ID: MRFR/ICT/0447-HCR | February 2021 | Region: Global | 100 pages
Cybersecurity refers to the combination of various technologies and processes which are designed to protect the devices, network, data under attack and from unauthorized attack. With the advent of online marketing, there is a huge demand for the cybersecurity market. The rising businesses need to reduce risk and the restrictive compliance with the framework of regulation also requires the solution to end the cybercrimes with cybersecurity services. Not only it is required by businesses but cybersecurity services are in great demand with banking, financial, services, insurance (BFSI) cyber-attacks profitable opportunities in the Global Market. Due to this, the rate of occurrence of cyber-attacks globally is also one of the reasons which are making a great market for the Cybersecurity Industry. But this demand is impeded by the constraint of the budget as it is not after forded by small-scale or medium enterprises.
With the increase in the use of cloud-based applications, there comes a rapid increase in opportunities for market players. The Growth of the cybersecurity market is forecasted to show a hike of up to USD 199.98 Billion till 2025 with a CAGR of 10.5%.
Coronavirus not only interrupted our personal life but also had given a great pushback to our professional life. Businesses have suffered a lot due to this coronavirus pandemic and working from home has become new normal. Due to this companies have to boost their technology transformation pro automatically leads to cybersecurity market opportunities. Now even the business meeting which earlier used to take place in person is taking place virtually and for that, it requires a cyber-safe working environment.
But with every pro there comes the ones, cyber attackers have taken this pandemic as an opportunity to exploit the employees by setting up various criminal activities. About 47% of people who are working from home have fallen under the phishing scam.
With more cybercrimes and more cyber attackers, there is a need for cybersecurity. But unfortunately, not all companies are paying due attention to cybersecurity in these new remote working conditions.
The increasing need for cybersecurity opportunities. Due to the new normal, that is working from home and wiThe cyberization attacks, there is a need for proper cybersecurity. It is needed despite the size of the organization and hence there is a boom for the cybersecurity market. It will not only provide us security benefits but also helps in the smooth functioning of the work even at our home place. The cybersecurity industry has become a very prominent player in this technology-IT-based world. Its increasing demand can also be witnessed by its use in (BFSI) and many other IT-based industries
With the rise of cybersecurity, the cybersecurity market is expected to touch heights in terms of market share. This is due to the fact all the work is now done online and on cloud-based applications and software and as a result more need for cybersecurity. Due to the recession faced by economics, cyber crimes will be at alarming rates, and with that needs a security shield which is well provided by the cybersecurity industry as a result it is forecasted that its growth will be high till 2025 with a high increase in CAGR.
With the increasing use of technology chances of fraudulent activities have also increased many folds. One of the services provided by cybersecurity is to educate the customers on how to deal with safe and secure transactions. Many organizations have appointed separate personnel to educate their customer base regarding cyber safety and the usefulness of cybersecurity in their lives so that they can save themselves from cyber attackers and their confidential information remains secure. It is expected that in the upcoming year’s cybersecurity will be regarded as the most basic and important feature in a product design. Not only this with the growth of the cybersecurity industry it will take an effortless view to obtain traditional or operational information with fewer amount of vulnerabilities.
Cybersecurity market has been bifurcated based on component, organization size, security type, deployment, vertical, and region/country.
Based on component
Global cybersecurity market is divided into solutions and services. The solution segment has been categorized as unified threat management, disaster recovery, antivirus, web filtering, data loss prevention. And the service segment comprises managed and professional services such as training and education, design and integration, consulting, support and maintenance.
Based on organization size
The global cybersecurity market has further segmented as application security, cloud security, wireless security, endpoint security, and others.
Based on vertical
Global cybersecurity market has been further categorized as manufacturing, BFSI, government, aerospace and defense, IT and telecommunication, retail, healthcare, and others.
Global cybersecurity has been estimated for mainly North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The cybersecurity industry’s growth is forecasted to increase up to 10.5% CAGR from 2020-2025.
North America is the biggest market of cybersecurity, as cyber-attacks are increasing at an alarming rate there. Also, America is the most advanced country in terms of technology and also its cloud technology usage is very high.
The Asia-Pacific cybersecurity industry is getting a lot of fame as they are more interested in preventing cyber threats. Also, all the businesses are going towards secure network and data for the smooth functioning of their transaction and to keep their confidential information secured.
The key market players of the global cybersecurity market are as follows:
Most of the key players use partnerships, collaborations, and agreements as their main strategies to strengthen their share in the cybersecurity market. This will enhance their customer base and fulfill the demands of their customers across the globe.
This cybersecurity market research report covers the following:
This report briefly tells about the cybersecurity Market Research done in the past. The impact of the COVID 19 pandemic and the forecast of the growth to 2025 are also estimated and mentioned.
Frequently Asked Questions (FAQ) :
Limited security budget of the small and medium businesses across the globe can act as a barrier in the market growth for cybersecurity market in the near future.
The global cybersecurity market notes high demand in verticals like BFSI, aerospace & defense, manufacturing, IT & telecommunication, healthcare, government, retail, and others.
North America forms the largest market for cybersecurity, on account of the rising number of enterprises using cybersecurity solutions for security purposes, since cyber-attacks have increased tremendously in recent years. Also, high adoption of cloud technology can benefit the regional market in the coming years.
A number of cybersecurity market players are indulging in strategies like partnerships along with new product development. These marketing hacks help them expand their customer base and also fulfil the demands of enterprises around the world.
The increasing deployment of web and cloud-based applications has been identified as one of the top factors inducing growth in the cybersecurity market. Rising need among enterprises to bring down the risks coupled with strict compliance with regulatory requirements can also favor the market in the following years. High frequency of cyber-attacks across the globe is another factor promoting market growth.