New York, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Cybersecurity Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Profiling of key market players
Global Cybersecurity Market Size:
The global cybersecurity market is estimated to garner a notable revenue by the end of 2031 by growing at a CAGR of ~12% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of nearly USD 150 Billion in the year 2021. The growth of the market can be attributed to an increasing number of cyberattacks across the world. The growth of the market can further be attributed to the increase in spending on the information and communication technology (ICT), and a reduction in operational cost of business organizations. Moreover, the future of the digital economy is based on cloud infrastructure as it helps the organizations to be more efficient and cost effective in a competitive environment. As per the World Bank, the digital economy is growing two and a half times faster than the world’s economy over the past 15 years, which accounted for 15.5% of the world’s GDP. Therefore, the growing digital economy is expected to drive the growth of the global market.
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Global Cybersecurity Market: Key Takeaways
- The North America region to gain the largest portion of the revenue by 2031
- The healthcare sub-segment to dominate the revenue graph
- Cloud sub-segment remains prominent in the deployment type segment
Rapid Digitalization across Various Organizations around the World to Boost Market Growth
The increasing demand to rise productivity rate across various enterprises, and increased insistence on ensuring regulatory compliance and preventing errors are expected to be responsible factors to drive the growth of the global cybersecurity market. For enterprises, cloud services offer improved visibility and control required for managing changes associated with the complexity of enterprise data environment. It was noted that, enterprises across the globe, faced an average of 20 security breaches in 2020 and this number is estimated to grow over the forecast period. Hence, this is expected to fuel the growth of the global market significantly over the forecast period.
In addition to this, digitalization across various enterprises has been increasing throughout the years and is expected to increase even more over the projected years. Along with that, expenditure behind digitalization is also growing rapidly. For instance, nearly 65% of the world’s Gross Domestic Product (GDP) is predicted to be digitized by 2022, and digitally transformed organizations are projected to contribute to more than half of the global gross domestic product (GDP) by 2023, accounting for nearly USD 54 trillion. Hence, this is estimated to be a major factor to propel the growth of the global cybersecurity market. Additionally, high adoption of technologically advanced products, and growing R&D activities to develop products that improve user comfort by companies in the global market are also fuelling the expansion of the market.
Global Cybersecurity Market: Regional Overview
The global cybersecurity market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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Technological Advancements in Cloud Based Services to Propel the Market in the North America Region
The North America region is projected to hold the largest market share by the end of 2031 on the back of rise in the number of high cost of breaches, and an increasing advanced level of infrastructure in the region. Moreover, cloud friendly policies and laws by the government are adding to the cybersecurity market growth in the region. Furthermore, the U.S in the North America region is one of the countries with the best cloud based strategies for the organizations. As per the U.S. Department of the Interior, a cloud smart strategy was introduced in the year 2018 that provides guidelines related to security, labor skills and procurement for faster cloud adoption. Moreover, technical advancements in cloud- managed systems and enterprise Internet of Things (IoT) applications, and being a highly economically developed region are estimated to be prime factors to fuel the growth of the market in North America region.
Increasing Internet Penetration among the Regional Population to Favor Market Growth in the Asia Pacific Region
The Asia Pacific region in the cybersecurity market is estimated to witness noteworthy growth over the forecast period on the back of increasing growth in the usage of the internet, the presence of large vendors in the region, and growing demand for cloud based services from countries such as China and India. As per The World Bank, in China, 70% of the total population used the internet in the year 2020, and the usage rate is better as compared to other countries. Therefore, an increase in the usage of the internet will allow more organizations to opt for the on-cloud or cloud based services, which in turn, will increase demand for cybersecurity. Additionally, the advancement in technology and improvement in IoT & cybersecurity infrastructure are also projected to add to the market growth majorly.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Cybersecurity Market, Segmentation by Verticals
- BFSI
- IT & Telecom
- Healthcare
- Retail
- Government
- Aerospace & Defense
- Others
The healthcare segment is anticipated to hold the largest share over the forecast period owing to the increasing threat to patients’ health records, and surging medical fraud cases across the globe. Furthermore, rising healthcare expenditure per capita worldwide is also estimated to propel the growth of the market. According to the data by The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
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Global Cybersecurity Market, Segmentation by Deployment Type
- Cloud
- On-Premises
The cloud segment is anticipated to hold a substantial share over the forecast period in the market. This can be accredited to the lower cost and high rate of awareness among different sectors related to the cloud, increasing internet penetration among individuals across the globe. Moreover, maintenance of data through cloud-based is relatively easy as compared to on-premise. According to The World Bank, individuals using the internet was 40% of global population in 2015, and in 2020, the percentage had increased to 60% of global population. Hence, lower costs, a high rate of awareness, and effective maintenance of data are anticipated to contribute to the growth of the cloud segment.
Global Cybersecurity Market, Segmentation by Component
- Services
- Solutions
Global Cybersecurity Market, Segmentation by Security Type
- Network
- Cloud Security
- Others
Few of the well-known market leaders in the global cybersecurity market that are profiled by Kenneth Research are IBM Corporation, Imperva Inc., FireEye, Inc., Dell Inc., Broadcom Inc., Avast Software s.r.o., Cisco Systems, Inc., Cyber Ark Software Ltd., Check Point Software Technologies Ltd., Fortinet, Inc., and others.
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Recent Developments in the Global Cybersecurity Market
- In September 2019, the Cisco Webex Control Hub Extended Security Pack was announced by Cisco Systems, Inc. The consumer can now utilise the pack to safeguard their data against malicious attack and unintentional abuse.
- In November 2019, the critical integration between Microsoft Azure Security Center and CloudGuard, which was launched by Check Point Software Technologies Ltd., offers thorough Azure security posture management and further helps customers by combining security recommendations from both services into a single user interface.
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