndryl launched two new security edge services that were created in collaboration with Cisco to assist clients in strengthening their security controls and proactively addressing and responding to cyber incidents.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the cyber security services market based on the below-mentioned segments: 

Global Cyber Security Services Market, By Service  

• Professional Services
• Managed Services

Global Cyber Security Services Market, By Industry Vertical

• IT & Telecom
• Retail
• BFSI
• Healthcare
• Defense/Government
• Energy
• Manufacturing
• Others

Global Cyber Security Services Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa