Pune, India, Feb. 24, 2021 (GLOBE NEWSWIRE) — Global Cybersecurity Market Overview
Cybersecurity refers to an array of technologies employed by firms and organizations for protecting devices, networks, and data from online attacks. The dependence on the internet and rise of BYOD and online users has brought the need for toughened security measures to the forefront. The global Cybersecurity Market size is touted to reach USD 199.98 billion by 2025, according to the latest report by Market Research Future (MRFR). It is anticipated to exhibit 10.5% CAGR over the forecast period (2019-2025).
The global cybersecurity market is expected to augment its size favorably due to a surge in online attacks across networks and applications across various end-use sectors. The use of internet of things (IoT), cloud computing, and proclivity towards digital devices can bode well for the market. Increasing cases of cyber espionage and security breaches as well as high volume of online transactions can influence the market growth. Regulations and laws passed by governments such as the General Data Protection Regulation (GDPR) and HIPAA are likely to be favorable for the industry as more enterprises and individuals opt for cybersecurity measures for protecting their confidential data.
But pirated versions of cybersecurity software can impede the market growth.
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Industry Trends:
Shifting consumer inclination towards cybersecurity in light of increasing spate of online attacks is likely to result in consumer-edition version of security software. Security breaches at solar plants have concerned enterprises and conglomerates with portable solutions likely to gain applause. Rise of remote working and BYOD at enterprises is likely to push entrepreneurs in gaining intelligence on latest worms and malware. Alerts and notifications sent through mobile applications can gain applause as smartphones and tablets take centerstage in people’s lives.
COVID-19 Impact:
The COVID-19 pandemic has increased the spate of attacks as more users rely on internet to cater to their daily needs. Online transactions and vulnerable state of payment gateways can drive the need for cybersecurity. Rise of hacking and phishing campaigns as well as dependency on digital tools can boost the need for cybersecurity. Moreover, the launch of mobile applications for monitoring COVID-19 cases and the compromise of data of patients has pushed the need for advanced security measures by various governments.
Coronavirus Outbreak and Cybersecurity Market:
https://www.marketresearchfuture.com/report/covid-19-impact-cybersecurity-market
Segmentation:
By component, it is divided into solutions and services. The services segment is expected to gain market share owing to demand for managed security services. The rise of as-a-service models as well as presence of cybersecurity vendors for providing troubleshooting solutions can drive the segment demand. Need for continuous monitoring, timely delivery of products, and employment of third-party vendors can facilitate market growth.
By organization size, it is segmented into small & medium enterprises (SMEs) and large enterprises. Large enterprises can dominate the market as their budget and investment capacity can drive the adoption of cyber security software. Moreover, plans for fortifying network defenses and challenging emerging threats and attacks can bode well for the segment. On the other hand, SMEs can offer lackluster growth owing to paucity of security infrastructure and skilled professionals. Adoption of cloud services and compliance to latest regulations can spur the demand in SMEs.
By deployment, it is segmented into cloud and on-premise. The cloud deployment is register huge demand in the global cybersecurity market owing to effective costs for setup and low downtime. The digital transformation of organizations as well as access to information for in-house and cross-border employees is likely to witness the continuous demand of the segment.
By security type, it is segmented into wireless security, endpoint security, network security, application security, and others. The endpoint security segment is likely to evoke huge demand owing to rise of mobile endpoints caused by setup of network infrastructure and increased penetration of smartphones. Increased use of cloud computing and identity access management for management of passwords and authorization of access to private data can bode well for the segment.
By vertical, it is segmented into aerospace & defense, IT & telecommunication, healthcare, BFSI, manufacturing, government, retail, and others. The government vertical is likely to be the biggest revenue generator of the market owing to concerns of data breaches and increased spending on security solutions. Setup of robust security architecture and intelligence firms deemed to protect against the rain of malware are expected to bode well for the global market growth. On the other hand, the healthcare vertical can register a modest growth rate in the cybersecurity market due to awareness among patients, healthcare providers, and rise of cyber insurance.
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Regional Segmentation:
Geographical mapping of the cybersecurity market covers namely North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East & Africa (MEA).
North America accounted for the largest market share owing to large number of enterprises deploying cloud-based solutions and relentless spate of online attacks. The U.S. is expected to garner huge revenues for the regional cybersecurity market. Rollout of stringent standards and policies for maintaining data privacy is set to influence the market growth in the region.
APAC, on the other hand, is anticipated to display a strong growth rate over the forecast period. This is in light of various enterprises and industries shifting to automation and the rise of phishing scams and malware attacks. Adoption of cloud services and increasing reliance on the internet are major drivers of the market.
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Competitive Analysis:
The cybersecurity market is deemed to be engulfed with partnerships and agreements. Organic growth strategies are to be witnessed as companies aim to increase their customer base and cater to increasing demands of enterprises. Venture capital firms are investing in startups for producing innovative technology and unique solutions for end-use industries.
Key players involved in the market
- Akamai Technologies
- SecureWorks, Inc.
- BAE Systems
- Intel Corporation
- Rapid7, Inc.
- FireEye, Inc
- Trend Micro, Inc
- HP Enterprise
- Sophos Ltd.
- Carbon Black, Inc.
- IBM Corporation
- EMC RSA
- Symantec Corporation
- Cisco Systems, Inc.
- Imperva
Browse Adjacent Markets: IT Security Market Research Reports & Consulting.
Industry News
CybSafe, a U.K. platform, has raised USD 7.9 million in a funding round led by IQ Capital as well as B8 Ventures and Hanover Digital Investments (HDI) GmbH. The use of behavioral analytics and science for gleaning accurate data and delivering personalized support to its users can increase the reach of the company.
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