Global Cybersecurity Market Size to Grow at a CAGR of 12.5% from 2021 to 2028
Pune, India, March 17, 2021 (GLOBE NEWSWIRE) — The global cybersecurity market size was estimated to be USD 162.5 billion in 2020 and is projected to register a CAGR of 12.5% to reach USD 418.3 billion by 2028. Cybersecurity, also known as IT security, is concerned with preventing unlicensed or spontaneous access to computers, services, networks, and data. It includes network security, security for applications, security for endpoints, identity management, security for data, cloud security, and security for infrastructure.
Security solutions have been gaining momentum worldwide as the incidence of cyber-attacks has increased at an unprecedented pace. Solutions such as antivirus software and firewalls have increased in complexity and have proven successful in preventing threats and attacks. In today’s evolving digital world, cybersecurity and defense against online threats are becoming increasingly important due to the rising incidence of fraud, cybercrimes, dangers, risks, and vulnerabilities.
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In the past years, disruptive and evolving technologies in the banking, retail, IT, defense, and manufacturing industries have offered new capabilities, accelerated automation, and ease of operation. However, these innovations have also emerged as a powerful factor in the growth of the global threat environment of exploits, vulnerabilities, and malware.
The major factors that are contributing to the growth of the global cybersecurity market are a rise in malware & phishing threats among enterprises, growth in demand for cloud-based cybersecurity solutions, and the need for strong authentication methods across regions. In addition, an increase in the frequency and sophistication of cyber-attacks, emergence of disruptive digital technologies like IoT, stringent data protection regulations for information security, and an increase in the number of supply chain-based attacks exploiting the software supply chain, is also propelling the growth of the cybersecurity market.
Some Noted Developments Considered in the Report:
- December 2019 – FireEye Inc. launched FireEye Cyber Physical Threat Intelligence system. The new subscription offers context, data, and actionable analysis of threats to cyber-physical networks, including Operational Technology (OT), Industrial Control Systems (ICS), the Internet of Things (IoT), and other devices used to monitor physical processes that are interconnected.
- September 2019 – An extended security pack available for consumers was introduced by the Cisco Webex Control Center, allowing customers to protect data from unintended misuse and malicious attacks while providing the best user experience. It bundles full-featured Cisco Cloudlock CASB for Webex Teams with Cisco Talos ClamAV-powered Webex Cloud native Webex anti-malware capabilities.
OVID-19 Impact on the Global Cybersecurity Market
The QMI team has closely monitored the impact of COVID-19 on the global cybersecurity industry, and it has been observed that the demand for cybersecurity is rising during the pandemic time. Due to the ongoing COVID-19 outbreak, precautionary steps have been taken by countries across the world.
Although schools are closed and communities are asked to stay in the home, many companies are seeking a way to encourage their staff to work from their homes. This has resulted in an increase in video communication channels being adopted. The current domain registration of video communication channels like Zoom has increased rapidly in the past few months. According to Checkpoint Security, more than 1,700 new domains have been registered since January 2020, 25% of which were registered during the first week of March 2020.
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Global Cybersecurity Market, by Component
Based on component, the cybersecurity market is bifurcated into solution and services. The solution segment is anticipated to hold the largest market share during the forecast period due to an increase in the need to monitor external and in-house threats for large as well as small & medium enterprises. The solution segment offers various easy, flexible, affordable, and scalable features in cybersecurity, such as identity and access management, infrastructure security, governance, risk & compliance, unified vulnerability management, data security, and others.
The identity and access management offers access and authorization management, password management, biometric authentication, and directory services. The infrastructure security segment is further divided into threat intelligence, network access control and firewalls, encryption, and others. The governance, risk & compliance offers audit management, risk management, incident management, and compliance management. The data security provides backup and recovery, data masking and encryption, and access control.
Global Cybersecurity Market, by Security Type
Based on the security type, the global cybersecurity market is classified into network security, endpoint security, application security, cloud security, and others. The network security segment is anticipated to account for the largest market share during the forecast period.
On every network, there is a clear need for protection, as network security issues are increasing exponentially. Network administrators are now focused on the introduction of emerging technologies and modules. Security of the network includes systems and devices used to define and monitor the prevention of failure or exploitation and the prevention of unauthorized access. Owing to the growing number of hackers, network security has gained attention in the past few years.
Global Cybersecurity Market, by Organization Size
Based on the organization size, the global cybersecurity market is segregated into SMEs and large enterprises. The large enterprises segment is anticipated to account for the largest market share during the forecast period. Large enterprises are gradually improving their cybersecurity capabilities. An increase in the sophistication of attacks and evolving security threats are becoming a corporate data security concern. Over the forecast period, an increase in web-based applications and endpoint protection services in large enterprises are expected to drive the growth of cybersecurity solutions.
Global Cybersecurity Market, by Deployment Model
Based on the deployment model, the global cybersecurity market is bifurcated into on-premises and cloud. The on-premises segment is anticipated to hold the largest market share during the forecast period. The on-premise segment is projected to record substantial growth over the forecast period. This is because instead of turning it over to cloud vendors, companies tend to keep sensitive data in-house. Holding information in-house eliminates the dependency on third-party agencies and allows companies to specifically protect and monitor their data.
In addition, on-premise solutions allow hands-on ownership and security monitoring control, which provides a versatile and adaptive security program. All these advantages offered by the on-premise deployment model will drive the growth of this segment in the coming years.
Global Cybersecurity Market, by Vertical
Based on the vertical, the global cybersecurity market is categorized into professional/audio engineers and mixers, BFSI, government & defense, energy & utilities, healthcare, IT and telecom, manufacturing, retail, and others. The BFSI segment is anticipated to account for the largest market share during the forecast period. In the BFSI sector, cybersecurity is of great significance. As the very cornerstone of banking lies in fostering trust and reputation, cybersecurity becomes all the more essential in the BFSI segment.
Nowadays, it seems everyone is going cashless by using digital currency like credit cards and debit cards. It is really important to ensure that all cybersecurity measures are in place in this context, in order to protect the data and privacy of users. Data breaches can make it hard to trust financial institutions. When the data of a bank is breached, it leads to the loss of customers’ time and money. In order to address such concerns, the demand for cybersecurity solutions in the BFSI sector will increase significantly in the coming years.
Global Cybersecurity Market, by Region:
Based on region, the global cybersecurity market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Among these, the North America market is poised to capture a larger share in the global market for cybersecurity. The growing demand for cybersecurity solutions in the region is mainly due to the presence of leading security vendors with global and regional headquarters in the United States.
Other factors that are driving market growth are increased expenditure of large companies and SMEs on security solutions and services. In addition, stringent standards and policies to ensure data privacy and security are also contributing to the growth of this regional market.
Some Major Findings of the Cybersecurity Market Report Include:
- Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries.
- An in-depth global cybersecurity market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.
- Profiles of the key market players operating in the global cybersecurity market, which include Accenture, Capgemini, Cognizant, HCL Technologies Limited, IBM Corporation, Symantec Corporation, Tata Consultancy Services, and Wipro Limited, among others.
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years.
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global cybersecurity market.
- Impact of COVID-19 on the global cybersecurity market.
Browse key industry insights spread across 186 pages with 171 market data tables and 90 figures & charts from the report, “ Cybersecurity Market, By Component (Solution And Services), By Security Type (Network Security, Endpoint Security, Application Security, Cloud Security, And Others), By Organization Size (Small and Medium Sized Enterprises and Large Enterprises), By Deployment Model (On-Premise and Cloud),By Verticals (Professional/Audio Engineers And Mixers, Bfsi, Government & Defense, Energy & Utilities, Healthcare, It And Telecom, Manufacturing, Retail, And Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting 2016-2028” in depth analysis along with the table of contents (ToC).
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