Increase in malware & phishing threats among enterprises, rise in adoption of IoT & BYOD trend, and surge in demand for cloud-based cybersecurity solutions drive the growth of the global cyber security market. The remote working culture has given way to a steep increase in demand for strong authentication methods, thereby impacting the global cyber security market positively during the Covid-19 pandemic.

According to the report published by Allied Market Research, the global cyber security market was estimated at $197.36 billion in 2020 and is expected to hit $478.68 billion by 2030, registering a CAGR of 9.5% from 2021 to 2030.

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Covid-19 Scenario-

The remote working culture has given way to a steep increase in demand for strong authentication methods, thereby impacting the global cyber security market positively. This trend is most likely to continue post-pandemic as well.

An increase in malware & phishing threats among enterprises, rise in adoption of IoT & BYOD trends and surge in demand for cloud-based cybersecurity solutions drive the growth of the global cyber security market. On the other hand, budget constraints among organizations restrain the growth to some extent. However, growth in the adoption of mobile device applications & platforms and an increase in the need for strong authentication methods is expected to create lucrative opportunities in the industry.

The global cyber security market is analyzed across components, solutions, deployment model, industry vertical, enterprise size, and region.

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Based on solution, the data segment contributed to more than one-fourth of the total market revenue each in 2020, and is projected to lead the trail by 2030. The unified segment alone, however, would exhibit the fastest CAGR of 11.1% during the forecast period.

Based on region, the market across North America held the major share in 2020, garnering nearly one-third of the global market. The Asia-Pacific region, however, would manifest the fastest CAGR of 11.0% throughout the forecast period.

Based on component, the solution segment accounted for around two-thirds of the total market share in 2020, and is expected to rule the roost by 2030. The service segment, on the other hand, would garner the fastest CAGR of 11.0% throughout the forecast period.

Key Market Players:

The key market players analyzed in the global cyber security market report include HCL Technologies Limited, Broadcom Inc., Capgemini, Cognizant, F5 Networks Inc., FireEye Inc., IBM Corporation, Infosys Limited, L&T Technology Services Limited, PwC International Limited Broadcom Inc., Tata Consultancy Services, Tech Mahindra Limited, Wipro Limited, and Accenture. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.

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