Cyber Security Services Market: Cybercrimes Is Expected To Fuel The Adoption Over The Forecast Period

 Cyber Security Services Industry Overview

The global cyber security services market size is expected to reach USD 192.70 billion by 2028, registering a CAGR of 10.2% over the forecast period, according to a new report by Grand View Research, Inc. Continued cybersecurity breaches on the enterprise and individual levels, and the subsequent need to address the vulnerabilities in networks, apps, and systems, are the factors expected to drive the growth. The need for identifying advanced, persistent threats to networks, monitoring critical infrastructure 24/7, and penetration testing applications for meeting various regulatory compliance standards and acts, such as FISMA, MARS-E, PCI DSS, Sarbanes-Oxley (SOX), and HIPAA, is expected to contribute to the growth of the market.

 

As cyberattacks are getting more and more sophisticated, cyber security services are also evolving accordingly. Some of the common cyber security services include penetration testing, bug bounty, and Managed Detection Response (MDR), and the demand for these and other similar services are growing in line with the continued deployment of digital and cloud-based applications. These services help enterprises identify IT infrastructure vulnerabilities, fix the bugs, and gain access to the necessary remedies for tackling cyberattacks. Additionally, as a result of the outbreak of the COVID-19 pandemic, work-from-home and remote working mandates are impelling employees to connect with unsecured networks. Hackers are taking this opportunity to exploit the loopholes and particularly infiltrate corporate web applications. Hence, incumbents of several industries are in a dire need to continuously monitor the evolving cyber threats and safeguard their enterprise systems.

Testing web applications and databases and identifying their weaknesses and vulnerabilities are expected to emerge as the major focus areas for the incumbents of various industries and industry verticals, including BFSI, healthcare, IT, manufacturing, and retail, over the forecast period. The healthcare industry vertical has been frequently targeted by hackers and cybercriminals. Cybercrimes targeting the healthcare industry are expected to intensify in line with the continued digitalization and the introduction of IoT-based medical devices. In May 2019, the American Medical Collection Agency, a billing services provider, revealed that it was subjected to cyberattacks for a duration of eight months from August 2018 to March 2019 and that approximately 25 million patients may have been affected due to these cyberattacks. Meanwhile, a report published by Radware, a provider of cybersecurity and application delivery solutions, revealed that a healthcare organization needs to spend approximately USD 1.4 million on average to recover from a cyberattack. Thus, the growing need to protect healthcare institutions from cyberattacks has created new opportunities for cyber security services providers.


Cyber Security Services Market Segmentation

Grand View Research has segmented the global cyber security services market based on service type, professional services, managed services, industry vertical, and region:

Based on the Type Insights, the market is segmented into Professional Services, and Managed Services.

  • The professional services segment dominated the market in 2020 and accounted for a market share of more than 72.0%. Professional security services majorly cover business support, technical management services, advisory, consulting and training, and incident readiness and response services. 

 

  • The managed services segment is expected to register the highest CAGR of around 11.0% over the forecast period. The evolving threat landscape and the hardships in managing every aspect of the cyber threat landscape in-house are prompting organizations to partner with Managed Security Service Providers (MSSPs).

 

Based on the Professional Service Insights, the market is segmented into Integration, Support and Maintenance, Training, Consulting, and Advisory, Penetration Testing, Bug Bounty, and Others.

  • The training, consulting, and advisory segment dominated the cyber security services market in 2020 with an overall market share of more than 39.0%. Businesses can typically face a myriad of challenges ranging from the implementation of solutions to managing the regulatory requirements.

 

  • The penetration testing segment is expected to register a CAGR of over 21.0% over the forecast period. Organizations opt for penetration testing services to identify the weaknesses of their infrastructure and applications, gauge the effectiveness of the existing controls, discover new bugs, and test applications that are at the risk of potential cyberattacks.

 

Based on the Managed Service Insights, the market is segmented into Managed Detection Response (MDR), Managed Security Incident and Event Management (SIEM), Compliance and Vulnerability Management, and Others.

  • The Managed Detection Response (MDR) segment is expected to register the highest CAGR of 22.4% over the forecast period. MDR is a managed service outsourced by organizations for threat hunting and responding to discovered vulnerabilities. MDR services envisage identifying malware and tracking malicious activities. A rapid incident response service is also provided to remediate the cyberattack.

 

  • The compliance and vulnerability management segment within the managed services is contributing over 16.9% share in 2020. SMEs and large enterprises operate and deploy several applications across networks and, in turn, increase risks of several unidentified vulnerabilities within networks.

 

Based on the Industry Vertical Insights, the market is segmented into IT & Telecom, Retail, BFSI, Healthcare, Defense/ Government, Energy, Manufacturing, and Others.

  • The defense/ government segment dominated the market in 2020 with an overall market share of more than 23.0%. The vulnerable confidential information regarding the country’s citizens and military strategies are at the highest risk of cyberattacks.

 

  • The healthcare segment is expected to exhibit the highest CAGR of more than 11.2% over the forecast period. While healthcare services are being digitized aggressively, the growing adoption of technology-aided applications to maintain the records of patients, employees, and organizations has equally increased the risks of cyberattacks.

 

Cyber Security Services Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market for cyber security services can be described as a fragmented market characterized by the presence of multiple vendors offering various services, such as testing, threat detection, threat hunting, and regulatory monitoring, in the enterprise cyber security landscape. Vendors are aggressively pursuing various strategies, such as strategic partnerships, as part of the efforts to contribute toward safer cyberspace, improve their service capabilities, and extend their user base. For instance, in January 2020, HackerOne partnered with OPPO, a mobile manufacturer. The partnership was aimed at further supporting the “Security Research Community” and reducing cyber risks. In October 2019, By Light Professional IT Services LLC., partnered with FireEye, Inc. to expand its EmberSec portfolio, which comprises managed services, such as Managed Detection and Response (MDR) security incident event management (SIEM), utilizing endpoint detection and response, email threat protection, and network security monitoring.

Competition in the market is intensifying continuously as increasing funding is allowing startups to make a foray into the market. New entrants in the market include various smaller technology vendors that are offering various services in the market. For instance, in August 2020, Cobalt raised USD 29 million in a Series B funding round to make its “penetration testing-as-a-service” platform available to more software vendors. Some of the prominent players operating in the global cyber security services market include:

  • Accenture
  • AT&T
  • Atos SE
  • Capgemini
  • Cisco
  • CrowdStrike
  • Deloitte Touche Tohmatsu Limited
  • DXC Technology Company
  • IBM
  • Rapid7

 

Order a free sample PDF of the Cyber Security Services Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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