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Cybersecurity Services Market to Grow by USD 49 Billion from 2024-2028, Driven by Rising Data Breaches and AI’s Influence on Market Trends- Technavio Report

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NEW YORK, Sept. 11, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global cybersecurity services market  size is estimated to grow by USD 49 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  9.23%  during the forecast period.  Increase in number of data breaches is driving market growth, with a trend towards integration of ai and ml in cybersecurity services. However, high cost of cybersecurity services implementation  poses a challenge. Key market players include Accenture Plc, Akamai Technologies Inc., AO Kaspersky Lab, Broadcom Inc., Cassava Technologies, Check Point Software Technologies Ltd., Cisco Systems Inc., CrowdStrike Inc., Dell Technologies Inc., FireEye Inc., Fortinet Inc., F Secure Corp., International Business Machines Corp., McAfee LLC, Palo Alto Networks Inc., Proofpoint Inc., Rapid7 Inc., RSA Security LLC, S.C. BITDEFENDER S.R.L., Sophos Ltd., Tenable Holdings Inc., Trend Micro Inc., and Zscaler Inc..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Deployment (On-premises and Cloud based), End-user (Government, BFSI, ICT, Manufacturing, and Others), and Geography (North America, APAC, Europe, Middle East and Africa, and South America)

Region Covered

North America, APAC, Europe, Middle East and Africa, and South America

Key companies profiled

Accenture Plc, Akamai Technologies Inc., AO Kaspersky Lab, Broadcom Inc., Cassava Technologies, Check Point Software Technologies Ltd., Cisco Systems Inc., CrowdStrike Inc., Dell Technologies Inc., FireEye Inc., Fortinet Inc., F Secure Corp., International Business Machines Corp., McAfee LLC, Palo Alto Networks Inc., Proofpoint Inc., Rapid7 Inc., RSA Security LLC, S.C. BITDEFENDER S.R.L., Sophos Ltd., Tenable Holdings Inc., Trend Micro Inc., and Zscaler Inc.

Key Market Trends Fueling Growth

The integration of Artificial Intelligence (AI) and Machine Learning (ML) in cybersecurity services has revolutionized threat detection and analysis, predictive analytics, and incident response capabilities for organizations. AI and ML algorithms enable the identification of anomalies, detection of malicious patterns, and differentiation between normal and abnormal behavior within network traffic, user access patterns, and system activities. This proactive identification of potential security incidents reduces false positives and allows security teams to focus on genuine threats. Predictive analytics using AI and ML can anticipate potential security vulnerabilities, emerging attack vectors, and malicious patterns, enabling organizations to preemptively fortify their defenses. IBM is an example of a company offering AI-integrated cybersecurity services, including threat detection and prevention, automated incident response, and behavior-based authentication and access control. These advanced technologies enhance organizations’ resilience to cyber threats, minimize the time to remediate incidents, and reduce the risk of insider threats and unauthorized access. The adoption of AI and ML in cybersecurity services is expected to increase, fueling the growth of the global cybersecurity services market. 

The Cybersecurity market is experiencing significant growth due to the increasing number of cyber threats targeting businesses and organizations. Digital technologies, such as cloud computing and remote work, have expanded the attack surface, leading to new cybersecurity risks. Cyberattacks on digital transactions, critical infrastructure, and industries like banking, financial services, healthcare, and e-commerce platforms are on the rise. Advanced security solutions, including machine learning and threat detection, are essential to mitigate these risks. However, there’s a cyber talent shortage, making it challenging for organizations to hire enough cybersecurity professionals. Cloud security services and advanced technologies like artificial intelligence (AI) and machine learning (ML) are popular investments for enterprise security solutions. Network security, cloud-based solutions, endpoint security, and risk-based security are crucial security measures to address remote working vulnerabilities and malicious attacks. The energy sector and critical infrastructure are also at risk from cyber espionage and physical threats to electric power. Cybersecurity investments in advanced technologies and skilled workforce are crucial to stay ahead of evolving cyber threats. 

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Market Challenges

•         The high cost of implementing cybersecurity services poses significant challenges for organizations, limiting their ability to invest in comprehensive security measures. Comprehensive cybersecurity solutions, such as advanced threat detection, incident response, and continuous monitoring, require substantial investments. Consequently, organizations may face budget constraints, leading to resource allocation challenges and potential limitations on the adoption of advanced security solutions. The financial burden of high implementation costs can impact the scope and effectiveness of cybersecurity measures, leaving critical digital assets and sensitive information vulnerable. Small and medium-sized enterprises (SMEs) and organizations with limited budgets may find it challenging to procure and implement costly cybersecurity services, creating disparities in security posture. These factors are expected to negatively impact the growth of the global cybersecurity services market, as organizations balance budgetary constraints with the imperative of safeguarding against evolving cyber threats.

•         The Cybersecurity Services Market is facing several challenges in today’s digital world. The cybersecurity workforce shortage is a significant issue, making it difficult for businesses to find qualified professionals to protect their enterprise security solutions against digital attacks. Cloud-based cybersecurity solutions are increasingly popular, but securing cloud applications and infrastructure remains a challenge. Remote working vulnerabilities have emerged as a major concern due to the pandemic. Cybersecurity investments are on the rise, but there are skill gaps in areas like AI and ML for network security and endpoint security. Banking, Financial Services, Healthcare, and E-commerce platforms are prime targets for malicious attacks. Advanced technologies like RiskBased Security and Incident Response services are essential to mitigate risks. Critical infrastructure sectors like Energy and Transportation of oil face physical threats and cybersecurity risks. Connected devices add to the complexity of security infrastructure. Cybersecurity vendors offer global threat monitoring and security operation centers with threat intelligence to help businesses stay ahead of cyber threats. Cybersecurity solutions must adapt to the ever-evolving threat landscape to ensure effective security measures.

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Segment Overview 

This cybersecurity services market report extensively covers market segmentation by

Deployment 1.1 On-premises1.2 Cloud basedEnd-user 2.1 Government2.2 BFSI2.3 ICT2.4 Manufacturing2.5 OthersGeography 3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 On-premises-  The Cybersecurity Services market is essential for businesses to protect their digital assets from threats. These services offer solutions to secure networks, data, and applications from unauthorized access, malware, and cyber-attacks. Service providers offer managed security services, consulting, and integration services. Companies invest in cybersecurity to mitigate risks, ensure compliance, and safeguard their reputation. Cybersecurity Services are crucial for businesses to operate efficiently and securely in today’s digital world.

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Research Analysis

The Cybersecurity market is experiencing exponential growth due to the increasing number of cyber threats in the digital age. With the widespread adoption of digital technologies, cloud computing, and remote work, the risks of cyberattacks have become a significant concern for businesses and individuals alike. Cybersecurity is essential for protecting digital transactions, enterprise security solutions, banking and financial services, healthcare, e-commerce platforms, and critical infrastructure from malicious attacks. Advanced security solutions, such as artificial intelligence (AI) and machine learning (ML), are being employed to mitigate risks and enhance threat detection. However, the cybersecurity skill gap poses a challenge to effective implementation and management of these solutions. Cyber threats are not limited to digital attacks; physical threats to critical infrastructure and energy sectors also pose significant risks. The stakes are high, and cybersecurity measures are crucial to safeguard against potential damages. Risk-based security approaches are gaining popularity as they provide a proactive and adaptive response to cyber threats. Organizations must remain vigilant and invest in advanced security solutions to mitigate risks and protect their digital assets.

Market Research Overview

The Cybersecurity market is experiencing rapid growth due to the increasing number of Cyber threats in the digital age. With the widespread adoption of digital technologies, Cloud computing, and Remote work, Cybersecurity risks have become a significant concern for businesses and individuals alike. Advanced security solutions, such as Machine Learning (ML) and Artificial Intelligence (AI), are being used for Threat detection and incident response. Cyberattacks, including Cyber espionage and Malicious attacks, are a constant threat to critical infrastructure in sectors like Banking, Financial Services, Healthcare, E-commerce platforms, Energy, and Transportation of oil. The Cybersecurity workforce faces a talent shortage, exacerbating the Cybersecurity skill gap. Cloud security services, Network security, and Endpoint security are essential components of a Security infrastructure. Cybersecurity investments continue to grow, with a focus on Cloud-based solutions and RiskBased Security. Global threat monitoring, Incident response services, and Security operation centers provide vital Threat intelligence to mitigate risks. Connected devices and Physical threats add to the complexity of securing digital environments. Cybersecurity vendors offer advanced technologies to help organizations stay ahead of the curve.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentOn-premisesCloud BasedEnd-userGovernmentBFSIICTManufacturingOthersGeographyNorth AmericaAPACEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Northern Hemisphere Heat Drives Demand for Cooling and Sun-Protection Products on Yiwugo

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YIWU, China, July 24, 2026 /PRNewswire/ — Yiwugo.com, the official website of the Yiwu Commodity Market, is the largest commodity wholesale market in the world. The final whistle may have blown on the World Cup, but the intense heat gripping the Northern Hemisphere shows no sign of letting up. Europe has experienced unusually hot weather this year, sparking not only a surge in demand for air conditioners but also a boom in portable handheld fans. Merchants on Yiwugo say that in previous years, European customers would begin placing orders in March or April and take their time completing their annual procurement. This year, however, the purchasing season has stretched well into summer, with a flood of new buyers coming in, most of them looking for small handheld fans. With customers eager to capitalize on the peak summer season, delivery timelines have also become significantly tighter. Whereas orders in previous years could generally be fulfilled within a month, merchants are now frequently being asked to deliver within about a week, leaving manufacturers scrambling to keep pace with demand.

Lingpan Official Flagship Store has specialized in the production and sales of small fans, insulated cups, and related products for 15 years. This summer, demand from European customers for high-speed small fans has risen sharply, accompanied by urgent delivery requirements. Many customers began requesting shipment just one week after placing their orders, hoping the products would arrive in time for the World Cup and the ongoing heatwave across Europe. One long-standing European customer purchased only five models of small fans from Lingpan last year. Anticipating stronger demand ahead of this summer, the customer expanded the order to 10 models. The first shipment sold out soon after arriving at port, prompting several subsequent repeat orders. European buyers have shown particular interest in high-speed cooling fans and placed great requirements on product quality. So far this year, Lingpan’s fan sales have more than doubled compared with the same period last year, with total purchases reaching approximately RMB 1 million.

Beyond Europe, the owner of Lingpan, Ling Pan pointed out that the Indian market has also undergone significant changes over the past two years. Indian customers are showing great interest in panda-shaped fans, drinking cups, and related products. Procurement volumes among many Indian buyers have increased substantially, with average annual purchases now reaching several hundred thousand yuan.

Unlike European countries grappling with sudden heat waves, Asian markets such as Japan and South Korea, where summers are consistently hot and air conditioners and fans are already everyday essentials, have shown much stronger demand for sun-protection products. From April 1, 2026 to date, sales of sun-protection masks on Yiwugo have increased by 31.6% YoY, while sales of sun-protection face shields surged by 72.42% and sun hats rose by 8.1%.

Chen Jia, a Yiwugo merchant, has engaged in the production and sales of sun-protection masks and sun-protection face shields for eight years. Chen operates the Xiao Zhen and Xiao Mian Sun-Protection Products Workshop in District 4 of the Yiwu International Trade Market. In recent years, the company has customized cooling nylon fabrics for customers in Japan and South Korea. Sun-protection masks and sun-protection face shields made from this material not only offer UPF 50+ protection, but also maintain a more structured shape and are less susceptible to snagging or deformation. Their protective performance remains effective after routine washing, and the products can last for more than five years under normal use.

In 2024, a TV shopping operator from South Korea contacted Xiao Zheng and Xiao Mian through Yiwugo and began placing orders after inspecting the products in person. Over the following two years, the company continued to improve the fitness and design of its sun-protection products. It introduced sun-protection face shields with breathable mesh panels and incorporated soft supports around the nose area to prevent the masks from rubbing against lipstick. These product upgrades have steadily driven up customer ratings on the client’s store. Annual procurement, initially valued at around RMB 300,000, has risen year by year, and the company has since developed into a recognized brand in the local market.

Persistent heat across the Northern Hemisphere has been creating new forms of cross-border consumer demand while enabling Yiwugo merchants to keenly capture shifts in overseas markets. From the strong sales of small portable fans in Europe to the rising demand for functional sun-protection products in Japan and South Korea, the diversity of orders reflects both consumers’ need for relief from extreme heat and the ability of Yiwu manufacturers to strengthen their presence in global markets through product innovation and rapid fulfillment. Faced with a rapidly changing international market, many merchants are continuing to refine product designs, upgrade fabric techniques, and enhance supply efficiency. By leveraging Yiwugo to broaden their export channels, they are keeping pace with overseas consumption trends and capitalizing on the expanding market for cooling and sun-protection products, turning the summer heat into new momentum for cross-border trade.

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Snorkel AI Highlights First Wave of Open Benchmarks Grants Projects

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SAN FRANCISCO, July 24, 2026 /PRNewswire/ — Snorkel AI today highlighted the first group of projects supported through Open Benchmarks Grants, a $3 million commitment to support open-source datasets, benchmarks, and evaluation research.

Launched in February 2026, Open Benchmarks Grants has received hundreds of applications from researchers, labs, and engineers working to address a growing challenge: AI systems are advancing faster than the field’s ability to rigorously measure their performance on realistic, consequential work.

“From complex environments and huge autonomy horizons to rich, sophisticated outputs, these projects tackle some of the field’s hardest evaluation challenges,” said Fred Sala, a member of the Open Benchmarks Grants steering committee and assistant professor at the University of Wisconsin–Madison. “I’m excited to see the broader research community use, validate, and build on them.”

Open Benchmarks Grants provides selected teams with funding, expert data development support, research and engineering collaboration, and platform resources. Supported projects include:

Frontier-Bench (formerly Terminal-Bench 3.0), developed with Laude Institute and the Harbor community, is a harder, more domain-diverse successor to Terminal-Bench 2.1 — built in the open, task by task, under continuous adversarial review.Agents’ Last Exam, developed with UC Berkeley RDI and the RDI Foundation, evaluates agents on long-horizon, economically valuable professional workflows. It spans 55 sub-industries and includes more than 1,500 tasks toward a 5,000-task target, sourced and validated by more than 300 industry experts.OSWorld 2.0, developed with XLANG Lab, evaluates computer-use agents on 108 long-horizon workflows across 31 self-hosted web environments and professional desktop applications.Continual Learning Bench, developed with UC Berkeley SkyLab and the University of Wisconsin–Madison, measures whether agents genuinely improve across sequential, stateful tasks.SlopCode Bench, developed with the University of Wisconsin–Madison, measures how code quality degrades as coding agents repeatedly modify and extend their own solutions.Terminal-Bench 2.1, developed with Stanford University, Laude Institute and the Harbor community, evaluates agents on challenging work in terminal environments. The release corrected 28 tasks and introduced continuous validation.

With support from Open Benchmarks Grants, Terminal-Bench Science is also now in development, extending the Terminal-Bench framework to computational research workflows across the life, physical, earth, and mathematical sciences.

Beyond the grants program, Snorkel led the development of Senior SWE-Bench with the research teams at Princeton University and the University of Wisconsin–Madison. The benchmark evaluates coding agents on senior-level engineering work, including implementing features from realistic instructions, investigating bugs that require runtime analysis, and producing code that follows existing codebase conventions.

Open Benchmarks Grants was established with support from Hugging Face, Prime Intellect, Together AI, Factory, Harbor, and PyTorch. Applications remain open and are reviewed on a rolling basis.

Learn more and apply for a grant at benchmarks.snorkel.ai.

About Snorkel AI
Snorkel AI is the frontier AI data lab, helping teams build the data and environments behind high-performing frontier and agentic AI. We combine technology with research-driven AI data development to create datasets, benchmarks, evals, and custom solutions for real-world AI systems. Founded out of the Stanford AI Lab in 2019, Snorkel works with leading AI labs and enterprises to move from better data to better outcomes. 

media@snorkel.ai

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Payzli Vaults to No. 3 on Tampa Bay’s Fast 50, Up From No. 22 in One Year

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Payments technology company, Payzli earns a second consecutive Fast 50 ranking, crediting the climb to accelerating partner and merchant growth on its proprietary technology stack.

TAMPA, Fla., July 24, 2026 /PRNewswire/ — Payzli, the partner-first payments technology company, has been named the No. 3 fastest-growing company in the region on the Tampa Bay Business Journal’s 2026 Fast 50 – a 19-spot climb from its No. 22 debut last year, and the company’s second consecutive year on the list.

The ranking was announced July 23 at the Tampa Bay Business Journal’s Fast 50 event in Tampa, where Co-Founder and Chief Revenue Officer Naim Hamdar accepted the award alongside members of the Payzli team.

Payzli attributed its growth to a compounding effect: a national network of ISOs, agents and ISVs bringing merchants onto a technology platform Payzli built and operated in-house. 

That platform rests on three proprietary pillars:

Payzli Connect: the company’s payment CRM and merchant-and-partner dashboard, giving agents and ISOs daily residuals visibility and giving merchants a single place to run their account.Payzli POS: AI-powered point-of-sale and business software purpose-built for service businesses, including salons, med spas, wellness studios, and independent operators.Payzli Transact: an online payment gateway built on Visa Platform Connect through Payzli’s partnership with Visa Acceptance Solutions.

The Visa Acceptance Solutions partnership is central to how Payzli frames its credibility: rather than assembling a growth story on top of borrowed infrastructure, the company processes on rails backed by one of the most established networks in the industry alongside Fiserv and TSYS – a point that matters to the partners and merchants deciding where to place their volume.

“A second year on this list, and a jump to No. 3, isn’t about one good quarter. It’s about a network deciding to build with us and stay,” said Naim Hamdar, Co-Founder and Chief Revenue Officer of Payzli. “Every rank on this list represents partners we’ve earned and merchants who trust us to run their payments. We built the technology in-house so we could keep the promises the industry usually breaks: nothing hidden, a real person in reach, and daily residual visibility our agents can actually count on. That’s what this ranking measures and it’s why we’re doing it all, for the joy of business.”

“They say nothing in Tampa moves fast except the afternoon thunderstorms, so making the Fast 50 two years running feels pretty good,” said Kapil Pershad, Co-Founder and Chief Technology Officer of Payzli. “In all seriousness, this is a credit to our team and the businesses that trust us to power their growth.”

The Fast 50, produced by the Tampa Bay Business Journal, recognizes the fastest-growing private companies in the Tampa Bay region. Payzli’s return to the list and its move into the top three reflects a merchant-first product suite and a rapidly expanding national partner network across the payments and embedded-finance landscape.

About Payzli

Payzli is an end-to-end payments technology partner that makes accepting payments simpler and affordable for businesses of all sizes and risk levels. Founded in 2020 and headquartered in Tampa, Florida, Payzli brings together in-person processing, an advanced online gateway, AI-powered point of sale, and mobile and contactless payments – backed by its own technology, honest pricing, and dedicated human support. Built partner-first, Payzli equips ISOs, agents, developers, and independent software vendors to grow, with direct integrations to major processing platforms, in-house underwriting, a flexible credit policy, a Visa Acceptance Solutions foundation partnership, and sponsor-bank backing from Esquire Bank, a NASDAQ-listed strategic investor in Payzli. For more information, email partners@payzli.com or visit payzli.com.

Payzli is a registered trademark of United Payment Systems LLC. United Payment Systems LLC is a registered ISO of Esquire Bank (Jericho, NY), Commercial Bank of California (Irvine, CA), and KeyBank, National Association (Cleveland, OH).

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