Enterprise Cyber Security Market Size, Share, Growth, and Industry Analysis by Type (Security Software, Security Hardware, and Security Services) By Application (Government, Education, Enterprise, Financial, Medical, and Others), Regional Insights and Forecast To 2031

Enterprise Cyber Security Market Report Overview

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The global enterprise cyber security market size is expected to be worth USD 54030 million in 2021 and is projected to touch USD 126693.01 million by 2031, exhibiting a CAGR of 8.9% during the forecast period.

Enterprise cyber security is a more complex solution that extends the age-old cyber security premise to all levels of modern-day business computing. Whereas traditional cyber security methods were designed to protect data on a local level, enterprise cyber security strategies are designed to protect data as it travels between distant wireless devices and onto cloud servers.

This means protecting your company's on-premise and cloud-based infrastructure, as well as vetting third-party providers, and securing the growing number of endpoints connected to your network via the Internet of Things (IoT). Cyber threats and data leaks can be avoided and mitigated by implementing good enterprise cyber security practices, such as developing and defining your security scope, studying enterprise architecture, and employing traditional cyber security methods. These practices can help protect your company from cyber-attacks.

COVID-19 Impact: Halt on Information & Communication Technology Demand to Hamper Market

The global COVID-19 pandemic has been unprecedented and staggering, with the global enterprise cyber security market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden surge in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic had a significant impact on consumer and provider behavior. Short-term manufacturing unit closures, job cuts, a lack of resources, data breaches, and a weakened supply chain have all hampered global enterprise cyber security market growth. Many small and medium-sized businesses around the world experienced permanent and temporary shutdowns. The rapid expansion of security solutions in the healthcare and government sectors will drive demand. According to a 2020 NBER survey, 43 percent of respondents in the United States reported a temporary shutdown of small and medium-sized businesses. The pandemic had a global impact on small businesses and start-ups. This has impacted the demand for internet security solutions and services significantly.

During the pandemic, however, the demand for cybersecurity solutions in healthcare, manufacturing, and government has increased exponentially.

Latest Trends

"Increased IoT Adoption And The BYOD Trend to Boost Market Growth"

As a result of the growing IoT and BYOD trend in businesses, devices and applications have become more vulnerable to Advanced Persistent Threats (APTs). Furthermore, as the number of mobile devices in enterprises grows, IT staff will find it more difficult to control and trace data flow across multiple systems. As a result, businesses are increasingly relying on cyber security systems to protect sensitive data by monitoring, classifying, and resolving various types of threats, thereby fueling the global enterprise cyber security market growth. Furthermore, many businesses recognize that the benefits of BYOD in the workplace outweigh any potential risks. In most cases, potential security threats can be mitigated. There are numerous advantages to having a BYOD policy, including increased productivity, employee satisfaction, and lower company costs, all of which contribute to increased cyber security adoption.

Enterprise Cyber Security Market Segmentation

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• By Type

The global enterprise cyber security market is classified into security software, security hardware, and security services based on type. The security software segment will capture the maximum market share through 2028.

• By Application

The enterprise cyber security market is classified into government, education, enterprise, financial, medical, and others on the basis of application. The government segment will hold the major market share over 2022-2028.

Driving Factors

"Enterprise Cyber Security in Educational Institutions To Drive The Market Growth"

Enterprise cyber security is being implemented in educational institutions to protect both students and data. Education is one of the most important sectors that requires protection, and schools handle a lot of sensitive data that must be stored securely. As a result, it is critical for these businesses to implement corporate cyber security measures in order to avoid leaks or hack-related incidents. To protect themselves from such attacks, schools frequently employ tools such as firewalls, antivirus software, intrusion detection systems (IDS), spam filters, and virtual private networks (VPNs).

"SME Adoption of Network Security Solutions Will Lead to Market Expansion"

The marketplace is divided into small and medium enterprises (SMEs) and large enterprises based on enterprise size. Growth is expected to be fastest for small and medium-sized enterprises (SMEs). The increasing demand for end-point security solutions across various e-commerce startups, including retail and financial sectors, is driving this growth. Because of the increased demand for application security, large enterprise is expected to grow significantly.

Restraining Factors

"Expertise Shortages and Budget Constraints For SMEs To Impede Market Growth."

With the increasing number of online security threats, the demand for advanced solutions is increasing at an exponential rate. Outdated network security solutions are incapable of protecting businesses from advanced network, cloud, and endpoint security threats. Key restraining factors include a lack of professionals and experts in developing and advancing security solutions. The high cost of implementing and updating internet security solutions and services prevents small and medium-sized businesses from adopting them (SMEs).

Enterprise Cyber Security Market Regional Insights

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"North America To Lead The Market Due To Higher Adoption and Deployment Rates"

North America, as the most technologically advanced region, leads the world in revenue generation due to higher adoption and deployment rates. Protecting enterprise-critical infrastructures and sensitive data has become one of the major challenges as the world moves toward interconnections and digitalization. North America is a global early adopter of enterprise cyber security solutions and services. In terms of revenue, the United States is expected to have a larger enterprise cyber security market share in North America. Governments in the region have identified increasing instances of cyber-attacks as the most critical economic and national security challenges.

Asia Pacific also leads the global enterprise cyber security market share, due to the large number of market players which are mainly concentrated in the regions of Asia Pacific such as China, India, and Japan, etc. The market share also accounts because of the rising government and foreign investor investment in these regions.

Key Industry Players

"Leading Players Adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the global enterprise cyber security market.

LIST OF TOP ENTERPRISE CYBER SECURITY COMPANIES

• Venustech (China)
• Westone (U.S.)
• H3C (China)
• Huawei (China)
• Topsec (China)
• Nsfocus (China)
• Sangfor (China)
• 360 Enterprise Security (China)
• Symantec Corporation (U.S.)
• Asiainfo (China)
• DBAPP Security (U.S.)

Report Coverage

In the report, factors affecting the global enterprise cyber security market from both demand and supply are evaluated and market dynamics during the forecast period are also forecasted. Also included in the report is a comprehensive PEST analysis of countries, which assesses the governmental, financial, and shared factors influencing their markets. Apart from all of these, the report also provides drivers, restraints, opportunities, and future trends.