Global Cybersecurity Market is Estimated to be Worth $112.01 Bn in 2019 And is Projected to Reach $281.74 Bn By 2027, At A CAGR of 12.6% From 2020 to 2027: Proficient Market
Proficient Market unravels its new study titled “Global Cybersecurity Market – Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2015 – 2027″. Effective exploratory techniques such as qualitative and quantitative analysis have been used to discover accurate data.
According to the report, Global Cybersecurity Market in 2019 stood at USD 112.01 billion and is expected to reach USD 281.74 billion by 2027 growing at a CAGR of 12.6% from 2020 to 2027.
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Cyber security solutions help an organization to monitor, detect, report, and counter cyber threats to maintain data confidentiality. Cyber security refers to the protection of computer systems from theft or damage to their hardware, software, or electronic data, as well as from disruption or misdirection of the services they provide. Cybersecurity is primarily about the processes, and technologies working together to encompass the full range of threat reduction, vulnerability reduction, deterrence, international engagement, incident response, resiliency, and recovery policies and activities, including computer network operations, information assurance, law enforcement, etc. “Cybersecurity is the protection of Internet-connected systems, including hardware, software, and data from cyber-attacks. It is made up of two words one is cyber and other is security.
Cybersecurity Market Key Players: The research study includes profiles of leading companies operating in the global cybersecurity market. Key players profiled in the report include:
Check Point Software Technologies
Micro Focus & Microsoft.
IBM Security and McAfee extended their partnership to integrate IBM IRP with Data Exchange Layer (DXL) and provide better protection through automation and intelligence sharing.
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Drivers for the Global Cybersecurity Market: The Increasing incidents of cyber-attacks are fuelling the growth of this market. While the Growing need among organizations to minimize security risks is the key factors propelling the growth of this market. However, the Increase in the number of IoT devices demanding network security solutions as well as Penetration of smartphones are creating a positive impact at the growth of the market. ,Moreover, the Increasing demand for enterprise mobility is responsible for the growth of the market. Thus, all these factors are responsible for the growth of the cybersecurity solutions.
Opportunities for the Global Cybersecurity Market: Rising average per capita cost of data breach is a major factor propelling investments by the private companies to strengthen their network security. Implementation of stringent government regulations along with augmented government as well as private sector spending towards ensuring cyber security and developing skilled human resources is fueling the adoption of advanced cyber security solutions such as Next-Generation Firewall (NGFW), Unified Threat Management, Intrusion Detection System/Intrusion Prevention System, Security Information & Event Management, etc., globally. Increasing role of cyber security analytics services to predict the trend of cyber-attacks to help organizations in mitigating financial losses incurred during a cyber-attack, is expected to attract R&D investments in the coming years. Anticipated growth in R&D investments is expected to result in development of advanced cyber security solutions to protect mobile devices, content, personal information, etc., which in turn would stimulate growth in the global cyber security market during the forecast period.
Restrains for the Global Cybersecurity Market: Lack of IT resources and in-house expertise are the key factors responsible for the hindering the growth of the cybersecurity market. While the Lack of knowledge about IAM solutions are restraining the growth of the market. However, the Limited security budget among SMEs are hindering the growth of the market. Thus, all these factors are responsible for creating a negative impact at the growth of the market.
Region Wise, Global Cybersecurity Market Analysis: Report covers the region wise analysis, global Cybersecurity market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, North America leads the global Cybersecurity market share followed by Europe and Asia Pacific. While the North America leads the global Cybersecurity market due to the presence of prominent cybersecurity market players such as Cisco, IBM, and Symantec in the region. The enterprises present in the region are highly digitized and are investing heftily in cyber security solutions to reduce the risks of cyberattacks. Moreover, the rising internet penetration of smart devices and the growing adoption of IoT devices in several organizations. Additionally, The increasing number of internet users in the region is contributing to market growth. While the stringent government regulations in the region to tighten the cybersecurity solutions in organizations to protect organizational and personal data. The recent rise in the loss of revenue across various organizations related to cyberattacks in the region is further proliferating the market growth.
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Global Cybersecurity Market: Product analysis
• Access Management
• Identify Access Management
• Infrastructure Protection
• Endpoint Protection
• Email/Web Gateway
• Security Information and Event Management (SIEM)
• Vulnerability Management
• Cloud Security
• Data Loss Prevention (DLP)
• Network Security
• Internet Service Provider Equipment
• Virtual Private Network (VPN)
• Unified Threat Management (UTM)
• Security Services
• Managed Security Services
• Consultancy & Training
• Hardware Support
On the basis of type, Security Services accounted for largest share of total revenue generated due to the growing deployment of cybersecurity solutions in enterprises to reduce risks of cyberattacks. Due to the increasing instances of malware attacks on government & corporate networks, awareness regarding IT network security with the latest and robust network monitoring & antivirus solutions has increased considerably. Additionally, network security solution providers are developing newer solutions to help organizations addressing network threat challenges. Thus all these factors are boosting the growth of this segment which is fueling the cybersecurity market.
Global Cybersecurity Market: Application analysis
IT and Telecommunications
Banking, Financial Services, and Insurance (BFSI)
Aerospace and Defense
The demand of Global Cybersecurity Market is highest from Government, due to the rapid increase in cybercrime activities across various government establishments to steal sensitive information. However, increasing adoption of BYOD and IoT trends and the growing number of security breaches targeting endpoints are among the major driving factors of global market. Thus all these factors are propelling this market segment fueling the cybersecurity market.
Global Cybersecurity Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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