KBS - Cyber Security & I.T. Infrastructure - Market Insight

MARKET INSIGHT • Revenue in the cyber security market was projected to reach $185.70bn in 2024

• Security Services dominates the market with a projected market volume of $97.30bn in 2024

• Revenue indicates an annual growth rate (CAGR 2024-2029) of 7.92%, resulting in a market volume of $271.90bn by 2029. The cyber security market can be considered in two segments - Security Services and Cyber Solutions. In 2023, the total revenue of the cyber security market reached $167.3bn. With around $90.2bn, Security Services represents the largest segment, comprising approximately 51% of worldwide revenues. Cyber security in developed countries is highly sophisticated, especially with integration of tools such as Machine Learning. Moreover, it is expected to grow in developing countries, as 20bn devices are predicted to be connected to the IoT globally by 2028.

Global revenue in the cyber security market in 2023: 1. UNITED STATES ($73BN) 2. CHINA (£13.04BN) 3. UNITED KINGDOM ($10BN)

300

271.90

255.70

250

238.10

221.80

202.99

200

185.69

167.29

150.16

150

139.89

121.92

115.21

102.74

100

89.72

In billion USD (US$) 83.32

50

0

2016

2018

2020

2022

2024

2026

2028