Cyber Security Procurement Intelligence

The cyber security category is anticipated to grow at a CAGR of 12.3% from 2023 to 2030. 

With a 34.9% share in 2022, North America dominated this category. Numerous prominent data breach incidents have recently made headlines between 2021 and 2022. Threats to company security exposed potentially millions of Americans' sensitive information, including usernames, passwords, and credit card data at organizations such as Yahoo!, Uber, and Target. It is imperative that even the world's largest companies remain vigilant about security vulnerabilities since hackers and cybercriminals develop new ways to access sensitive systems. Hence, there is an increased demand for cyber security experts and information security professionals worldwide. This is in turn driving the category growth significantly.

Order your copy of the Cyber Security category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis 

Cyber Security Procurement Intelligence Report Scope

The Cyber Security category is expected to have pricing growth outlook of 11% - 18% (Annually), with below pricing models. 

• Licensing-based model
• a cloud-only SaaS model
• or all-inclusive models

Supplier Selection Scope of Report

• Cost and pricing
• past engagements
• productivity
• geographical presence

Supplier selection criteria of Report

• By deployment
• types of threats checked and tested (phishing, social engineering, ransomware, malware)
• security issues (audit and compliance, remote access, privileged access management, incident response)
• cyber insurance
• operational and functional capabilities
• software and technology used
• data privacy regulations
• others

Cyber Security Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Market Intelligence along with emerging technology and regulatory landscape
• Market estimates and forecasts from 2022 to 2030
• Growth opportunities, trends, and driver analysis
• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments
• Porter’s 5 forces
• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis
• Engagement and operating models, KPI, and SLA elements
• LCC/BCC analysis and negotiation strategies
• Peer benchmarking and product analysis
• Market report in PDF, Excel, and PPT and online dashboard versions 

Cyber Security Procurement Cost and Supplier Intelligence

The primary costs associated with this category are the cost of salaries for cyber security experts, software/application development, hardware, network and servers, maintenance and upgrades, facilities, deployment type (cloud, on-premises, or offshore), and others. Other costs can include training and development, utilities, tax, random testing, checks, etc. Security accounts for 11 - 13% of companies' IT budgets. The average cost of cyber security amounts to USD 2,000 (approx.) per full-time employee or roughly 0.5% of the total revenue generated annually. A few factors that affect the total cost of cyber security include industry type, number of employees, hardware or software technology type used, compliance and mandates, pre-existing security measures, firewalls, audits, etc. The cost of firewalls can range between USD 400 – 6,000. Leading cost-saving strategies in this category include using a DevSecOps methodology and performing penetration and application testing.

The Global Insurance Market Index 2023 report estimate shows that the prices of cyber insurance globally slowed in Q1 2023 in the U.S., with average price increasing by just 11% as opposed to 28% rises during Q4 2022. Adjustments in the two largest international markets, the U.S. and the U.K., were the driving force behind the moderation. Greater competition, better cyber security measures, and a decrease in recorded ransomware attacks in 2022 were among the main causes of the mild change.

List of Key Suppliers

• BAE Systems Plc
• Broadcom, Inc.
• Delinea Inc.
• Check Point Software Technology Ltd.
• Cisco Systems, Inc.
• FireEye, Inc.
• Fortinet, Inc.
• IBM Corporation
• Lockheed Martin Corporation
• LogRhythm, Inc.
• McAfee, LLC.
• Palo Alto Networks, Inc.

Add-on Services provided by Grand View Research Pipeline: 

Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process 

Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier 

Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house. 

A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc. 

Browse through Grand View Research’s collection of procurement intelligence studies:

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Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions. 

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions