The Global Cyber Security Market was valued at USD 151.8 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.2% between 2021 to 2028. In today's world, the cyberattacks and online threats have increased due to the rapid shift towards digitalization. Moreover, sharing of data and media digitally has created avenues for cybercriminals to access network.
Increasing Adoption Of Cybersecurity Solutions To Spur The Market Growth
Growing technological advancements and increasing adoption of these solutions has contributed to the market growth. In addition, various sectors such as manufacturing, retail shops, telecommunications, and banking needs for large amount of data processing is growing and this contains confidential information hence security is a must so that no damage is caused.
In COVID-19 pandemic, the cyberattacks and crime rate have increased across different sectors. apart from this, in businesses the use of similar email address has now become a popular way to conduct cyberattacks by cybercriminals. moreover, the growing concerns about cyberattacks is encouraging various organizations to adopt these cybersecurity solutions in order to detect and configure malware protection.
The cyber security market in segmented on the basis of component is bifurcated into software, hardware and services and software segment can be further sub segmented and hence on the basis of software the market for cybersecurity can be sub- segmented into threat intelligence, platform, security and vulnerability management, antivirus/antimalware, secure web gateway, firewall, network access control, soar, encryption, risk and compliance, disaster recovery, management and others. the market can also be divided on basis of verticals into government, IT, manufacturing, energy and utilities, telecommunications, aerospace & defense, media and entertainment, retail, and other verticals.
North America region is expected to grow at a high rate over the coming years and is the dominating region. This is attributable to the presence of security vendors in this region. In addition, the U.S. government is involved in more and more security solutions and the spending on these services have been increased by SMEs in this will boost the market in coming years.
Some of the major players operating in the global cyber security market McAfee, LLC, Trend Micro Incorporated, IBM, Check, Point Software Technology Ltd., Palo Alto Networks, Inc., Cisco Systems, Inc., and Broadcom (Symantec Corporation), among others.