In 2023, the worldwide cyber-security industry was estimated to be worth USD 172.24 billion. The market is expected to reach USD 562.72 billion by 2032, up from USD 193.73 billion in 2024.

Due to the growing number of e-commerce platforms in the industry, the U.S. cyber security market is anticipated to grow considerably, reaching an estimated value of USD 166.73 billion in 2032 and displaying a CAGR of 14.3% during the forecast period.

Cyber-security is a technique to defend programs, networks, and systems from online threats. Cyberattacks typically interrupt regular corporate operations, extort user money, or alter, access, or delete sensitive data. The market is anticipated to increase over the projected period due to the growing use of enterprise security solutions in manufacturing, banking, financial services, insurance, and healthcare.

The COVID-19 epidemic had a significant impact on how consumers and suppliers behaved generally. Business growth throughout the world has been adversely impacted by temporary closures of industrial facilities, shortages of resources, employment shortages, data breaches, and poor supply chains. Around the world, a large number of small and medium-sized enterprises experienced both temporary and permanent closures.

A 2020 NBER study found that 43% of American respondents said small and medium-sized firms have temporarily shut down. Globally, the epidemic affected start-ups and small businesses, which had a big effect on the need for internet security services and solutions.

Major firms are enhancing their corporate security by incorporating technologies such as big data, cloud computing, machine learning, and the Internet of Things (IoT). They are adopting machine learning signature-less security for IoT, which helps them better recognize and detect uncertain threats and challenges.