According to a new comprehensive report from The Insight Partners, the global cybersecurity market is experiencing robust expansion, valued at USD 228.33 billion in 2024 and projected to reach USD 552.35 billion by 2031, driven by escalating cyber threats, stringent regulatory compliance, and the critical need to safeguard business assets in an increasingly digital landscape.
The integration of artificial intelligence (AI) into cybersecurity solutions is emerging as a pivotal trend, fundamentally reshaping the global market by addressing the limitations of traditional defenses against increasingly sophisticated threats. AI enables real-time analysis of massive data volumes to detect anomalies and patterns indicative of malicious activity, often preempting breaches. Machine learning algorithms adapt continuously, learning from evolving threats to combat zero-day attacks, advanced persistent threats (APTs), and polymorphic malware. Leading vendors are embedding AI and machine learning into scalable platforms for proactive, intelligent security. For instance, in June 2025, Honeywell introduced its latest AI-powered cybersecurity solutions, Cyber Proactive Defense and OT Security Operations Center, designed to strengthen operational resilience and safety across industrial environments. Announced at the 49th annual Honeywell Users Group, these innovations represent a significant milestone in Honeywell's strategic evolution from automation toward full autonomy.
Cyberattacks represent a mounting risk to businesses, propelled by technological advancements that amplify vulnerabilities, with incidents like computer malware, data breaches, and denial-of-service (DoS) attacks proliferating. In the first quarter of 2024, the Anti-Phishing Working Group (APWG) recorded 963,994 unique phishing websites, which declined to 877,536 in the second quarter. Despite this decrease, phishing continues to be a widespread problem. According to Interisle Consulting, phishing attacks globally saw a slight year-over-year increase, rising by 50,000 to nearly 1.9 million between May 2023 and April 2024. Similarly, according to the IBM Cost of a Data Breach Report 2024, the average cost of a data breach rose to US$ 4.88 million, up from US$ 4.45 million in 2023. This 10% increase marks the largest year-over-year jump since the onset of the pandemic. These threats exact severe tolls on individuals, corporations, and governments, prompting firms to prioritize data protection within broader cybersecurity strategies. Robust defenses against breaches and attacks are essential for safeguarding critical infrastructures and ensuring data integrity, thereby accelerating market growth.
In 2024, North America dominated the cybersecurity market, capturing the largest regional share due to advanced technological adoption and stringent regulations. Europe ranks as the second-largest contributor, bolstered by frameworks like GDPR, while Asia Pacific is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period, fueled by rapid digitalization and rising investments in emerging economies. By component, the solution segment commanded the largest share in 2024, encompassing tools for threat detection and response. The network security type led overall, reflecting the emphasis on perimeter defenses amid expanding cloud and IoT ecosystems. Large enterprises held the predominant position across organization sizes, driven by complex IT environments, while the banking, financial services, and insurance (BFSI) vertical topped industry segments, underscoring the sector's high-stakes data protection needs.
Major players shaping the cybersecurity market include IBM Corporation, Oracle Corporation, Open Text Corporation, SAP SE, Cisco Systems, Microsoft Corp, Broadcom Inc., Palo Alto Networks Inc, CrowdStrike Holdings Inc, and Fortinet Inc. Trending topics such as data protection, multi-factor authentication, identity verification, and zero-trust security highlight ongoing innovations. Broadcom Inc. announced its Accelerate Program, delivered through sole-provider distribution agreements. An expansion of the Broadcom Global Cybersecurity Aggregator Program, the Accelerate Program is aimed at providing enhanced service levels for more Broadcom software solutions delivered to a broader range of Broadcom customers across multiple geographies. Oracle announced the Oracle Defense Ecosystem, a first-of-its-kind global initiative to redefine the delivery of defense and government technology innovation. The ecosystem is designed to strengthen U.S. and allied national security and help accelerate the disruptive potential of emerging defense technology by creating new opportunities for defense innovators to leverage the latest cloud and AI technologies. Initial members of the Oracle Defense Ecosystem include Arqit, Blackshark.ai, Entanglement, Fenix Group, now part of Nokia Federal Solutions, Koniku, Kraken, Mattermost, Metron, SensusQ, and Whitespace.
The cybersecurity market's trajectory underscores the imperative for organizations to adopt proactive measures amid expanding attack surfaces from cloud computing, remote work, and digital transformation. Regulatory pressures, including GDPR, CCPA, and India's Digital Personal Data Protection Act, are intensifying focus on data governance, with 83% of countries enacting privacy legislation by 2023, up from 66% in 2020. This evolution promises enhanced resilience through AI-driven defenses and zero-trust architectures, positioning stakeholders to capitalize on sustained growth opportunities.
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