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PORTLAND, Ore., Feb. 23, 2026 /PRNewswire/ — The growing prevalence of malware and phishing attacks in enterprises, coupled with the widespread adoption of IoT and BYOD devices, is driving the expansion of the cybersecurity market. Additionally, rising demand for cloud-based cybersecurity solutions further fuels market growth.
Allied Market Research published a report, titled, “Cybersecurity Market by Component (Solution and Service), Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprises, and Small and Medium-sized Enterprise), and Industry Vertical (IT and Telecom, Automotive, BFSI, Government, Healthcare, Energy and Utilities, Manufacturing, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033″. The global cybersecurity market size was valued at $219 billion in 2023 and is projected to reach $578.2 billion by 2033, growing at a CAGR of 10.4% from 2024 to 2033.
Prime Determinants of growth
The rise in malware and phishing threats among enterprises, along with increase in adoption of IoT and BYOD devices, is driving the growth of the cybersecurity market. Additionally, increasing demand for cloud-based cybersecurity solutions is further boosting market expansion. However, budget constraints and the complexities of securing diverse devices continue to pose challenges. Conversely, the growing adoption of mobile applications and platforms, the need for robust authentication methods, and the evolution of traditional antivirus software are expected to create lucrative opportunities for market growth during the forecast period.
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Segment Highlights
The solution segment dominated the market in 2023
Based on offering, the solution segment held the largest share of the cybersecurity market in 2023, driven by the rising sophistication of cyber threats and growing demand for advanced security solutions. Organizations are prioritizing robust cybersecurity measures to protect sensitive data and meet regulatory requirements. Meanwhile, the services segment is expected to register the highest CAGR during the forecast period, fueled by the increasing need for ongoing support, monitoring, and management of cybersecurity solutions. As threats continue to evolve, organizations are relying on expert services for incident response, risk assessment, and compliance management, further driving segment growth.
Regional Outlook
North America to dominate the cybersecurity market by 2033
By region, North America led the cybersecurity market in 2023 due to the presence of major technology companies and a strong focus on innovation in security solutions. The region’s advanced IT infrastructure, rising cyber threats, and stringent regulatory frameworks drive organizations to make significant investments in cybersecurity. Meanwhile, the Asia-Pacific region is expected to experience the highest growth during the forecast period, driven by rapid digital transformation, increasing internet penetration, and widespread adoption of cloud technologies, IoT devices, and mobile solutions. Additionally, the surge in cyber threats and data breaches is prompting governments and enterprises in the region to prioritize cybersecurity investments.
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Which Segment Holds the Largest Market Share and Why?
The solution segment holds the largest share of the cybersecurity market, primarily due to the increasing complexity and volume of cyber threats faced by organizations worldwide. As cyberattacks become more sophisticated, enterprises are investing heavily in advanced security solutions such as endpoint protection, firewalls, intrusion detection systems, and cloud security platforms. These solutions help safeguard sensitive data, maintain business continuity, and ensure compliance with stringent regulatory requirements across industries. Organizations recognize that proactive protection through comprehensive security solutions is essential to prevent data breaches, financial losses, and reputational damage. While demand for services like managed security, consulting, and incident response is growing, the immediate need for robust technological solutions to counter evolving threats positions the solution segment as the market leader, reflecting both current adoption rates and strategic prioritization by enterprises to strengthen their cybersecurity infrastructure.
What Makes the U.S./Europe/Asia-Pacific a Key Market for Industry Players?
The U.S., Europe, and Asia-Pacific are critical markets for cybersecurity industry players due to a combination of technological maturity, regulatory frameworks, and rapid digital adoption. The U.S. leads the market owing to the presence of major technology companies, advanced IT infrastructure, and a strong focus on innovation in security solutions. High awareness of cyber threats and stringent regulatory requirements drive enterprises to invest heavily in robust cybersecurity measures.
Europe is another key market, supported by strict data protection regulations such as GDPR, which compel organizations to adopt comprehensive security solutions. The region’s well-established IT ecosystem and growing emphasis on cybersecurity resilience make it attractive for vendors offering both solutions and managed services.
Asia-Pacific is expected to register the highest growth due to rapid digital transformation, rising internet penetration, and widespread adoption of cloud technologies, IoT devices, and mobile applications. Increasing cyber threats and data breaches in the region prompt governments and enterprises to prioritize cybersecurity investments, creating lucrative opportunities for industry players seeking market expansion.
What Is the Long-Term Outlook for the Market?
The long-term outlook for the cybersecurity market is highly positive, driven by the continuous evolution of cyber threats and increasing digitalization across industries. Rising adoption of cloud services, IoT devices, and mobile platforms is fueling demand for advanced security solutions. Organizations are prioritizing robust cybersecurity measures to protect sensitive data, ensure regulatory compliance, and maintain business continuity. Additionally, the growth of managed security services, AI-driven threat detection, and zero-trust architectures presents new opportunities for market expansion. With governments and enterprises worldwide investing heavily in cybersecurity, the market is expected to experience sustained growth over the coming decade.
Key Industry Developments
In March 2024, the U.S. allocated $25 million to strengthen national defenses against malicious cyber actors and cyber campaigns. The funding focuses on countering emerging threats, enhancing federal cybersecurity measures, protecting federal cyberspace and critical infrastructure, and ensuring robust disaster resilience, response, and recovery capabilities.
In October 2023, Japan announced a $6.7 million cyber defense initiative aimed at integrating domestically developed security software into government computers by 2025. The platform will be compatible with Microsoft security software installed on most covered devices.
In March 2021, the Government of Canada launched the Cyber Security Innovation Network program with an $80 million investment. The initiative supports the creation of a national network of cybersecurity centers of expertise, affiliated with post-secondary institutions across Canada, in collaboration with private sector partners, not-for-profits, and federal, provincial, and municipal governments.
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Key Market Players
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Palo Alto Networks, Inc.
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Cisco Systems, Inc.
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CrowdStrike, Fortinet, Inc.
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Check Point Software Technologies Ltd.
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Trend Micro Incorporated.
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IBM Corporation, Broadcom Inc.
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F5, Inc.
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Proofpoint, Inc.
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HCL Technologies Limited
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Infosys Limited
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L&T Technology Services Limited
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TATA Consultancy Services Limited
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Tech Mahindra Limited
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Wipro Limited
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Thales S.A.
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RSA Security LLC
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SonicWall
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CyberArk Software Ltd.
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