ID: MRFR/ICT/0447-HCR | February 2021 | Region: Global | 100 pages
Global cybersecurity market is expected to register a CAGR of 10.5% during the forecast period to reach USD 199.98 billion by 2025. Cybersecurity refers to a combination of various technologies and processes which are designed to shield networks, devices, and data from attack or unauthorized access. Many times, it is also referred to as information technology security. The rapid deployment of web and cloud-based applications is a factor which boosts the market growth. The growing need for enterprises to reduce risks and stringent compliance with the regulatory requirements also encourage the market for cybersecurity solutions and services. The increase in the frequency of cyber-attacks globally is an additional factor which boosts the market. However, the limited security budget among the small and medium businesses is a factor which hampers the market growth during the forecast period. The growing demand for cybersecurity solutions and services from the banking, financial services, and insurance (BFSI), IT and telecommunication and other verticals offers the lucrative opportunity to the key players in the global market. The demand for cloud-based security solutions is proliferating, which is an opportunity for the market players.
The global cybersecurity market has been segmented based on component, organization size, deployment, security type, vertical, and region/country.
Based on the component, the global cybersecurity market has been divided into solutions and services. The solutions segment has been categorized as identity and access management, risk and compliance management, unified threat management, disaster recovery, firewall, antivirus, web filtering, data loss prevention, security information and event management and others. The services segment has been segregated into managed services and professional services. The professional service is further classified as training & education, consulting, support & maintenance, and design & integration.
Based on security type, the global cybersecurity market has been bifurcated into small- and medium-sized enterprise (SME) and large enterprise.
Based on organization size, the global cybersecurity market has been categorized as network security, endpoint security, application security, cloud security, wireless security, and others.
By deployment model, the global cybersecurity market has been segmented into the cloud and on-premise.
Based on vertical, the global cybersecurity market has been divided into manufacturing, BFSI, healthcare, IT & telecommunication, retail, government, aerospace & defense, and others.
The global cybersecurity market has been analyzed for five regions—North America, Europe, Asia-Pacific, Middle East, and Africa, and South America.
The global cybersecurity market is estimated to grow at a CAGR of 10.5% during the forecast period from 2019 to 2025. The geographic analysis of the global cybersecurity market has been conducted for North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America accounted for the highest market share, owing to the enterprises deploying the cybersecurity solutions for security reasons as the number of cyber-attacks is rapidly increasing. The US leads the market in North America as it is the most technologically advanced country, and also it has a high adoption of cloud technology.
Asia-Pacific is anticipated to be the fastest-growing market during the review period due to the rising need to prevent cyber threats. Along with this, the enterprises across all verticals are adopting these solutions rapidly to secure their network and data.
Source: MRFR Analysis
Many of the players in the market opt for partnerships and new product development as their critical organic growth strategies to strengthen their position in the market. This helps them to increase their customer base and also cater to the demands of enterprises across verticals. In March 2019, Carbonite Inc. (US), a cloud-based data security company, completed the acquisition of Webroot (US), a cybersecurity company. Also, in March 2019, Dragos, Inc. (US), an asset identification, threat detection, and response platform and services, acquired NexDefense (US) a provider of industrial controls system (ICS) visibility technology.
The key players in the global cybersecurity market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include Intel Corporation (US), Symantec Corporation (US), HP Enterprise (US), IBM Corporation (US), Cisco Systems, Inc. (US), Rapid7, Inc. (US), EMC RSA (US), FireEye, Inc. (US), Trend Micro, Inc. (Japan), Sophos Ltd. (UK), SecureWorks, Inc. (Dell Technologies) (US), Imperva (US), BAE Systems (UK), Carbon Black, Inc. (US), and Akamai Technologies (US). The key strategies adopted by most of the players are partnerships, agreements, and collaborations.
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 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 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.