Consumer Cybersecurity Software Market Expected to Reach $20.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Consumer Cybersecurity Software Market, By Offering (Antivirus Software, Network Security, Identity Theft Protection, Infrastructure Protection Software, Password Management Software, Others), By Deployment Mode (On-Premise, Cloud), By Device Type (PC/Laptop Security Software, Smartphone Security Apps, Tablet Security Software, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". The consumer cybersecurity software market size was valued at $7.8 billion in 2022, and is estimated to reach $20.2 billion by 2032, growing at a CAGR of 10.1% from 2023 to 2032.

Consumer cybersecurity is the process of protecting data, networks, computers, servers, mobile devices, and electronic systems against malicious incidents. It is often referred to as electronic information security or information technology security. The term applies to a variety of equipment, from business to mobile computing, and can be applied to many other devices. 

In addition, as organizations increasingly rely on cloud services, consumer cybersecurity software is crucial for protecting cloud environments. Consumer cybersecurity software market analysis include continuous monitoring and analysis of cloud infrastructure, data traffic, and user activities to identify potential threats and adjust security measures accordingly. Hence, the consumer cybersecurity software market is driven by the need for intelligent and automated systems that can process and analyze vast amounts of data in real-time, enabling organizations to make informed security decisions and take actions By data-driven insights.  

On the basis of deployment mode, the on-premise segment is expected to grow at the highest growth rate during the forecast period. ncrease in demand for consumer cybersecurity software and services in the on-premise deployment mode can be attributed to the growth of the market in several enterprises. However, the cloud segment is projected to be the fastest-growing segment during the forecast period, as cloud-based deployment model does not involve capital cost and requires low maintenance cost, which is normally preferred by small & medium enterprises. Thereby, driving the growth of the cloud-based consumer cybersecurity software market.    

On the basis of region, North America attained the highest growth in 2022. The presence of prominent players has influenced the growth of the consumer cybersecurity software market in North America. Moreover, rise in government initiatives to strengthen security infrastructure across the region is further expected to drive the demand for consumer cybersecurity software solutions.  However, MEA is projected to be the fastest-growing segment during the forecast period, owing to availability of cost-effective digital solutions and rise in the amount of data generation across organizations. In addition, the proliferation of advanced technologies escalates system safety and reduces delays in database operations.

The COVID-19 pandemic significantly impacted several industries globally, owing to the spread of novel coronavirus has led to a surge in cyberattacks and security breaches as cybercriminals took advantage of the chaotic situation. It further caused increase in the demand for security services due to lockdown measures and transport restrictions imposed by national authorities, while enabling security providers to deliver crucial services. These measures directly impacted on the economy of the IT sector, with the partial or complete shutdown of businesses, particularly international services. However, with more people working remotely and increase in reliance on digital infrastructure, organizations witness heightened cybersecurity risks. This has driven the demand for consumer cybersecurity software industry that may quickly respond and adapt to emerging threats. As per the UK’s Action Fraud National Fraud & Cyber Crime Report, in March 2021, over 6,000 cases of pandemic-related fraud and cybercrime were reported, with victims having lost $45.13 million. Such instances will boost safety and security operations in the organizations. However, these factors are expected to have less negative impact on the growth of the global consumer cybersecurity software market forecast period. 

KEY FINDINGS OF THE STUDY 

• By offering, the antivirus software segment accounted for the largest consumer cybersecurity software market share in 2022. 

• By deployment mode, the on-premise segment accounted for the largest consumer cybersecurity software market share in 2022. 

• By device type, the smartphone security apps segment accounted for the largest consumer cybersecurity software market share in 2022. 

• Region-wise, North America generated the highest revenue in 2022. 

The market players operating in the consumer cybersecurity software industry are AVG Technologies, CyberArk Software Ltd., Fortinet, Cisco Systems Inc., IBM Corporation, Juniper Networks, Inc., Microsoft Corporation, Sophos Ltd., Check Point Software Technologies, and McAfee. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the consumer cybersecurity software market globally.