The increasing smartphone penetration, surging risk of cyberattacks, escalating digitization rate, accelerating need to safeguard the confidential data of customers, and rising deployment of the cloud computing technology are expected to drive the cyber security market at a 12.6% CAGR during the forecast period (2020–2030). The market was valued at $119.9 billion in 2019, and it is projected to reach $433.6 billion by 2030.

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Moreover, the rising integration of computer vision and machine learning (ML) in various business operations will support the market growth in the coming years. The soaring penetration of mobile devices will facilitate the market growth in the forecast years. A large number of mobile devices with advanced capabilities are being adopted across the world because they offer access to global positioning system (GPS) navigation, emails, and the internet.

However, these devices are highly susceptible to cyberattacks, as their security solutions, such as firewall and software, are not updated frequently. Moreover, the increasing use of smartphones is giving birth to mobile botnets or comprised software, which leads to the denial of service (DoS) and loss of information. Additionally, the escalating need to adhere to data privacy laws will support the cyber security market growth in the coming years.

Several governments have drafted new cyber legislations and amended the old ones to offer an improved security ecosystem. According to these rules, enterprises are obligated to invest in cybersecurity to avoid reputation and financial loss and ensure the protection of the confidential data of individuals. For example, the California Consumer Privacy Act (CCPA) aims to offer users strong data protection and let them have control over their data.