IT & Telecom Cyber Security Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented by Deployment Modes (On-Premises, Cloud-Based) By Security Solution (Network Security, Endpoint Security, Cloud Security, Application Security), By End-User Industry (Telecom Service Providers, E-commerce, Enterprises, Utilities, Government and Defense, Others), By Region, By Competition,
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIT & Telecom Cyber Security Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented by Deployment Modes (On-Premises, Cloud-Based) By Security Solution (Network Security, Endpoint Security, Cloud Security, Application Security), By End-User Industry (Telecom Service Providers, E-commerce, Enterprises, Utilities, Government and Defense, Others), By Region, By Competition,
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 198.38 billion |
| CAGR (2023-2028) | 8.74% |
| Fastest Growing Segment | Endpoint Security |
| Largest Market | North America |
Market Overview
Key Market Drivers
Rise of Digitalization
With the rapid digital transformation across various industries, there has been a massive rise in data generation and its exchange over networks. Organizations are increasingly moving their operations and services online which has expanded the attack surface for cybercriminals. Vast amounts of sensitive customer and organizational data is now stored in the cloud and transmitted over the internet. This has made data theft a lucrative business for hackers. To protect themselves against such online threats, companies are compelled to heavily invest in advanced cyber security solutions such as web filtering, firewalls, antivirus, identity and access management etc. The growing needs of securing digital infrastructure and the transition to Industry 4.0 is a major factor propelling the demand for cyber security in telecom and IT sectors.
Increase in Sophisticated Cyber Attacks
As digital networks become more complex with the integration of newer technologies, cyber attacks have also evolved in terms of complexity, frequency and impact. Threat actors are employing sophisticated techniques like ransomware, phishing scams, DDoS attacks and supply chain compromises to cause large scale disruptions. Moreover, state-sponsored hacking groups are specifically targeting critical infrastructure for cyber espionage and data theft. This has heightened security risks for businesses. The financial and reputational losses incurred due to cyber breaches have increased manifold. As a result, organizations are allocating more funds for proactive threat monitoring, detection and response capabilities. The growing need to mitigate financial and legal repercussions of security compromises is boosting investments in cyber security.
Remote Working Culture
Key Market Challenges
Shortage of Cyber Security Skills
While the demand for cyber security professionals has skyrocketed with growing threats, there is a significant talent crunch in the industry. According to estimates, there will be over 3.5 million unfilled cyber security jobs by 2021. Organizations struggle to find and retain skilled security analysts, engineers, threat hunters and security architects. This is mainly due to the very specialized nature of jobs and lack of trained workforce. Moreover, the job roles require constant upskilling as technologies and threats evolve rapidly. Training employees takes a lot of time and resources for companies. The dearth of cyber security experts impacts businesses' ability to deploy next-gen solutions, strengthen security controls, conduct risk assessments and respond to incidents in a timely manner. It also increases their reliance on external cyber security vendors and consultants which drives up costs. Unless the talent shortage is addressed, it can negatively impact the market's growth potential.
Budget Constraints
robust security controls. It limits the market opportunity for vendors as well.
Key Market Trends
Adoption of Cloud-Based Security Solutions
With more applications and data moving to public and hybrid cloud environments, there is a rising trend where cyber security solutions themselves are being deployed over the cloud. Cloud-based security offerings provide advantages like scalability, lower upfront costs, easy deployment and round-the-clock protection. They are driving increased spending on cloud-delivered services across endpoint protection, web security, firewalls, data loss prevention, identity access management etc. Vendors are innovating cloud-native security platforms that leverage technologies like AI/ML, analytics and automation to strengthen cloud security postures. They are also offering managed detection and response services. As cloud adoption grows exponentially, cloud security market size is projected to reach over USD20 billion by 2023. This clearly shows cloud is emerging as a disruptive delivery model for cyber security.
Adoption of AI and Machine Learning
Cybercriminals are using sophisticated AI/ML techniques to automate attacks at massive scale. To keep pace, security teams are increasingly leveraging cognitive technologies to gain real-time threat visibility, predictive analysis of anomalies and autonomous response. AI assists in monitoring vast volumes of security data, detecting even never-seen-before threats, prioritizing vulnerabilities, and streamlining incident response. It reduces the reliance on manual processes and security personnel shortages. The majority of organizations now consider AI/ML as important to their security programs. The AI cyber security market is estimated to grow at over 40% annually. Vendors are differentiating their offerings by incorporating behavioral analytics, deep learning, natural language processing and other cognitive capabilities.
Focus on Operational Technology Security
With the rise of IoT, automation and convergence of IT and OT networks, cyber risks have expanded to industrial control systems, manufacturing plants, oil & gas pipelines and critical national infrastructure as well. Even small glitches can disrupt operations and cause safety and environmental hazards. There is a growing need to secure these environments from threats like ransomware while ensuring safety, reliability and uptime of equipment. Vendors are developing OT/ICS-specific solutions around device authentication, anomaly detection, secure remote access and segmentation. Regulatory mandates are also driving spending on solutions for process monitoring, patch management, configuration control and security event management in OT. Governments are collaborating with industry to strengthen national cyber resilience. This presents a massive market potential for vendors catering to operational security needs.
Segmental Insights
Deployment Modes Insights
The on-premises deployment mode dominated the global IT & telecom cyber security market in 2022 and is expected to continue its dominance during the forecast period. The on-premises security solutions are preferred by many large enterprises and government organizations due to factors such as high-level customization needs, complete control over infrastructure, data residency compliance and avoidance of recurring costs associated with cloud solutions. However, the cloud-based security segment is anticipated to witness the highest growth rate during the projected timeframe. This shift can be attributed to advantages of cloud like scalability, pay-as-you-go pricing, easy deployment and maintenance, centralized management and round-the-clock protection. As more security functions are virtualized and workloads migrate to public/hybrid clouds, the demand for cloud-delivered security services including web security, firewall, endpoint protection, IAM and DLP is growing rapidly. The cloud security market is further accelerated by the COVID-19 pandemic induced remote working culture which necessitates cloud-based access to security tools for distributed workforce. Various industry experts also predict that cloud adoption will outpace on-premises in the coming years, which will boost spending on cloud security subscriptions and managed security services.
Security Solution Insights
The network security segment dominated the global IT & telecom cyber security market in 2022 and is expected to maintain its dominance during the forecast period. Network security solutions help organizations secure their wide and complex networks from constantly evolving cyber threats such as malware, phishing attacks, ransomware and zero-day exploits. The growing network traffic volumes, increasing number of connected devices, and transition to remote working have expanded the attack surface significantly. Consequently, there is high demand for advanced network security controls including firewalls, secure web gateways, intrusion prevention systems, and unified threat management. Moreover, with more applications moving to public clouds, the need to protect cloud workloads and cloud-to-ground traffic is driving spending on cloud-delivered network security services. The network security segment is anticipated to continue leading over the forecast period owing to the criticality of networks for business operations and growing sophistication of network attacks. However, the endpoint security and application security segments are expected to witness lucrative growth rates. This can be attributed to the rise in BYOD and mobility trends increasing vulnerabilities at endpoints and growing investments in application security testing and runtime protection solutions.
Regional Insights
The North American region dominated the global IT & telecom cyber security market in 2022 and is expected to maintain its dominance during the forecast period. This can be attributed to early adoption of advanced cyber security technologies and solutions across various industries in the US and Canada. Presence of many innovative solution providers and cyber security vendors in the region has accelerated product development. Moreover, stringent data protection regulations such as GDPR and CCPA have compelled organizations to heavily invest in security upgrades. High defense, IT and telecom spending by governments in the region provides further impetus. During the pandemic, remote working surge increased the need for effective cyber security controls. Growing concerns around critical infrastructure protection and ransomware also augment market revenues. Asia Pacific is anticipated to witness the fastest growth rate owing to rapid digitalization of economies, increasing cyber threats, and supportive government initiatives for cyber security preparedness in major countries like India, China, Japan and Australia. Europe will exhibit steady demand fueled by initiatives like the NIS Directive and Cyber Security Act focusing on national cyber resilience.
Recent Developments
- In September 2022, Ciscoacquired Armis for USD1.4 billion to strengthen its ability to secure IoT andoperational technology environments.
- In August 2022, Palo AltoNetworks launched new cloud security capabilities such as Cloud WorkloadProtection and Cloud Security Posture Management to help customers secure theircloud infrastructure and workloads.
- In July 2022, Check PointSoftware announced the acquisition of Avanan for USD250 million to bolster itscloud email security and SaaS protection portfolio.
- In June 2022, IBM unveilednew zero-trust capabilities for its security platform including secure accessservice edge and software-defined perimeter to help organizations implement zero-trustarchitectures.
- In May 2022, FireEye signeda definitive agreement to sell its products business including the MandiantSolutions cyber security toolset to Symphony Technology Group for USD1.2billion.
- In April 2022, Microsoftlaunched new Azure-native security services such as Azure Active Directory,Azure Sentinel, and Microsoft Defender for Cloud to strengthen security ofcloud environments.
- In March 2022,NortonLifeLock announced plans to acquire Avast for over USD8 billion to createa leader in consumer cyber safety with over 500 million users globally.
- In February 2022, Fortinetintroduced its latest 5G security solutions including FortiSASE andFortiGate-VM to help communication service providers secure 5G networks andedge infrastructure.
Key Market Players
- Cisco Systems
- IBM CORPORATION.
- Symantec
- Trend Micro
- FireEye
- Check Point Software Technologies
- JuniperNetworks
- Sophos
- Rapid7
- MicroFocus International
| By Deployment Modes | By Security Solution | By End-User Industry | By Region |
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