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Global Cybersecurity Market Segments: By Services (Infrastructure Protection, Identity Authentication Access Management, Network Security Protection and Security Services); By End-User (Government, Banking, Transportation, Healthcare, IT and Telecommunications and Others); By Deployment type (On-Premises and Cloud-based) and Region Analysis of Market Size, Share & Trends for 2014 to 2019 and Forecasts to 2030
Cybersecurity Market to reach USD $496.4 billion by 2030 from USD 159.27 billion in 2020 at a CAGR of 12.00% in the coming years, i.e., 2021-30.
Cybersecurity is a technique designed to defend devices, networks, data, and programs from unauthorized access or malicious attacks. Cyberattacks are escalating due to advancements in technology and innovations aiming at procuring, changing, or destroying sensitive and confidential information which has made the cybersecurity process more complex and challenging. Cybersecurity can be further categorized into application security, network security, information security, operational security, cloud security, etc. each providing effective security to different dimensions of the entire information system of an organization. Cybersecurity safeguards information against theft or loss by encrypting emails, critical data, and files via cryptographic protocols. Multiple layers of protection are spread across computers, devices, programs, and networks obscuring critical information related to health, national security, or financial records from digital spying and cyber-attacks.
The Cybersecurity Market to reach USD $496.4 billion by 2030 from USD XXX billion in 2020 at a CAGR of 12.00% in the coming years, i.e., 2021-30. The global Cybersecurity market is expected to observe a growth in the future due to the spread of inaccurate information, a rise in the implementation of work from home policies by the majority of companies, and an increase in the use of digital infrastructure to continue business operations and prevent cyber-attacks. Maintaining a secured network and confidentiality of sensitive data would bolster cybersecurity technology.
Security services segment to grow with the highest CAGR of XX.X% during 2019-30
The global Cybersecurity market is segmented by services into Infrastructure Protection, Identity Authentication Access Management, Network Security Protection, and Security Services. The security services segment held the largest market share of XX.X% in the year 2018 and is anticipated to dominate the global market throughout the forecast period due to the rising risks of cyber-attacks.
Banking segment to grow with the highest CAGR of XX.X% during 2019-30
The global Cybersecurity market is segmented by end-user into Government, Banking, Transportation, Healthcare, IT and Telecommunications, and Others. The banking segment held the largest market share of XX.X% in the year 2018 and is expected to maintain this trend throughout the forecast period owing to the rise in digitalization such as internet banking and the need for digital privacy in financial institutions.
A cloud-based segment to grow with the highest CAGR of XX% during 2019-30
The global Cybersecurity market is also segmented by deployment into On-Premises and Cloud-based. The cloud-based segment held the largest market share of XX.X% in the year 2018 and is anticipated to grow with the highest CAGR throughout the forecast period. The cloud-based segment holds low maintenance costs over an on-premises segment.
Digital technologies
New business models and technologies such as IoT rely upon global digitization. The use of Big data and cloud computing has opened avenues for an online cyber attack as the system becomes more interconnected and complex, thus, demanding the need for a cybersecurity system in the business environment. The use of social media and mobile services is also prone to unauthorized access and malware practices exposing the gaps in the security of applications and networks which allows the incorporation of cybersecurity systems in the business.
Rise in Cyber-attacks
With the growing digitalization immense amount of information is stored and transported, transforming the way consumers communicate, work, and learn which makes it prone to cyber-attacks. According to the past trends, a rise in phishing, ransomware, malware practices has been observed that procured sensitive information such as consumer’s credit card details, login ids, and passwords, financial information, etc. which is a key factor driving the demand and growth for the cybersecurity market to prevent cyber-attacks.
The dearth of Skilled Professional
Cybersecurity is highly complex due to recurring advancements and innovations in technology. The talent gap is the key factor restraining the growth of cybersecurity globally, the shortage of skilled professionals in areas such as security management, threat, vulnerability assessment, and incident and crisis management are hampering the growth of the cybersecurity market.
This pandemic has led to a humanitarian crisis leading to massive shutdowns of offices and other facilities to prevent the spread of the disease. Businesses planning to continue to operate face enormous challenges to embrace remote-working and social distancing through digital infrastructure that serves as a lucrative opportunity for cybercriminals around the world. Information technology such as cloud systems, data centers, and servers used to keep employees connected to the company’s data have become vulnerable to cyberattacks, proliferating demand for advanced cybersecurity technology to prevent unauthorized access, phishing, and ransomware attacks. Mounting digitalization has helped businesses to maintain the supply chain for essentials, government reassures the public by sharing precautionary guidelines, and adopting work-from-home policies to ensure social distancing. The cybersecurity market is anticipated to witness a rise in demand since working in home environments is less secure as the employee is connected through their home router with limited to no security and all the company firewalls are not in place. Cybersecurity can be ensured using advanced techniques, but education plays the most important role to prevent and keep away from cyberattacks.
Fortinet
The global Cybersecurity market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
The global Cybersecurity market in North America held the largest market share of XX.X% in the year 2018. Increased investments in research and development and security solutions by enterprises and prominent security vendors present in the region have contributed to the growth of cybersecurity. Asia-Pacific region is also anticipated to expand with high CAGR throughout the forecast period due to higher cyber-risks due to the rise in the use of smartphones and internet services.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
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