Cybersecurity Market was Estimated to be US$ 124.32 Bn in 2018, Growing at a CAGR of 20.13% Over the Forecast Period, says Absolute Markets Insights. The evolution of computing technology over the last two decades has taken almost all industries on Earth by storm. Whether it is the manufacturing of a component or something as complex as aviation and astronomy, computer networks have made their presence felt in industries in one form of the other. Smart devices and the internet have brought countless user online. The zillions of bytes that are being generated are vulnerable to numerous forms of attacks by hackers with malicious intentions. Incidences such as identity theft have facilitated financial fraud. It is estimated that the industries across the globe lose close to US$40 billion each year as a result of cyber-attacks. Therefore, the protection of data and applications is atop the list of strategies of most businesses. In 2018 alone, around two million cyber-attack cases were recorded around the globe. The increasing need to prevent losses as a result of cyber-attacks is one of the major reasons for the growth of the global cybersecurity market.
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Presently, the Coronavirus pandemic has promoted the work-from-home culture. Due to this, companies are required to take added care to ensure that highly confidential applications remain safe from cyber-attacks. Unlike the company's network that may have a fool-proof plan to protect unauthorized cyber encroachments, the network that is used by the employee may be vulnerable to cyber-attacks. The hackers will increasingly target these devices and networks to steal relevant data. Highly sophisticated decryption algorithms are being used to decipher the encrypted data. With the rising popularity of freelancing and the remote working culture, companies will need to bolster their cyber defences to ensure that the data isn't stolen. The arrival of self-driving cars and the maturing of industrial IoT (IIoT) will demand even more sophisticated cyber defence systems. All these makes the global cybersecurity market an attractive investment area.
The detailed research study provides qualitative and quantitative analysis of cybersecurity market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- On the basis of offering, the solutions segment is expected to show the maximum growth, due to the increasing demand for software and hardware products that prevent cyber-attacks.
- Based on the end users, the highest share in 2018 was held by the corporate segment. The higher demand for solutions that prevent finance fraud, especially in the BFSI industry, is adding in the growth.
- Large organizations held the lion's share of the market revenue in 2018, mainly because of the higher amount of confidential data protection that is required by these organizations.
- As far as geography is concerned, North America accounted for the maximum share in the global cybersecurity market in 2018. This can be attributed to the advanced research and development technologies that are present in the region.
- Some of the players operating in the Cybersecurity Market are Absolute Software Corporation, Accenture, Barracuda Networks, Inc, Broadcom, Check Point Software Technologies, Cisco Systems, Inc., Fortinet, Inc., High-Tech Bridge SA, IBM Corporation, Intruder Systems Ltd, Juniper Networks, Inc., McAfee, LLC and Microsoft amongst others.
- On Premise
By Organization Size
- Small and Medium Enterprises
- Large Enterprises
- Information Technology and Telecommunication
- Energy and Utilities
- Banking, Financial Services and Insurance (BFSI)
- Electrical and Electronics
- End-Point Security
- Network Security
- Application Security
By Threat Type
- Distributed Denial Of Service (DDoS)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America