According to a research report "Cybersecurity Market by Solution (IAM, Encryption, UTM, Antivirus/Antimalware, Firewall, IDS/IPS, Disaster Recovery, and DDOS Mitigation), Service, Security Type, Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets, the cybersecurity market is expected to grow to USD 248.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10% during 2018–2023. The major forces driving the cybersecurity market growth are strict data protection directives and rising cyber terrorism.

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Cybersecurity solutions are used to secure the network infrastructure and the devices connected to it. The cybersecurity market is segmented by solution into Identity and Access Management (IAM), risk and compliance management, encryption, Data Loss Prevention (DLP), Unified Threat Management (UTM), firewall, antivirus/antimalware, Intrusion Detection System/Intrusion Prevention System (IDS/IPS), security and vulnerability management, disaster recovery, Distributed Denial of Service (DDoS) mitigation, web filtering, and others (application whitelisting and patch management).

The encryption solutions segment is expected to grow at the highest CAGR from 2018 to 2023

The encryption solutions segment is expected to register the highest CAGR in the global cybersecurity market during 2018–2023. Encryption solutions offer consistent protection to sensitive data across all critical points in the entire lifecycle. These solutions enable enterprises to hide their critical data from unauthorized bad actors.
North America is estimated to dominate the cybersecurity market in 2019 while APAC projected to have the highest

North America is estimated to hold the largest share of the cybersecurity market in 2019, due to technological advancements and the early adoption of cybersecurity in the region. The market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2019 and 2023.

The primary forces driving this growth are increasing technology adoption, huge opportunities across industry verticals, and strict directives for data privacy in APAC countries, especially India and China. Moreover, CISOs and business heads are concerned about the growing number of breaches in the especially in the APAC region due to lack of awareness or carelessness towards network traffic flow. This has led to a repaid growth in the demand for automated cybersecurity solutions for proactive threat intelligence and mitigation.

Cybersecurity spending in Europe has been increasing to address privacy and data security concerns
Europe holds the second highest share in the cybersecurity market, with the need to comply with GDPR guidelines and address vulnerabilities to avoid data misuse. Moreover, with the rise in digitalization in Europe, the connected ecosystem is expected to quadruple from 2016 to 2021. As per the latest updates, the EU Cybersecurity Act is proposed to come into force on 27th June 2019. The act aims to build a safer cyber environment through an EU-wide framework for businesses to achieve cybersecurity certification for their Information and Communications Technology (ICT) products, processes, and services. This is in line with the growing need for effective and coordinated responses and crisis management at the EU level.

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