Market Highlights

Market Research Future (MRFR) projects the global cybersecurity market to reach USD 199.98 billion at a CAGR of 10.5% from 2018 to 2025 (forecast period).

Cybersecurity is a term that refers to a set of technologies and processes that are designed to shield networks, devices, and data from attack or unauthorized access. It is often referred to as information technology security. The rapid deployment of web and cloud-based applications contributes to market growth. The rising need for enterprises to reduce risks and stringent compliance with the regulatory requirements drives the demand for cybersecurity solutions and services. The rise in the number of cyber-attacks around the world is another factor driving the market.

However, a limited security budget for small and medium-sized businesses is a factor impeding market growth during the forecast period. The growing demand for cybersecurity solutions and services from banking, financial services, and insurance (BFSI), IT and telecommunications, and other verticals provides a lucrative opportunity for the global market's key players. The market for cloud-based security solutions is expanding, which presents an opportunity for market participants.

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Segmentation:

The global Cybersecurity Market Analysis has been segmented based on component, organization size, deployment, security type, and vertical.

By component, the global cybersecurity market has been segmented into solutions and services. The solutions segment has been further segregated into identity and access management, disaster recovery, risk and compliance management, unified threat management, firewall, antivirus, web filtering, data loss prevention, security information and event management, and others. The services segment has been further segregated into managed services and professional services. The professional service is further divided into training & education, consulting, support & maintenance, and design & integration.

By security type, the global cybersecurity market has been bifurcated into small- and medium-sized enterprises (SME) and large enterprises.

By organization size, the global cybersecurity market has been segmented into network security, endpoint security, wireless security, application security, cloud security, and others.

Based on deployment model, the global cybersecurity market has been divided into the cloud and on-premise.

By vertical, the global cybersecurity market has been divided into manufacturing, BFSI, healthcare, IT & telecommunication, retail, government, aerospace & defense, and others.

Regional Analysis

The global cybersecurity industry has been analyzed for five regions—North America, Europe, Asia Pacific, Middle East, and Africa, and South America.

North America captured the largest market share, owing to enterprises deploying cybersecurity solutions for security purposes as the number of cyber-attacks continues to grow. The US dominates the market in North America as it is the most technologically developed country, and also it has a high adoption of cloud technology.

Key Players

The key players active in the global cybersecurity market are Intel Corporation (US), Cisco Systems, Inc. (US), Symantec Corporation (US), HP Enterprise (US), Trend Micro, Inc. (Japan), IBM Corporation (US), Rapid7, Inc. (US), EMC RSA (US), FireEye, Inc. (US), Sophos Ltd. (UK), SecureWorks, Inc. (Dell Technologies) (US), Carbon Black, Inc. (US), Imperva (US), BAE Systems (UK), and Akamai Technologies (US).

COVID-19 Impact on the Global Cybersecurity Market

The outbreak of the COVID-19 pandemic has positively affected the global cybersecurity market in recent months. As a result of the outbreak, several countries have imposed lockdowns and closed down companies except for essential services (allowed with minimum workforce). Other companies have been directed to conduct work-from-home, resulting in an increase in demand for global cybersecurity services, which are a blend of technologies, practices, and processes designed specifically to protect devices, data, networks, and programs from unauthorized access, attacks, or damage. Businesses are focused on protecting their data and networks during these times due to the imposition of global lockdowns and businesses practicing work-from-home guidelines issued by the majority of governments, as well as the need to keep employees connected. In the current environment, online platforms have become increasingly important and vulnerable to cyberattacks, resulting in an increase in demand for cybersecurity services. Furthermore, the COVID-19 outbreak has increased consumer engagement in a variety of cloud services such as cloud ERP, cloud PBX, cloud video streaming, and connected mobility solutions, all of which have seen a substantial rise in demand. This has also resulted in making the cybersecurity market a lucrative one.

As per Interpol, the outbreak of COVID-19 has led to companies shifting their focus towards health emergencies which have also resulted in the lowering of cybersecurity at numerous organizations. Because of a surge in digital connectivity across the world, cyberattacks have increased during the lockdown. Employees of various financial institutions need highly secure and private channels of communication at home for communications pertaining to transactions. Companies that provide critical services need reliable and safe channels to manage their supply chains. Furthermore, as the COVID-19 outbreak continues to put healthcare systems around the world to the test, healthcare organizations are turning to chats, emails, phone calls, and telemedicine portals for remote diagnosis and counseling. The number of phishing sites found by Google has increased dramatically in recent months, as per the United Nations Interregional Crime and Justice Research Institute (UNICRI). The number of phishing sites was 149,195 in January 2020, increasing to 293,235 in February 2020 and 522,495 in March 2020. As a result of the growing number of phishing sites, internet penetration, and technological advances, global demand for cybersecurity services is projected to rise in the coming years.

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Cybersecurity Market Research Report: Information by Component [Solution (Identity & Access Management, Risk & Compliance Management, Unified Threat Management, Disaster Recovery, Firewall, Antivirus, Web Filtering, Data Loss Prevention, Security Information and Event Management and others) and Service (Managed Services, Professional Services-Training & Education, Consulting, Support & Maintenance and Design & Integration)], Organization Size (Large Enterprise and Small and Medium-Sized Enterprise), Deployment (Cloud and On-Premise), Security Type (Network Security, End Point Security, Application Security, Cloud Security, Wireless Security and others), Vertical (Manufacturing, BFSI, Healthcare, IT & Telecommunication, Retail, Government, Aerospace & Defense and others) - Forecast till 2027

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