New Delhi, June 06, 2022 (GLOBE NEWSWIRE) — According to the study published by Astute Analytica, the Global Cybersecurity Market is estimated to make a forward jump in its revenue from US$ 162.9 Bn in 2021 to US$ 346 Bn by 2027. The market is registering a CAGR of 13.40% during the forecast period. The growth of the market is attributed to factors such as growing demand for cybersecurity mesh, rising number of data breach incidents worldwide, rapid technological advancement requiring more advanced and secure business models and increasing penetration of IoT devices. Cyber-attacks hit private systems and businesses every day, and the variety of attacks has increased rapidly. Cybercriminals mainly aims to steal personal information/ data such as personal credentials, credit card details, social security numbers, and other sensitive data. Cybersecurity is the process to prevent data theft and to implement data security measures to protect computers system, networks, cloud information, and other personal data from cyber-attacks. According to one of the INTERPOL’s private sector partners, 907,000 spam messages, 737 incidents related to malware and 48,000 malicious URLs – all related to COVID-19 were detected during January-April 2020. Further, the rise in number of internet users propels the growth of cybersecurity industry across the globe. Also, augmented usage of mobile phones, enhanced internet connectivity and M2M (Machine to Machine) connections calls for high security of data are further fueling the market growth.
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Cybersecurity plays a significant role in today’s world as it protects all types of cybercrimes, data theft and damages which includes sensitive data such as personal information, protected health information (PHI), personal identifiable information (PII), and industrial and governmental information system. Moreover, the need for enhanced and strengthened cyber security solutions are expected to rise due to the emergence of various threats such as trojans, multistage attacks and malicious or fraudulent websites.
Based on component, the market is segmented into solutions and services. The solutions segment holds the highest market share in 2021 owing to huge demand for cybersecurity solutions. Further, security departments of various organizations are expanding in size and their budgets are focusing more on cybersecurity part to protect their organizations. However, the services segment holds the highest CAGR over the forecast period.
Security Type Insights:
In terms of security type, the market is categorized into network security, endpoint security, application security, cloud security, and others. Among these, the cloud security segment holds the highest market share in 2021 as cloud solution provides with the exact recoveries of information and applications. Further, increasing demand of cloud security and hybrid cloud platforms such as Amazon Web Services (AWS) and Azure among other key platforms opens a great opportunity in the growth of the global cybersecurity market. As more organizations are using cloud security to support both at-office and home-based working environments, it is expected to accelerate the market growth.
The deployment segment is bifurcated into cloud-based and on-premises. On premises dominates the cybersecurity market in 2021. The on-premises deployment mode enables organizations to have more control over all the cybersecurity solutions such as next-generation firewalls and next-generation intrusion prevention system, hence holds highest share. However, the cloud-based deployment records the highest CAGR over the projection period.
Enterprise Size Insights:
Large enterprises segment holds the highest share in the Global Cybersecurity Market in 2021 and is projected to continue its dominance over the projection period. Major shareholding of the large enterprises segment in the global market is attributed to their high budget allocation for security policies and architecture to incorporate cybersecurity for protecting critical assets from various cyber-attacks.
In terms of application, the market is segmented into financial services, government, retail, healthcare, communication technologies, manufacturing, transportation, professional services, energy, and others. Among these, the financial services segment dominates the market in 2021. COVID-19 has accelerated the usage of digital payments, due to increased activity, the frequency of cyberattacks has also increased. This has prompted banks to improve their online and mobile security and implement technologies that help them identify and fight fraud.
North America is the highest shareholder region in the cybersecurity market in 2021 owing to the presence of key market players in the region who are delivering advanced solutions worldwide. Asia Pacific holds the highest CAGR over the forecast period. APAC segment is gaining the highest growth due to increasing cyberattacks in the region. Further, rising digitalization and internet penetration is also expected to fuel the market growth over the forecast period.
Covid – 19 Impact on Cybersecurity Market
The restrictions imposed by the governments across the globe to prevent the spread of COVID – 19 had changed working pattern from office or on-site to work from home. This drastic change in working pattern increased the scope of cyber-attacks at individual and organizational levels. During February-May 2020, more than half a million individuals globally were affected by breaches in which the personal data of video conferencing users was stolen. As per the sources, the average cost of a data breach resulting from remote working can be as much as US$ 137,000. Therefore, companies are actively focusing on adopting cybersecurity solutions and methods due to increasing data threat incidents and rising vulnerability of their devices. For instance, in 2018, HP partnered with Aon, to offer advanced threat mitigation services, cybersecurity and data breach insurance. Hence, it is estimated that the cybersecurity market will grow in the post pandemic period.
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|Market Size Value in 2021||US$ 162.9 Billion|
|Market Outlook for 2027||US$ 346 Billion|
|Expected CAGR Growth||13.40%|
|Top Market Players||Cisco, IBM, Trend Micro, Palo Alto, Fortinet and Mcafee among others.|
|Segments Covered||By Component, By Security, By Deployment, By Application, By Enterprise Size, By Region|
|Geographies Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Customization Options||Get your customized report as per your preference. Ask for customization|
Key Players in Cybersecurity Market
The key players in the Global Cybersecurity Market are Cisco, IBM, Trend Micro, Palo Alto, Fortinet and Mcafee among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a strong foothold in the global marketplace. For instance, IBM announced the completion of its acquisition of Red Hat, positioning IBM as the leading hybrid cloud provider, and accelerating IBM’s high value business model.
The following are the various segments of the Global Cybersecurity Market:
By Component segment of the Global Cybersecurity Market is sub-segmented into:
- Threat Intelligence
- Identity and Access Management
- Security and Vulnerability Management
- Risk and Compliance Management
- Data Loss Prevention
- Network DLP
- Storage/ Data Center DLP
- Endpoint DLP
- Unified Threat Management
- Intrusion Detection Systems/ Intrusion Prevention Systems
- Disaster Recovery
- Distributed Denial of Service
- Threat Intelligence
- Professional Services
- Design and Integration
- Risk and Threat Assessment
- Training and Education
- Support and Maintenance
- Managed Security Services
- Professional Services
By Security Type segment of the Global Cybersecurity Market is sub-segmented into:
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
By Deployment segment of the Global Cybersecurity Market is sub-segmented into:
By Application segment of the Global Cybersecurity Market is sub-segmented into:
- IT and Telecommunication
By Enterprise Size segment of the Global Cybersecurity Market is sub-segmented into:
- Small and Medium-sized Enterprises
- Large Enterprises
By Region segment of the Global Cybersecurity Market is sub-segmented into:
- North America
- The UK
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/cybersecurity-market
About Astute Analytica
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