As per the research, the global cyber security market is expected to grow from USD 175.2 billion in 2020 and reach USD 362.11 billion by 2028, growing at a CAGR of 9.5% during the forecast period 2021-2028.
The cyber security market is witnessing significant growth form the past years. This growth is attributed to big data, artificial intelligence, and 5G across several industries has fuelled the demand for cybersecurity. The rise in demand for secure and robust networks by organizations for safe data accessibility has fuelled the cybersecurity market. The emergence of digitalization has allowed organizations to shift their core businesses to a digital platform that requires cybersecurity to protect against threats, and the security breach has spiked the need for cybersecurity. Due to the rise in awareness and realization of the importance of cybersecurity has organizations implement cybersecurity solutions.
The body of processes, practices, and technologies designed to protect devices, programs, data, and networks from damage, cyber-attack, and unauthorized access is referred to as cybersecurity. Cybersecurity is essential for the military, government, medical organizations, financial institutes to store and process the unprecedented quantity of sensitive. Data such as financial data, personal information, intellectual properties, and other data, if exposed, could have negative consequences. Organizations transfer & process delicate data across networks and other devices while doing business. Cybersecurity is the function of protecting the system and information from cyber-attacks. A powerful cybersecurity strategy provides a robust security posture against malicious attacks constructed to alter, access, delete, extort or destroy a user’s or organization’s sensitive data and system.
The benefits of cybersecurity include the provision of protection to the system against data worms, viruses, spyware, data theft, hackers, system freezing & crashing, and privacy to users. In recent years, cybersecurity has gained traction as it provides defense against online threats. The emergence of the Internet of Things (IoT) solutions in cloud security and industrial control systems has triggered the need & need for cybersecurity as it deals with a vast amount of data. The increase in advanced technologies such as big data, artificial intelligence, and 5G across several industries has fuelled the demand for cybersecurity. Several sectors have witnessed cyber-attacks. To minimize or avoid cyber-attack, many organizations are adopting cybersecurity, which has caused a spike in the need for cybersecurity. These are the factors driving the global cybersecurity market. Lack of in-house expertise, IT resources, and knowledge of IAM solutions are the factors restraining the growth of the global cybersecurity market.
Some notable cybersecurity market players are IBM Corporation, Schneider Electric, ABB Ltd., Mcafee LLC, Cisco Systems Inc., Microsoft Corporation, Honeywell International Inc., Siemens AG, Splunk Inc., Trend Micro Inc., Dell Inc., etc. To gain a significant market share in the global cybersecurity market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. IBM Corporation and ABB Ltd are some of the key manufacturers operating in the cybersecurity market.
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Cloud application security segment dominated the market and held the largest market share of 36.6% in the year 2020
On the basis of security type, the global cybersecurity market is segmented into cloud application security, network security, internet security, and end-point security. The cloud application security segment dominated the market and held the largest market share of 36.6% in the year 2020. This growth is attributed to the rising adoption of cloud technology across enterprises because of data breach risk related to cloud solutions. The surge in the threat of unauthorized access, malware infiltrations, and a hike in several cyber threats across cloud layers has compelled organizations to adopt cloud security services and solutions.
Software segment dominated the market and held the largest market share of 48.7% in the year 2020
On the basis of components, the global cybersecurity market is segmented into software, product, and service. The software dominated the market and held the largest market share of 48.7% in the year 2020. This growth is attributed to increasing market demand for software solutions such as SCADA encryption, DDoS firewall, antivirus, malware, virtualization security, backup & recovery, etc. Therefore, major market players aim to develop advanced industrial security software for oil & gas, energy, automotive, etc.
Healthcare segment dominated the market and held the largest market share of 18.5% in the year 2020
On the basis of end-use, the global cybersecurity market is segmented into retail, BFSI, IT & telecom, healthcare, manufacturing, energy, and defense & government. Healthcare dominated the market and held the largest market share of 18.5% in the year 2020. This growth is attributed to a surge in cybercrimes and cyber-attacks in the healthcare industry to gain unauthorized access to data. The cyber-attacks in the healthcare industry are related to the data breach, insider threats, advanced malware attacks, distributed denial of service, and ransomware. Cybersecurity can protect the information from getting compromised.