Global Cybersecurity Industry Outlook worth $208.8 billion by 2024

Global Cybersecurity Industry Outlook worth $208.8 billion by 2024
Palo Alto Networks (US), IBM (US), Microsoft (US), Cisco (US), Broadcom (US), Fortinet (US), AWS (US), Trellix (US), Check Point (Israel), Oracle (US), Trend Micro (Japan), Open Text (Canada), Akamai (US), and Accenture (Ireland)
Global Cybersecurity Industry Outlook 2024 – A Look Ahead at the Cyber Landscape

According to a research report “Global Cybersecurity Industry Outlook 2024 – A Look Ahead at the Cyber Landscape” published by MarketsandMarkets, the global cybersecurity industry market size is estimated to grow from USD 190.5 billion in 2023 to USD 208.8 billion by 2024, at a Y-o-Y increase of ~10%. Companies like Palo Alto Networks, Fortinet, Cisco, Checkpoint, etc., have contributed to this growth through innovation, diverse product offerings, and effective marketing strategies.

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The global cybersecurity landscape is poised for an evolution marked by unprecedented challenges and unparalleled opportunities. As we steer into 2024, the dynamics of digital security continue to shape industries, governments, and individuals. Our comprehensive outlook explores the trends, innovations, and pivotal shifts defining the cybersecurity industry in the coming year.

2023 was the year of Generative AI (GenAI) entry into the world of cybersecurity, as two-thirds of tech companies are already eyeing it. The menace created by deep fakes, the increasing ransomware-based data extortion, and the changing regional malware landscape were the highlights of 2023 developments. The report predicts the increasing trend of XDR solution adoption in IT-OT environments, the government’s efforts to combat the threat of deep fakes, CISO strategies for enhancing cyber resilience, and the transition to password-free and perimeter-less security are going to impact the cybersecurity market in the coming year, i.e., 2024. We believe this report will assist security professionals in being ready for both the known and unknowns of the upcoming year.

The MarketsandMarkets – Global Cybersecurity Industry Outlook 2024 report can help prepare security professionals and business leaders for the year ahead. The report incorporates years of experience in the rapidly expanding cybersecurity sector, the opinions of industry experts, comprehensive evaluations by analysts, and extensive interviews with stakeholder groups worldwide.

Unique Features in the Global Cybersecurity Industry Outlook

Increasing adherence to the Zero Trust concept, which holds that no system or user should ever be trusted by default, not even one that is a part of the company network. This method places a strong emphasis on ongoing access and identity confirmation.

Expanding popularity of Extended Detection and Response (XDR) systems, which combine and correlate data from several security tools to offer more thorough threat detection and response capabilities.

Enhancing overall threat detection capabilities through the use of deception technology to build traps and decoys to fool attackers and find harmful behaviour within networks.

Quantum-safe cryptography research and development is necessary to get ready for the possible threat that standard cryptographic methods may face from quantum computing.

Increased focus on industry, government, and organisation collaboration in sharing threat intelligence to improve the ability to detect and respond to cyber threats.

Major Highlights of the Global Cybersecurity Industry Outlook

Growing complexity and frequency of cyberattacks, such as phishing scams, ransomware assaults, and supply chain vulnerabilities, are causing serious problems for businesses all over the world.

A discernible rise in ransomware occurrences that affect businesses in a variety of industries, which has increased attention to ransomware mitigation techniques and enhanced incident response capacities.

Increased acceptance of Zero Trust Architecture as businesses shift from more identity-centric, perimeter-based security models to ones that prioritise least privilege access and continuous verification.

Integration of machine learning (ML) and artificial intelligence (AI) technology for automated security procedures, behaviour analysis, and sophisticated threat detection in cybersecurity systems.

Constantly evolving cloud security approaches that emphasise the necessity for strong identity and access management, data encryption, and secure setups in order to handle the particular difficulties presented by cloud-native systems.

Top Key Companies in the  Global Cybersecurity Industry Outlook

Palo Alto Networks (US), IBM (US), Microsoft (US), Cisco (US), Broadcom (US), Fortinet (US), AWS (US), Trellix (US), Check Point (Israel), Oracle (US), Trend Micro (Japan), Open Text (Canada), Akamai (US), and Accenture (Ireland) have significantly contributed to ~25% market share in 2022 and were highly competitive with focus on partnership strategies. Throughout 2023, vendors shifted their emphasis toward product innovation and the integration of artificial intelligence. As we progress into 2024, security vendors are positioned to spearhead innovation, reinforcing defensive measures and introducing initiatives that signal a resilient era of protection, proactive strategies, and resilience against continually evolving threats.

The regional cybersecurity market varies significantly and is shaped by unique regulations, threat landscapes, and technological advancements. North America emphasizes innovation and compliance, while Europe prioritizes privacy-centric solutions due to stringent data protection laws, as the continent faces being the most targeted region for cyber-attacks by 2024. At the same time, Asia Pacific, with increased investments in small and medium-sized enterprises, focuses on scalable cybersecurity tools for diverse business needs. In 2023, the Asia Pacific and European regions will see the highest Y-o-Y increase in ransomware attacks per organization, estimated to be 29% and 24%, respectively. The North American region follows with a 15% Y-o-Y increase from 2022. We forecast that Europe will surpass the U.S. to become the most targeted region in 2024.

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