The global cyber crisis management market is anticipated to be valued at USD 3,975.2 million in 2023, forecasted to grow at a CAGR of 7.3% valued at USD 53,344.1 million from 2023 to 2033. Growth is attributed to the increase in the risk of the cyber crisis. From 2018 to 2022, the market experienced an incline at a 6.7% CAGR.
The cyber crisis management market has expanded rapidly in recent years, owing to the rising frequency of cyber-attacks, which has compelled numerous firms to plan ahead of time for prospective cyber security disasters and data spills. Companies may dramatically increase the speed and efficacy of cyber incident response efforts by implementing an effective cyber crisis management plan.
In today's workplace, events such as hacked devices, crashed websites, network breaches, stolen data, and other cyber security incidents have grown widespread, leading firms to create and use cyber crisis management tools to address the effects of a cyber-incident.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | USD 3,975.2 million |
| Anticipated Forecast Value (2033) | USD 53,344.1 million |
| Projected Growth Rate (2023 to 2033) | 7.3% CAGR |
The primary drivers projected to fuel market expansion include significant chances in SMEs owing to a rise in the frequency of cyber-attacks and large potential in the BFSI segment to avoid cyber-attacks during mobile banking activities.
On the contrary, the cyber crisis management procedure takes more time, which influences market growth. This is one of the primary reasons that would impede the growth of the cyber crisis management market during the analysis period.
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The global demand for cyber crisis management is projected to increase at a CAGR of 7.3% during the forecast period between 2023 and 2033, reaching a total of USD 53,344.1 million in 2033, according to a report from Future Market Insights (FMI). From 2017 to 2022, sales witnessed significant growth, registering a CAGR of 6.7%.
Growth in mobile threat concerns as a result of the development of various apps increases the danger of cyber-attacks for businesses, increasing the demand for cyber crisis management to handle the cyber crisis of company operations.
During the projected period, the adoption of cyber crisis management is predicted to expand to detect cyberattacks and secure the network and data in corporate operations. However, the operations of cyber crisis management are complicated, which limits the use of cyber crisis management.
As a result of considerable technical expenditures in the aerospace sector, the likelihood of cyber-attacks has grown, affecting company cybersecurity and fuelling demand for cyber crisis management. The cyber crisis management procedure takes more time, which influences market growth.
Owing to the increased frequency of cyber-attacks, the cyber crisis management industry offers several prospects to SMEs. In the BFSI business, there are also significant changes to avoid cyber-attacks during mobile banking activities.
Increasing Prevalence of Targeted Cyber Attacks to Boost Market Growth
The market's expansion might be ascribed to the increasing complexity of cyberattacks. Over the last decade, the number and severity of cyber frauds and crimes have escalated, resulting in massive losses for corporations.
Since cybercrime has expanded considerably, businesses worldwide have boosted their investment in advanced information security technology to bolster their in-house security infrastructures.
For instance, Puma, an eminent sportswear manufacturer, suffered a data breach in January as a result of a ransomware assault on one of its vendors, labor management service provider Kronos (unrelated to the Kronos banking malware).
Kronos was hit by ransomware in December 2022, and the following month, Puma employees' personally identifiable information (PII) was taken from the Kronos Private Cloud environment. It is estimated that around 6,600 Puma workers' data was taken.
The primary goal of targeted attacks is to infiltrate the networks of targeted corporations or organizations and steal important information. As a result of these targeted assaults, companies' business-essential activities suffer in terms of business interruptions, intellectual property loss, financial loss, and loss of important and sensitive customer information.
Targeted cyberattacks have an impact not only on targeted enterprises but also on domestic and worldwide customers. Attackers steal Personally Identifiable Information (PII) such as names, phone numbers, addresses, driving license numbers, and social security numbers, which can increase the frequency of security breaches and identity thefts.
Hence, owing to all the reasons mentioned above, the cyber crisis management market is forecasted to grow astronomically throughout the projected period from 2023 to 2033.
The global demand for cyber crisis management is projected to increase at a CAGR of 7.3% during the forecast period between 2023 and 2033, reaching a total of USD 53,344.1 million in 2033, according to a report from Future Market Insights (FMI). From 2017 to 2022, sales witnessed significant growth, registering a CAGR of 6.7%.
Growth in mobile threat concerns as a result of the development of various apps increases the danger of cyber-attacks for businesses, increasing demand for cyber crisis management to handle the cyber crisis of company operations.
During the projected period, the adoption of cyber crisis management is predicted to export to detect cyberattacks and secure the network and data in corporate operations. However, the operations of cyber crisis management are complicated, which limits the use of cyber crisis management.
As a result of considerable technical expenditures in the aerospace sector, the likelihood of cyber-attacks has grown, affecting company cybersecurity and fuelling demand for cyber crisis management. The cyber crisis management procedure takes more time, which influences market growth.
Owing to the increased frequency of cyber-attacks, the cyber crisis management industry offers several prospects to SMEs. In the BFSI business, there are also significant changes to avoid cyber-attacks during mobile banking activities.
Increasing Prevalence of Targeted Cyber Attacks to Boost Market Growth
The market's expansion might be ascribed to the increasing complexity of cyberattacks. Over the last decade, the number and severity of cyber frauds and crimes have escalated, resulting in massive losses for corporations.
Since cybercrime has expanded considerably, businesses worldwide have boosted their investment in advanced information security technology to bolster their in-house security infrastructures.
For instance, Puma, an eminent sportswear manufacturer, suffered a data breach in January as a result of a ransomware assault on one of its vendors, labor management service provider Kronos (unrelated to the Kronos banking malware).
Kronos was hit by ransomware in December 2022, and the following month, Puma employees' personally identifiable information (PII) was taken from the Kronos Private Cloud environment. It is estimated that around 6,600 Puma workers' data was taken.
The primary goal of targeted attacks is to infiltrate the networks of targeted corporations or organizations and steal important information. As a result of these targeted assaults, companies' business-essential activities suffer in terms of business interruptions, intellectual property loss, financial loss, and loss of important and sensitive customer information.
Targeted cyberattacks have an impact not only on targeted enterprises but also on domestic and worldwide customers. Attackers steal Personally Identifiable Information (PII) such as names, phone numbers, addresses, driving license numbers, and social security numbers, which can increase the frequency of security breaches and identity thefts.
Hence, owing to all the reasons mentioned above, the cyber crisis management market is forecasted to grow astronomically throughout the projected period from 2023 to 2033.
The Cloud Segment is Highly Preferred in the Cyber Crisis Management Market
Over the projected period, the cloud-based category is predicted to develop at the fastest pace. The rapid increase can be ascribed to the increasing deployment of cloud computing infrastructure and enterprise migration of on-premises solutions to the cloud.
Cloud-based cyber crisis management solutions are simple and inexpensive to adopt, maintain, and update, which is projected to help with market expansion.
Furthermore, cloud deployment offers remote access to solutions across several devices, which is projected to drive category growth even further. Thus, by type, the cloud segment is expected to grow at a 6.9% CAGR for the cyber crisis management market in the sales indicator period 2023-2033.
Aerospace & Defence to the Dominant Application in the Cyber Crisis Management Market
In 2022, the aerospace & defense category held the largest market share of the total market. Because of the sensitive nature of the information they hold, government and defense institutions face a persistent security threat from state-sponsored hacktivists.
As a result, various governments worldwide are investing extensively in upgrading their countries' cyber security, eventually contributing to the segment's growth.
For example, the Japanese government is planning to boost its military budget to USD 47.18 billion, with USD 298.2 million set aside to bolster its protection against cyber-attacks. Thus, by application, the aerospace & defense category is expected to grow at a 7% CAGR market share for the cyber crisis management market in the forecast period 2023 to 2033.
Many important industry participants in the cyber crisis management market are collaborating to create the best-in-class cyber crisis management system for improving global cybersecurity. However, several worldwide start-ups in the cyber crisis management sector are moving forward to meet the cybersecurity domain's expectations.
Global Start-Ups of Cyber Crisis Management Market
Wavestone: Wavestone is a French management consulting firm. It was founded in 2017 following Solucom's acquisition of Kurt Salmon's European and financial services businesses. Wavestone is placed third on Glassdoor's "Best Employers 2018" list and is listed on Forbes' list of "The Best Management Consulting Firms for 2018." Wavestone bought Xceed Group, a British IT consultancy business, in April 2018.
TrustPeers: TrustPeers is a start-up that specialises in incident response (IR) technology 2019. It creates a cyber-crisis management platform to assist enterprises in preparing for attacks and managing cyber catastrophes. Its patented crisis management SaaS platform is built on a planning, practice, response, and post approach that covers the complete event lifecycle. The full-cycle IR-centric solution from TrustPeers enables cyber disasters to be quickly handled, mitigated, and audited.
IBM Corporation, Cisco Systems Inc., Hewlett Packard Enterprises, Rapid7 Inc., Optiv Security Inc., Palo Alto Networks, Inc., WhiteHat Security, McAfee LLC, Symantec Corporation, and Juniper Networks, Inc. are among some prominent players in the worldwide cyber crisis management market.
Owing to the enormous amount of competitors, the market is extremely contentious. While global companies such as IBM Corporation, Cisco Systems Inc., Hewlett Packard Enterprises, Rapid7 Inc., and Optiv Security Inc. control a sizable share of the market, numerous regional-level competitors are also active in major development regions, notably North America.
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 3,975.2 million |
| Market Value in 2033 | USD 53,344.1 million |
| Growth Rate | CAGR of 7.3% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
Type, Application, Vertical, Region |
| Regions Covered |
North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Russia, China, Japan, South Korea, India, Australia, South Africa, Saudi Arabia, UAE, Israel |
| Key Companies Profiled |
IBM Corporation; Cisco Systems Inc.; Hewlett Packard Enterprises; Rapid7 Inc.; Optiv Security Inc.; Palo Alto Networks, Inc.; WhiteHat Security; McAfee LLC; Symantec Corporation; Juniper Networks, Inc. |
| Customization | Available Upon Request |
The cyber crisis management market is valued at USD 3,975.2 million in 2023.
The cyber crisis management market will rise at a 7.3% CAGR from 2023 to 2033.
The cloud segment is projected to rise swiftly at a 6.9% CAGR through 2033.
The aerospace & defense category is estimated to thrive at a 7% CAGR from 2023 to 2033.
The cyber crisis management market is expected to reach USD 53,344.1 million by 2033.
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Cyber Crisis Management Market
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