The global cybersecurity market accounted for revenue over USD 192 billion in 2019 and estimated to reach more than USD 218.9 billion by 2027, with a CAGR of over 6.56% during the forecast period, 2020-2027. Owing to the growing penetration of internet users among the developing and developed countries along with the rise in demand for security solutions in financial and banking services sectors, and aerospace defence sector. The rapid development and popularity of big data, artificial intelligence, and the Internet of Things have made the dangers of cyber-attacks more realistic and more significant. Therefore, the proportion of cybersecurity and informatization investment is continuously increasing, opening a comprehensive cybersecurity market.
The continuously increasing number of targeted attacks is driving the growth in cybersecurity services as venture capital firms and governments continued to invest significant money into cybersecurity companies.
Government across the globe have put cybercrime at the top of the list as cyber-attacks are growing exponentially and putting potential threats to national security. They are spending more money on new ways to protect themselves against such risks. Additionally, the rising popularity of digitalization has forced organizations to rely extensively on the digitized information coupled with the sharing of a vast amount of data in an external and internal environment and across the globe has made organizations to fall prey to cybercrime attacks.
The emergence of IoT and BYOD trend among organizations, and the increasing number of mobile devices among organizations will make more vulnerable towards cyber-attacks, which led to augment the global cybersecurity market in the projected period. Further, the surge in the utilization of emerging technologies in the banking, retail, information technology, defence, and automotive sectors have offered new options for cyber-attackers.
Components Overview in the Global Cybersecurity Market
Based on the component, the global cybersecurity market bifurcated into Solution and Service. The solution segment likely to lead the market by 2027, as it provides the most secure solution through identity and access management, security and vulnerability management, unified threat management, and intrusion detection systems.
Solution Overview in the Global cybersecurity market
Based on the solution, the global Cybersecurity market segmented into Threat Intelligence, Unified Threat Management, Data Loss Prevention, Antivirus/Antimalware, Intrusion Detection Systems, and Others (Firewall, Disaster Recovery, Web Filtering, etc.). The Threat Intelligence segment estimated to exhibit maximum revenue by 2027 due to the increasing popularity of connected devices (BYOD) and IoT.
Security Type Overview in the Global Cybersecurity Market
Based on security type, the global cybersecurity market classified into Network Security, Endpoint Security, Application Security, Cloud Security, and Others (Content Security, ICS Security, Database Security, and Web Security, etc.). The Network Security segment projected to lead the market due to its security benefits for traditional products such as firewalls, identity authentication, terminal security management, and security management platforms, emerging products such as cloud security, big data security, and industrial control security.
Deployment Overview in the Global Cybersecurity Market
Based on deployment, the global cybersecurity market bifurcated into Cloud-based and On-premise. Cloud-based segments estimated to dominate the market by 2027 due to rapidly accepted by various enterprises, as critical data stored on the cloud across various verticals.
Industry Verticals Overview in the Global Cybersecurity Market
Based on Industry verticals, the global cybersecurity market categorized into BFSI, IT and Telecom, Manufacturing, Government and Defense, Healthcare and Others (Energy and Utilities, Retail, Media & Entertainment, etc. The BFSI segment will lead the market on account of increased cybercrime activities, and the BFSI sector is among the vital factors of economics. Its safety is a matter of deep concern.
Regional Overview in the Global Cybersecurity Market
By geography, the Global cybersecurity Market segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America anticipated dominating the market owing to the growing awareness regarding cybersecurity among small and medium organizations and the presence of key market players in the region.
Global Cybersecurity Market: Competitive Landscape
Companies such as IBM Corporation, Symantec, Check Point Software Technologies, Cisco Systems, Trend Micro, Sophos, Rapid7, McAfee, Micro Focus, Microsoft, Imperva, Splunk, F5 Networks, Proofpoint, RSA Security, Juniper Networks, and Oracle are the key players in the Global Cybersecurity Market.
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