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Internet Security Market

Market Insights on Internet Security covering sales outlook, demand forecast & up-to-date key trends

Internet Security Market by Software, Application & Region - Forecast 2023 to 2033

Internet Security Market Outlook

The internet security market revenue by the end of 2022 was US$ 52.1 Billion. The market is expected to reach US$ 131.5 Billion by 2033, growing at a CAGR of 8.9% for 2023 to 2033.

Estimated Year (2023) Market Value

US$ 55.9 Billion

Projected Year (2033) Market Value

US$ 131.5 Billion

CAGR% (2023 to 2033)

8.9%

Top 5 Vendor Market Share

Around 25%

Internet security refers to the measures & practices taken to protect internet-connected devices, networks & web-based systems from cyber threats such as hacking, viruses, malware, and phishing. This includes protecting personal and sensitive information like financial & personal data, from unauthorized access.

Internet security can be achieved through a combination of technical measures, including firewalls and antivirus software, as well as non-technical measures that include educating users about safe online practices along with having a strong security policy.

The internet security market was estimated to have held 39.1% of the global cyber security market.

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2018 to 2022 Internet Security Market Demand Outlook Compared to 2023 to 2033 Forecast

The internet security market is estimated to grow at a CAGR of 8.9% for the forecast period of 2023 to 2033, in comparison to the 5.4% growth of internet security for the historic period 2018 to 2022.

There are several factors driving the growth of the internet security market such as increasing cyber-attacks owing to the rise in sophisticated cyber threats and hacking techniques resulting in the increased demands for internet security solutions.

With the growing reliance on digital technology, more businesses & individuals are using digital technology. The number of potential targets for cyber-attacks has increased, allowing the demand for internet security solutions to grow over the forecast period.

The Use of Internet Based Services and Solutions Create the Demand for Internet Security Solutions

Enterprises rely on various solutions and services for their regular work activities that are supported by the internet. Several solutions cannot be completely used without internet connection. Internet based software and solutions are not restricted to enterprises and are also used by individuals.

This creates an opening for various cyber-threats that could attack the users device via the internet, creating the demand for internet security solutions.

Sudip Saha
Sudip Saha
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Lack of Expert and Financial Constraints for SMEs to Hinder the Market Growth

Small and emerging businesses in developing economies must be mindful of their budgets. Otherwise, it will result in a large sum, potentially slowing the growth of the cyber security market. Budgets set aside to meet cybersecurity needs are not keeping pace with the market's growth in attacks. Emerging businesses in MEA, Latin America, and APAC frequently struggle to find the money and the right funds to implement cybersecurity solutions.

A lack of capital finance and security professionals can be a significant barrier to adopting a cybersecurity approach for certain small and medium-sized businesses.

Regional Analysis

The internet security market in North America is one of the largest and most developed markets in the world. The region is home to some of the largest and most technologically advanced companies globally, the countries in North America are often targeted by cyber-criminals because of the prosperity in this region and hence, it becomes important for the enterprises in this region to implement internet security solutions.

North America, is dominating the internet security market and is estimated to have the highest share value 24.5% in 2022. South Asia & Pacific region is estimated to be the fastest growing region for the internet security market because of the overall economical and industrial growth estimated to occur in this region over the forecast period, allowing the market to grow at a CAGR of 13.4%.

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Country wise insights

The US with Stringent Regulations Is Driving Demand for Advanced Internet Security Solutions

The US has strict regulations in place to protect sensitive data, such as HIPAA and the California Consumer Privacy Act (CCPA), which have increased the need for internet security solutions.

As a result, the internet security market in the US is expected to continue to grow in the coming years as businesses and individuals become more aware of the need to protect their digital assets.

The US estimated market share value was 18.4% in 2022, and grow with an 8.2% CAGR over the forecast period.

The Increasing Use of Digital Technology and The Growing Number of Cyber Threats

The adoption of digital technology and internet usage has been rapidly increasing in India, driving demand for internet security solutions to protect against cyber threats.

The government of India has been promoting the use of digital technology and has also been taking steps to increase cyber security awareness and strengthen the country's cyber security infrastructure.

This allowed India to have held the market to grow at a CAGR of 12.5%.

Businesses and Individuals Become Aware of the Need to Protect Their Digital Assets in China

China has a high adoption rate for cloud and IoT technologies, which has created new susceptibilities that need to be protected. China's rapidly growing economy has enabled many companies and individuals to invest in internet security solutions.

With an increasing number of cyber-attacks, the need for internet security solutions has become a major part of China.

Due to the above-mentioned reasons, China was estimated to have held a market share of 16.2% in 2022.

Category wise Insights

Why Government and Defence Has the Highest Market Share for Internet Security?

The government stores far more data than the private sector and more often keep it on older, less secure systems. Even as governments attempt to protect themselves from attackers, employees and citizens alike want their data to be easily accessible. It's no surprise then that those who envision digital government transformation face significant cybersecurity challenges.

For these reasons, the government segment is estimated to have a higher share value of 20.7%. as of 2022.

Why Encryption and Tokenization is Estimated to be the Fastest Growing Software for Internet Security Market?

Tokenization converts data into a random code that cannot be reversed, whereas encryption can be reversed by experts.

Tokenization occurs with card numbers, security numbers, and so on, whereas encryption occurs with files and emails. Payments made over the phone or in person are examples of encrypted data, and the use cases of tokenization include card-on-file payments, recurring payments, and storing customer data in multiple locations.

The demand for tokenization and encryption is estimated to grow because of the high importance they maintain for creating secure environments for the clients and servers, that can be crucial for rising number of e-commerce businesses and the application of blockchain technology for various industrial purposes.

Based upon the above-mentioned reasons, it is estimated that encryption and tokenization CAGR is 11.5% for the forecast period.

Competitive Landscape

Rising end-user investment and high demand for enterprise security solutions drive security solution adoption. Global market players like Palo Alto Networks, Inc., Microsoft Corporation, IBM Corporation, and others are investing in advanced network security solutions.

  • In June 2022, Fortinet launched FortiRecon, a complete digital risk protection service (DRPS) offering that uses a powerful combination of machine learning, automation capabilities, and FortiGuard Labs cybersecurity experts to manage a company’s risk posture and advise meaningful action to protect their brand reputation, enterprise assets, and data.
  • In July 2021, to accelerate DevSecOps, Fortinet, Inc. acquired application security pioneer Skenai. Sken.ai thoroughly tests all popular programming languages and frameworks and different kinds of scans (DAST, SAST, SCA, Secrets, and more). Sken.ai correlates and assigns a security risk level and score to each vulnerability across various scan types and apps using machine learning.

Scope of report

Attribute

Details

Market value in 2022

US$ 52.1 Billion

Market CAGR 2023 to 2033

8.9%

Share of top 5 players

Around 25%

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

USD Billion for Value

Key Regions Covered

North America, Latin America, Europe, South Asia & Pacific, East Asia, and the Middle East & Africa

Key Countries Covered

USA, Canada, Germany, United kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey, and South Africa

Key Segments Covered

By Software, by Application and by Region

Key Companies Profiled

  • Accenture
  • Broadcom Inc.
  • Capgemini
  • Cognizant
  • F5 Networks Inc.
  • FireEye Inc.
  • HCL Technologies Limited
  • IBM Corporation
  • Infosys Limited
  • L&T Technology Services Limited
  • PwC International Limited Broadcom Inc.
  • Tata Consultancy Services
  • Tech Mahindra Limited
  • Wipro Limited

Report Coverage

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Internet security market by Category

By Software:

  • IAM
  • Antivirus/Antimalware
  • Log Management and SIEM
  • Encryption and Tokenization
  • Compliance and Policy Management

By Application:

  • IT & Telecom
  • Retail
  • BFSI
  • Healthcare
  • Defense/Government
  • Manufacturing
  • Energy
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

Frequently Asked Questions

A: Some leading companies are Accenture, Broadcom Inc., Capgemini, Cognizant, and F5 Networks Inc.

A: South Asia and the Pacific region is expected to showcase the highest growth of 13.4% over the forecast period.

A: Government has the largest market share for the internet security market at 21.5%.

A: Encryption and Tokenization have the highest CAGR of 11.5% for the forecast period.

A: The market share of South Asia and the Pacific for the year 2022 is 18.4%.

A: India has the highest CAGR for the forecast period, which is 12.5%.

A: The CAGR for the forecast period 2018 to 2022 for the internet security market was 5.4%.

A: China had the largest market share in East Asia in 2022, in the internet security market with a market share of 16.2% in the region.

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Sudip Saha
Principal Consultant
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