Cybersecurity is the practice of protecting networks, programs and systems from digital attacks. Cybersecurity is the practice of protecting computers, networks, programs, and data from unauthorized or unintended access. Today, cybersecurity has become more critical for government, corporations, and people to help them transmitting data across networks and store huge amounts of confidential information. The companies across the globe are well aware of the potential threat, which is helping them shifting major resources towards companies that help mitigate such risks.
Cyber-attacks usually caused by direct or indirect human interaction. In many cases, employees themselves pose the biggest threat to the business. Many times, employees accidentally install pirated software that infected with a virus or Trojan horse.
Global Cybersecurity Market witnessed to accounted for revenue over USD 192 billion in 2019 and projected to generate more than USD 218.9 billion by 2027, registering with a CAGR over 6.56% during the forecast period, 2020-2027. The rapidly increasing frauds, cybercrimes, risk, threats, and vulnerabilities likely to boom the global cybersecurity market in the estimated periods. Additionally, the rising incidence of cyber-attacks, the sophistication of cybercrimes, and the surge in the threats around state-sponsored attack will trigger the global cybersecurity market in the next few years.
Additionally, the mounting number of government initiatives from various developing countries towards digitizing government sector entities and processes, healthcare, banking, and financial services industry, education, and other vital sectors anticipated triggering the global cybersecurity market in the future time. Furthermore, the emergence of disruptive digital technologies like IoT, AI, etc., stringent data protection regulations for information security will boost the global cybersecurity market. The rising internet usage, together with millions of smartphone users and growing mobile data traffic, sets the context for transformational change in the developing and emerging countries. According to the Government of India, the daily average of government e-transactions reached up from 20 million in 2015, to 143 million in 2019.
Moreover, the growing need for strict compliance with regulatory requirements and the rising instances of cybersecurity breaches will accelerate the growth of the cybersecurity market.
Cyber-attacks are more sophisticated with attackers using an ever-growing variety of tactics to exploit vulnerabilities, such as social engineering, malware, and ransomware. According to the Indian government, around 3.13 lakh cybersecurity incidents, including website hacking and phishing attacks, were reported in India till October 2019. Moreover, in the future, the development and popularity of 5G, big data, artificial intelligence, and the Internet of Things will make more dangers of cyber-attacks more realistic and more significant.
Many governments step a robust Cyber Security backbone for their country. For instance, The Netherlands has walked ahead of its time in this aspect, having rolled out a National Cyber Security Agenda (NCSA). The government of India has formulated a National Crisis Management Plan for tackling cyber-attacks and cyber-terrorism. This plan is re-evaluated yearly and updated to address the changing landscape of cyber threats.
Additionally, USA passed, 2015 Cybersecurity National Action Plan (CNAP) that takes near-term actions and puts in place a long-term strategy to enhance cybersecurity awareness and protections, protect privacy, maintain public safety and economic and national security.
The emerging of IoT and AI among organizations has made devices and applications more exposed to vulnerabilities of cyber-attacks by the use of Big Data, cloud, social media, and mobile services. These technologies have emerged as a potent factor in the development of the global threat landscape of exploits, vulnerabilities, and malware.
Based on the component, the global Cybersecurity market bifurcated into Solution and Service. The Software segment expected to witness faster growth in this market due to ease, flexibility, affordability, and scalable features, which provides the highest level of data security and dependability.
Services will grow by the surge in the adoption of cloud-based services for managing the critical infrastructure of enterprises.
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 predicted to dominate due to the surge in demand for connected devices such as bring your device (BYOD), and IoT. These devices are useful in BFSI aimed to manage, measure security, and identify risks associated with user access.
Unified Threat Management segment will drive by its application to protect networks against combined security threats, including malware and attacks simultaneously.
Based on service, the global Cybersecurity market bifurcated into Professional Services and Managed Security Services. The Professional Services segment anticipated leading the market owing to its benefits such as providing consulting, training & education, and support & maintenance to enterprises.
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 estimated to dominate due to benefits, including realizing the authenticity, confidentiality, integrity, availability, and non-repudiation of information.
The application segment will propel by the rise in security breaches on target business applications along with the implementation of regulation and compliance for application security.
Based on deployment, the global Cybersecurity market bifurcated into Cloud-based and On-premise. Cloud-based segment expected to gain maximum revenue by 2027 owing to the upsurge in cloud vulnerabilities due to digitalization and mobility solutions. Additionally, increasing the adoption of the public cloud will drive cloud-based cybersecurity solutions.
The online-based segment will drive by its benefits, such as services such as prevention, detection, and remediation.
Based on organization size, the global cybersecurity market bifurcated into SMEs and Large Enterprises. Cloud-based segments expected to gain maximum revenue by 2027, on account of cybersecurity, provides them services such as prevention, detection, and remediation.
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. BFSI segment witnessed to generate maximum revenue by 2027, due to the digitization and automation in banking and the adoption of fintech solutions by the banking industry.
Government and Defense will propel by state-level digitalization and growing concerned about national security around state-sponsored attacks.
Based on geography, the global cybersecurity market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America estimated to occupy the lion’s market share by 2027 on account of the presence of prominent players that offer cybersecurity solutions along with the rising awareness regarding cybersecurity among small and medium organizations.
The Asia Pacific will be the fastest-growing region due to the rapid economic development, increased sophistication of cyber-attacks, and massive penetration of smartphones and the internet across consumers and business segments.
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.
By Security Type
By Organization Size
By Industry Vertical
Cyber security is the application of processes, technologies, and controls to secure systems, devices, networks, data, and programs from cyber attacks. Its focus is to reduce the risk of cyber-attacks and protect against the uncertified exploitation of networks, systems, and technologies.
The global cybersecurity market size is forecasted to grow from USD 225.5 billion in 2021 to USD 356.8 billion by 2027, At a CAGR of 10.2% from 2021 to 2027.
The essential elements contributing to the progress of the global cybersecurity market are a rise in malware & phishing threats among enterprises, an increase in demand for cloud-based cybersecurity solutions, and the need for strong authentication methods across regions.
Selection of IoT Security to grow Demand in the Cybersecurity Market, Growth in the Need for Cloud-Based Cybersecurity Solutions Among SMEs, Gain in BYOD Trends Led the Endpoint Security Segment to Grow Further in Mobile Protection, etc., are the key opportunities in the Cybersecurity market.
Rise of Double-Extortion Ransomware, Cloud Adoption Outpaces Security, Design and Implementation Difficulties in Deploying Cybersecurity Solutions, exploitation of Remote Work, No Control Over Phishing and Spear-Phishing Attacks are the challenges in the Cybersecurity market.