Cyber Security Services Market: Penetration Testing Segment Is Expected To Register A CAGR Of Over 21.0%
Cyber Security Services Industry Overview
The global cyber security services market size was valued at USD 91.15 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 10.2% from 2021 to 2028. Advances in Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT) have led to increased adoption of web applications and mobile apps, subsequently creating more complex IT infrastructure that can be vulnerable to cyberattacks. To address potential security challenges, organizations are outsourcing security services to detect bugs, as well as analyze the security landscape, while efficiently responding to cyberattacks. The need to fix bugs in web applications as well as mobile apps, and to mitigate data loss risks associated with cybercrimes is expected to fuel the adoption of cyber security services over the forecast period.
The proliferation of smartphones and the continued rollout of high-speed internet networks have triggered the adoption of mobile banking apps and apps for health monitoring, shopping, and socializing. Mobile banking induces flexibility in banking practices by allowing users to transact irrespective of their location. Customers can also shop using e-commerce apps and make payments using their smartphones. As the number of smartphone users continues to increase, the preference for banking, shopping, making payments, and socializing via mobile apps is also growing. However, all these applications have also emerged as potential targets for hackers; thereby prompting companies to opt for cyber security services to identify loopholes in the applications, plug the loopholes, and subsequently save users from potential losses.
Gather more insights about the market drivers, restraints and growth of the Global Cyber Security Services Market
The number of cyberattacks worldwide shows no signs of abating. At the same time, cyberattacks are getting more sophisticated and the losses stemming from cyberattacks are also increasing. While new networks are being rolled out and existing networks are being expanded, these networks are increasingly becoming vulnerable to cyber threats. This is driving the need for monitoring the networks, critical infrastructures, and digital assets of both small and large enterprises and hunting for potential threats continuously.
Moreover, the instances of cybercrimes are rising in line with the proliferation of digital assets and connected devices. Internet-connected devices are particularly vulnerable to cyber threats. Social media interactions are equally vulnerable to cyber threats and can potentially expose individuals to privacy invasion risks. Privacy threats are particularly increasing as intruders remain keen on acquiring the personal information of individuals through unauthorized access. Penetration testing and bug bounty services help in ensuring that applications are free from bugs and IT infrastructure is in line with the existing enterprise cyber landscape.
While several enterprises are aggressively adopting remote working policies in the wake of the outbreak of the COVID-19 pandemic, cyberattacks on enterprise data and devices are also on a rise. The outbreak of the pandemic has particularly compelled companies to adopt the Work From Home (WFH) policy in line with the guidelines issued by various governments to ensure the safety of their employees. However, this operational change has exposed the infrastructure to vulnerabilities, particularly due to the increased use of cloud services via unmanaged devices. The risk is particularly significant for financial institutions, educational institutions, manufacturing units, and IT companies, thereby driving the need for changing the security delivery models. As such, the ongoing pandemic is expected to encourage enterprises to assess their IT infrastructure and opt for robust cyber security services, thereby driving the growth of the market over the forecast period.
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Cyber Security Services Industry Segmentation
Grand View Research has segmented the global cyber security services market based on service type, professional services, managed services, industry vertical, and region:
Cyber Security Service Type Outlook (Revenue, USD Million, 2016 - 2028)
- Professional Services
- Managed Services
Cyber Security Professional Service Outlook (Revenue, USD Million, 2016 - 2028)
- Integration
- Support and Maintenance
- Training, Consulting, and Advisory
- Penetration Testing
- Bug Bounty
- Others
Cyber Security Managed Service Outlook (Revenue, USD Million, 2016 - 2028)
- Managed Detection Response (MDR)
- Managed Security Incident and Event Management (SIEM)
- Compliance and Vulnerability Management
- Others
Cyber Security Service Industry Vertical Outlook (Revenue, USD Million, 2016 - 2028)
- IT & Telecom
- Retail
- BFSI
- Healthcare
- Defense/ Government
- Energy
- Manufacturing
- Others
Cyber Security Services Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA (Middle East & Africa)
Market Share Insights:
- 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.
- January 2020: HackerOne partnered with OPPO, a mobile manufacturer. The partnership was aimed at further supporting the “Security Research Community” and reducing cyber risks.
Key Companies profiled:
Some prominent players in the global Cyber Security Services Industry 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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