Cybersecurity Market

Cybersecurity market is anticipated to reach at USD 417 billion by 2028 at a CAGR of 9.9% during the forecast period.

Cybersecurity Market Overview

Cybersecurity is the procedure of defending systems, networks, and programs from cyberattacks. The cyberattacks aim to assess, change, or destroy sensitive data, financial fraud or interrupt the business process. Cyberspace and its primary infrastructure are unprotected to a wide range of risks associated with digital threats. Sophisticated cyberattacks and nation-states exploit vulnerabilities to data and money and are developing ability to interrupt, destroy or threaten the delivery of essential services.

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Major Cybersecurity Market Drivers

The factors driving the global cybersecurity market include the increasing use of a variety of technology in businesses, propelling the demand for security for storing large amounts of confidential data. Data breaching of such confidential data can cause financial damage to an organization. For instance, according to a report by Risk Based Security, 7.9 billion records have been exposed to data breaches in the first nine months of 2019. This figure is 112% more than the number of records exposed in 2018. The stringent government regulation for data protection will increase the demand for cybersecurity solutions. United Nations Conference on Trade and Development stated that 66% of countries globally had legislation to secure data protection and privacy, i.e., 124 out of 194 countries. The key players in cybersecurity, such as IBM, Cisco, among others, include IoT, Machine Learning, and Big Data, among others in their business security units, which will drive market growth. For instance, International Data Corporation predicted, global spending on cybersecurity solutions will reach USD 133.7 billion by 2022.

Restraint in the Cybersecurity Market

However, high cost associated with cybersecurity may act as a restraint and hamper the market growth. Business do not have enough finances to protect data and system may suffer due to high cost.

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Security Type – Segment Analysis

Based on the deployment type, the cloud security is expected to grow at a higher CAGR during the forecast period. Cloud security is dedicated to protecting cloud computing systems includes keeping data private and safe across the online-based infrastructure applications and platforms. Cloud computing becoming popular in the business circle for small and medium-sized businesses. Most companies are accessing the cloud to enhance the ability to share data internally with their employees or externally to customers. The increasing adoption of cloud-based solutions and data breach risk associated with cloud solutions will drive market growth. The increased risk of malware infiltrations, unauthorized access, and an increasing number of sophisticated cyber actors across the cloud layer is propelling the organization to implement cloud security solutions and services.

End-User Industry – Segment Analysis

Based on the end-user industry, government & defence is estimated to grow at higher CAGR over the forecast period in the cybersecurity market. In the background of increasing geo-economics and geo-political tensions, nations face one of the biggest threats of state-sponsored cyberattacks. From election interference to alleged attempted theft of COVID-19 vaccine research to power supply cut-off, state-sponsored cyberattacks are infiltrating countries’ critical infrastructure around the world. Therefore, government & defence demand highly secured solutions as part of defence strategy. For instance, U.S. Secret Services maintains the Electric crimes special task force, which focuses on identifying and locating the international cyber criminals connected to cyber intrusion, bank fraud, data breaches, and other computer-related crimes.

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Regional – Segment Analysis:

Based on the region, the APAC region is anticipated to grow at a higher CAGR over the forecast period. The strong presence of several industries in the region, such as telecom, energy, finance, and technology, are targets of cyberattacks. According to Comparitech Limited statistics, Southeast Asia is the least cyber-secure region in the world. The increasing number of service providers and hike in investment by government on R&D activities to minimize the attack will propel the market growth in the region. For instance, in 2021, India allocated USD 22.65 million on cybersecurity projects and promotions.

Top Market Players

Various notable players operating in the market, include, IBM, Cisco, Microsoft, Norton Life Lock Inc., Oracle, Accenture, Imperva, FireEye, CyberArk Software Ltd, Check Point Software Technologies Ltd, among others.

Key Developments:

• • In 2021, Check Point Software Technologies Ltd extended its multi-cloud support by integrating Check Point CloudGaurd with Alibaba Cloud.
  • In 2021, CyberArk Software Ltd and Telefónica Tech launched new identity security managed service offering, which will have access to the new set of innovative cybersecurity offerings.

Segments covered in the Report:

The global Cybersecurity market has been segmented on the basis of component, security type, deployment type, end-user industry and region. Based on component, the market is segmented into software, hardware, and services. Based on security type, the market is segmented into network security, application security, cloud security, endpoint security and others. Based on deployment type, the market is segmented into cloud, and on-premises. Based on end-user industry the market is segmented into retail, IT & telecom, government & defence, BSFI, e-Commerce, media & entertainment, and others.

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Market Segmentation

Global Cybersecurity Market by Component

• • Software
  • Hardware
  • Services

Global Cybersecurity Market by Security Type

• • Network Security
  • Application Security
  • Cloud Security
  • Endpoint Security
  • Others

Global Cybersecurity Market by Deployment Type

• • Cloud
  • On-premises

Global Cybersecurity Market by End-User Industry

• • Retail
  • IT & Telecom
  • Government & Defence
  • BSFI
  • e-Commerce
  • Media & Entertainment
  • Others

Global Cybersecurity Market by Region

• • North America Cybersecurity Market (Option 1: As a part of the free 25% customization)

    • North America Cybersecurity Market by Component
    • North America Cybersecurity Market by Security Type
    • North America Cybersecurity Market by Deployment Type
    • North America Cybersecurity Market by End-User Industry
    • US Cybersecurity Market All-Up
    • Canada Cybersecurity Market All-Up

  • Europe Cybersecurity Market (Option 2: As a part of the free 25% customization)

    • Europe Cybersecurity Market by Component
    • Europe Cybersecurity Market by Security Type
    • Europe Cybersecurity Market by Deployment Type
    • Europe Cybersecurity Market by End-User Industry
    • UK Cybersecurity Market All-Up
    • Germany Cybersecurity Market All-Up
    • France Cybersecurity Market All-Up
    • Spain Cybersecurity Market All-Up
    • Rest of Europe Cybersecurity Market All-Up

  • Asia-Pacific Cybersecurity Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Cybersecurity Market by Component
    • Asia-Pacific Cybersecurity Market by Security Type
    • Asia-Pacific Cybersecurity Market by Deployment Type
    • Asia-Pacific Cybersecurity Market by End-User Industry
    • China Cybersecurity Market All-Up
    • India Cybersecurity Market All-Up
    • Japan Cybersecurity Market All-Up
    • Rest of APAC Cybersecurity Market All-Up

  • RoW Cybersecurity Market (Option 4: As a part of the free 25% customization)

    • RoW Cybersecurity Market by Component
    • RoW Cybersecurity Market by Security Type
    • RoW Cybersecurity Market by Deployment Type
    • RoW Cybersecurity Market by End-User Industry
    • Brazil Cybersecurity Market All-Up
    • South Africa Cybersecurity Market All-Up
    • Saudi Arabia Cybersecurity Market All-Up
    • UAE Cybersecurity Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Cybersecurity Market All-Up

Major Players Operating in the Cybersecurity (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • IBM
  • Cisco
  • Microsoft
  • Norton Life Lock Inc.
  • Oracle
  • Accenture
  • Imperva
  • FireEye
  • CyberArk Software Ltd
  • Check Point Software Technologies Ltd