Dublin, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The "Cybersecurity Market by Type, Solution - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global cybersecurity market is projected to reach $300 billion by 2027, at a CAGR of 11.2% during the forecast period of 2019-2027.
The growth of this market is attributed to the increasing demand for network security & privacy, increasing adoption of cloud computing, growing need for digital transformation in the telecommunication industry, increasing frequency of cyberattacks, and growing regulations for information security.
Based on component, in 2018, the solutions segment accounted for the largest share of the cybersecurity market. The large market share of this segment is attributed to the growing number of IoT deployments, the increasing focus on solution-centric security capabilities, and the rising vulnerabilities on endpoint devices. In addition, the benefits offered by cybersecurity, such as high performance, reliability, comprehensive vulnerability coverage, efficiency, and security of real-time applications, further augment the growth of this segment.
Based on type, in 2018, the network security segment accounted for the largest share of the cybersecurity market. The large market share of this segment is attributed to the growing demand for web and content filtering, the increasing adoption of cloud computing technologies, and the increasing need to protect connected network infrastructure.
Based on organization size, in 2018, the large enterprises segment accounted for the largest share of the cybersecurity market due to its strong infrastructure and management of cybersecurity platforms by skilled IT personnel. Furthermore, large enterprises focus on desired security channels against cyber threats to retain customers, boost sales, and validate necessary steps to overcome market interruptions, such as the COVID-19 outbreak.
Based on end-use industry, the government segment accounted for the largest share of the cybersecurity market. The large market share of this segment is attributed to the growing concerns regarding a data breach of intelligence, financial activities, research and development activities, and high spending on security solutions.
In 2018, North America accounted for the largest share of the cybersecurity market. The large share of this market is attributed to the increasing technological advancements in North America, developed internet infrastructure, high adoption of technology, and the presence of a majority of the established cybersecurity vendors and start-ups. The high proliferation of IoT devices and cloud-based services is further propelling the growth of the cybersecurity market across North America.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The presence of fast growing economies, improvement in the business environment and infrastructure, rapid digitization, and the increasing threats of cyberattacks on healthcare, BFSI, and retail industries in the region are expected to drive the growth of the cybersecurity market in Asia-Pacific.
Key questions answered in the report:
- Which are the high-growth market segments in terms of component, type, organization size, deployment mode, end-use industry, and region?
- What is the historical market for cybersecurity across the globe?
- What are the market forecasts and estimates for the period 2019-2027?
- What are the major drivers, restraints, and opportunities in the global cybersecurity market?
- Who are the major players in the global cybersecurity market, and what market share do they hold?
- Who are the major players in various countries, and what market share do they hold?
- How is the competitive landscape?
- What are the recent developments in the global cybersecurity market?
- What are the different strategies adopted by major players in the global cybersecurity market?
- What are the geographical trends in high-growth countries?
- Who are the local emerging players in the global cybersecurity market, and how do they compete with the other players?
Market Dynamics
Drivers
- Growing Adoption of Disruptive Digital Technologies Across Industries
- Increased Frequency & Sophistication of Cyberattacks
- Rising Need for Data Security & Privacy
Restraints
- Dearth of Trained Cybersecurity Professionals
Opportunities
- Growing Need for Cloud-Based Security Solutions Among SMEs
- Increasing Use of AI, ML, And Blockchain Technologies for Cyber Defense
Challenges
- IoT Devices' Vulnerability to Cyberattacks
Trends
- Increasing Use of Smartphones as An Attack Vector
- Growing Adoption Of 5g Technology
Company Profiles
- Fortinet Inc. (U.S.)
- Cisco Systems Inc. (U.S.)
- Juniper Networks Inc. (U.S.)
- Palo Alto Networks Inc. (U.S.)
- IBM (U.S.)
- Check Point Software Technologies Ltd. (Israel)
- F5 Networks Inc. (U.S.)
- FireEye Inc. (U.S.)
- Splunk Inc. (U.S.)
- Symantec Corporation (U.S.)
- Oracle (U.S.)
- Microsoft Corporation (U.S.)
- Intel (U.S.) Imperva Inc(U.S.)
- CyberArk Software Ltd. (U.S.)
- RSA Security LLC. (U.S.)
Scope of the Report:
Cybersecurity Market, by Component
- Solutions
- Encryption
- Data Loss Prevention
- Unified Threat Management
- Firewall
- Antivirus/Antimalware
- Intrusion Detection System/Intrusion Prevention System
- Security and Vulnerability Management
- Disaster Recovery
- Web Filtering
- Identity & Access Management
- Risk & Compliance Management
- DDS Management
- Services
- Professional Services
- Managed Services
Cybersecurity Market, by Type
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
Cybersecurity Market, by Organization Size
- Small and Medium Enterprises
- Large Enterprises
Cybersecurity Market, by Deployment Mode
- On-Premise
- Cloud-based
Cybersecurity Market, by End-use Industry
- Aerospace & Defence
- Government
- BFSI
- IT & Telecom
- Healthcare
- Retail
- Manufacturing
- Other End-use Industries
Cybersecurity Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Israel
- GCC
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/ienx67
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