Meticulous Research®– leading global market research company published a research report titled “Cybersecurity Market by Type (Network Security, Endpoint Security, Application Security, Cloud Security), Solution (Unified Threat Management, Antimalware, Firewall, Disaster Recovery, Web Filtering, DDS Management, Encryption) - Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the global cybersecurity market is expected to grow at a CAGR of 11.2% from 2019 to exceed $300 billion by 2027. Substantial growth in the cybersecurity market is mainly attributed to the need for strict compliances with regulatory requirements and increasing instances and complexity of security breaches due to inside and outside threats. Consistent proliferation of IoT devices, rise in malware and phishing threats, increasing cyber terrorism, emergence of disruptive digital technologies and BYOD trend among organizations are few of the major factors driving the overall cybersecurity market. However, budget constraints among organizations and complexity of device security can hamper consistent market growth.
Global cybersecurity market study presents historical market data in terms of values (2017), estimated current data (2018), and forecasts for 2019 to 2027- by component (solution, services), type (network security, endpoint security, application security, cloud security), deployment (on-premises, cloud), industry size (SME, large enterprises), industry vertical (aerospace and defense, government, BFSI, IT & telecom, healthcare, retail, manufacturing and others). The study also evaluates industry competitors and analyzes the market country level.
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Key questions answered in the report-
• What was the historical market for cybersecurity worldwide?
• What are the market forecasts and estimates for the period 2019-2025?
• What are the major drivers, restraints, opportunities, and challenges in the cybersecurity market?
• Who are the major players in the cybersecurity market?
• How the competitive landscape in the cybersecurity market?
• What are the different strategies adopted by the major players in the cybersecurity market?
On the basis of component, the cybersecurity market segmented into solutions and services. In 2018, the solutions segment claimed majority share of the global cybersecurity market in terms of revenue. With mounting new government regulations and growing number of data security concerns, business organizations are increasingly taking significant efforts to strengthen their cybersecurity infrastructure. This is expected to drive the growing demand for multiple security solutions among business enterprises, driving the market growth.
Further, the cybersecurity solutions market is sub-segmented into security and vulnerability management, identity and access management, encryption, risk, and compliance management, unified threat management, firewall, web filtering, data loss prevention, antivirus or antimalware and intrusion detection systems. Among these, the encryption solutions segment is expected to witness a faster growth rate in this market. These solutions are rapidly being accepted by various enterprises for its flexibility, affordability, ease of installation and use, and scalability features. These solutions also provide the highest level of data security and reliability.
On the basis of type, the cloud security segment claimed majority share of the global cybersecurity market, in 2018. Cloud security solutions offer social networking privacy, system optimization, online storage, and privacy protection on social media networking sites. Furthermore, several advantages of cloud security solutions in the form of threat detection, powerful policy enforcement, and flexible architecture are also helping firm growth in the cloud security solutions market. However, the application security segment is projected to grow at a significant pace in the next few years due to the increasing number of APTs, malware, and phishing attacks.
On the basis of industry size, cybersecurity market is segmented into small & medium-sized industries and large enterprises. Small and medium-sized category is projected to grow at a higher CAGR during the forecast period. Over the past few years, there has been an upsurge in the number of dynamic SMEs, globally. With expanding data security threats, these companies are also incorporating cybersecurity solutions to protect their communication path from unauthorized access and information misuse. Consequently, the growth in the number of small and medium scale enterprises and their proliferating demand for cybersecurity is propelling the segment’s market growth.
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By geography, cybersecurity market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global cybersecurity market in 2018. High awareness for cybersecurity solutions and growing number of cyberattacks in the recent past are some of the key factors that have led to large share of North America. The region is also home to several prominent players in the cybersecurity market, offering advanced solutions and services to all the sectors in the region. Furthermore, adoption of IoT, emergence of disruptive digital technologies and growing awareness regarding cybersecurity among small and medium organizations is anticipated to propel the demand for cybersecurity solutions in North America over the forecast period. However, the cybersecurity market in Asia-Pacific region is expected to grow at a fastest CAGR throughout the forecast period. The growth of this market is mainly attributed to the shift of manufacturing from North America & Europe towards Asia-Pacific region, overall industrial and economic growth of countries in this region, and the associated growth in the adoption of new technologies. Growing digitization across several developing countries including India and China are offering tremendous growth opportunities for leading cybersecurity providers.
Some of the most key players operating in the cybersecurity market include 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.) among others.
Get key industry insights spread across 235 pages with 220 market data tables & 34 figures & charts from the market research report: