(MENAFN- EIN Presswire)
CHICAGO, UNITED STATES, October 25, 2022 / / -- The size was US$ 162.9 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 13.40% during the study period. The global cybersecurity market is expected to reach US$ 364.0 billion by 2027.
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Cybersecurity is essential for every industry to protect against cybercrimes, data theft, and damages. The data may include personal information, personally identifiable information (PII), industrial and governmental information systems, and protected health information (PHI). The global cybersecurity market will record excellent growth due to the growing demand for data and information protection and rising cases of data thefts and malicious cyber activities. According to Data and Identity Theft Statistics, nearly 65,826 reported identity theft scams linked to COVID-19 were registered in May 2021. Additionally, the Identity Theft Resource Center's 2021 Data Breach Report states that nearly 1,862 data breach cases were registered in 2021, which was a significant up from 1,108 in 2020. Moreover, IBM reports that the average cost of data breaches reached US$ 4 million in 2021. Therefore, all of the aforementioned factors reflect the significance of cybersecurity across the globe.
Global Cybersecurity Market, by Security Type
Based on security, the cloud security segment leads with a share of more than 30% in 2021. It is owing to the fact that cloud security is a productive recuperation arrangement having minimum downtime. Further, cloud security and hybrid cloud platforms like Amazon Web Services (AWS) and Azure are becoming more popular on a regular basis, which will unfold a host of opportunities for the global cybersecurity market. Various organizations use cloud security to sustain both at-office and home-based working environments, which will potentially boost the growth of the market during the analysis period.
Global Cybersecurity Market, by Enterprize Size
On the basis of enterprise size, large organizations make the most of the market by holding a share of 60% in 2021. It is owing to the fact that large enterprises adopt cybersecurity as the primary way to safeguard the network, endpoints, data centers, devices, and applications from malicious ransomware attacks. On the flip side, small & medium-sized enterprises (SMEs) will grow at the highest growth rate of 14.8% owing to increasing cases of cyberattacks on SMEs. According to a Sophos survey, cyberattacks captures nearly 60% of SMEs in 2021.
Global Cybersecurity Market Analysis, by Region
North America cybersecurity market leads with the highest market share of 35%, owing to the rising support from governments and industry players. For instance, New York passed a regulation in 2017, according to which financial institutions need to organize a detailed program to maintain the safety of data of the customers and also train the employees to combat identify threats.
Followed by North America, Europe, and the Asia Pacific will hold the second and third place. These regional markets held a cumulative share of 51% in 2021.
COVID-19 Impact on Cybersecurity Market
The COVID-19 pandemic has significantly increased the demand for cybersecurity as data theft and the rate of cyberattacks increased dramatically. It is attributed to the sudden change in the working pattern. According to the Accenture data breach statistics for 2021, various businesses believe they're at high risk from the cyber threat. According to Purplesec, the pandemic became resulted in an increase of 600% in cybercrime. Moreover, around 241,324 phishing incidents were registered in 2020. Realizing the severity of the situation, companies started focusing on cybersecurity in order to protect crucial data.
Key Players in Cybersecurity Market
Some of the key players in the cybersecurity market include Sophos PLC, MacAfee, Trend Micro Incorporated, Proofpoint Inc., IBM Corporation, Microsoft, BAE Systems, Inc., Fortinet, Inc., Check Point Software Technology Ltd., Juniper Networks, F5 Networks, FireEye, Inc., EMC Corporation, Cisco Systems Inc., Palo Alto Networks, Inc., Qualys Inc., Symantec Corporation, and others. Meanwhile, Cisco, IBM, Trend Micro, and Palo Alto are the prominent industry players holding a cumulative share of around 41.60%. Industry players are making strategic moves in order to gain a competitive edge. For instance, IBM announced its plan to join forces with 20 historically black colleges and universities (HBCUs) in September 2022 with the aim to address the cybersecurity talent shortage. To reach this goal, IBM will establish Cybersecurity Leadership Centers on the campuses to deliver access to efficient IBM training curriculum, certifications, cyberattack training sessions, and enterprise security software, all free of cost. The list of schools included South Carolina State University, Morgan State University in Maryland, North Carolina A&T State University, Clark Atlanta University in Georgia, Southern University System, and the Xavier University of Louisiana, etc.
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Trend Micro, which blocked nearly 94 billion threats in 2021, unveiled WeDiscover Partner Program in August 2021 across AMEA. The program allows seamless collaboration among business management, sales, marketing, and technical teams.
Market Segmentation
The Global Cybersecurity Market is divided into six segments based on Component, Security, Deployment, Application, Enterprise Size and Region.
By Component
•Solutions
oThreat Intelligence
Identity and Access Management
Security and Vulnerability Management
Risk and Compliance Management
Others
Encryption
Data Loss Prevention
Network DLP
Storage/ Data Center DLP
Endpoint DLP
Unified Threat Management
Firewall
Intrusion Detection Systems/ Intrusion Prevention Systems
Disaster Recovery
Distributed Denial of Service
Others
•Services
Professional Services
Design and Integration
Risk and Threat Assessment
Consulting
Training and Education
Support and Maintenance
Managed Security Services
By Security Type
Network Security
Endpoint Security
Application Security
Cloud Security
Others
By Deployment
Cloud-based
On-premises
By Application
BFSI
Government
Retail
Healthcare
IT and Telecommunication
Manufacturing
Others
By Enterprise Size
Small and Medium-sized Enterprises
Large Enterprises
By Region
North America
The U.S.
Canada
Mexico
Europe
The UK
Germany
France
Spain
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
Singapore
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Argentina
Brazil
Rest of South America
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