Several market research organizations have published reports providing forecasts and in-depth analysis for the cybersecurity sector, and they show that significant growth is expected in some areas.
These reports have hundreds of pages and typically cost hundreds or thousands of dollars, but SecurityWeek has looked at the publicly available information and is providing a summary of the most recent predictions.
The accuracy of these forecasts is questionable, but market research reports can be valuable for companies and individuals interested in industry trends, untapped markets, business ideas, and competitive landscape analysis.
Over the past month, several companies published forecast reports focusing on various areas of the cybersecurity market.
A recent report from The Insight Partners shows that the cybersecurity market in terms of revenue was estimated at $203.45 billion in 2022 and is expected to reach $660.67 billion by 2030, with a compound annual growth rate (CAGR) of 15.9% between 2022 and 2030.
Statista projects a revenue of $183.10 billion in 2024 for the cybersecurity market, roughly half of which will go to security services.
According to ResearchAndMarkets, the global defense cybersecurity market is expected to grow from $36.9 billion in 2023 to $49.4 billion by 2028. The growth is attributed to the integration of technologies such as AI, quantum-resistant cryptography, edge computing, and IoT, which aim to enhance military capabilities and fortify defenses.
A BlueWeave Consulting study estimates that the size of the global industrial control systems (ICS) security market was $17.8 billion in 2023 and expects it to reach $26.1 billion by 2030, at a CAGR of roughly 6.6%.
According to BlueWeave, the ICS security market is “propelled by the increasing adoption of automation technologies and the Internet of Things (IoT) in industrial control applications, coupled with substantial investments in smart grids.”
A recent report from MarketsandMarkets predicts that the ‘AI in cybersecurity’ market will grow from $22.4 billion in 2023 to $60.6 billion by 2028, at a CAGR of 21.9%. An increasing number of cybersecurity companies are using AI to enhance their products, particularly in areas such as threat detection, behavioral analytics, and automation of processes such as incident response.
Knowledge Sourcing Intelligence predicts that the email security market will grow from $4 billion in 2021 to nearly $12 billion by 2028, at a CAGR of 17.01%.
The global API security market is expected to grow from $744 million 2023 to over $3 billion by 2028, at a CAGR or 32%. This significant growth will be fueled by a surge in API-related breaches, according to Reportlinker.com.
The API security market in North America is believed to reach a value of $1.25 billion by 2030, according to a forecast report from ResearchAndMarkets.
As for the wider application security market, a new report from Coherent Market Insights predicts that the global market will reach $33 billion by 2030.
A report published this week by Allied Market Research predicts that the global adaptive security market will reach nearly $41 billion by 2032, up from $8.6 billion in 2022, at a CAGR of 17.2% between 2023 and 2032.
The global cyberinsurance market is projected to reach $14.8 billion by the end of 2024 and $90.6 billion by 2033, according to Market.us. The company estimates a CAGR of 22.3% from 2024 to 2033. As for 2023, standalone cyberinsurance policies dominated the market, accounting for over 68.2% due to their customized coverage for cyber threats.
Gartner predicted in the fall of 2023 that worldwide end-user spending on security and risk management would total $215 billion in 2024, an increase of 14.3% from 2023. The company also provided a breakdown for each segment and trends for 2022-2024.
*updated with information from Gartner
Related: Cybersecurity Funding Dropped 40% in 2023: Analysis
Related: Security Experts Describe AI Technologies They Want to See
Related: Industrial Cybersecurity Market Expected to Soar in Next Decade
