Increasing incidence of cyber-attacks, growing digitalization coupled with rising adoption of BYOD concept and cloud computing to drive global cybersecurity market
According to TechSci Research report, “Global Cybersecurity Market By Segment, By Deployment Mode, By Organization Size, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2025”, the global cybersecurity market is forecast to grow during the forecast period and surpass $ 152 billion by 2025, on the back of increasing incidences of security breaches across various sectors such as BFSI, government, IT & Telecom, etc. Growing adoption of mobile devices at workplace and cloud computing along with implementation of policies such as Bring Your Own Device (BYOD) are few other factors driving growth in the cybersecurity market, globally. Further, rising demand for connected devices across verticals such as connected cars, connected home appliances, web-connected smart wearable devices along with growing market for Internet of Things (IoT), is expected to propel the global cybersecurity market during the forecast period.
Browse 167 market data Tables and Figures spread through 130 Pages and an in-depth TOC on “Global Cybersecurity Market” https://www.techsciresearch.com/report/cyber-security-market/4741.html
In terms of segment, the market can be classified into security services, network security, infrastructure protection, identity access management, data security, application security, integrated risk management, cloud security and others. Among the cybersecurity solutions, Security Service segment dominated the market in 2019 and the segment is expected to continue dominating the market throughout the forecast period on the back of rising cyber-attacks on government and private companies’ networks.
By Organization size, large enterprises dominated the market in 2019 and the trend is expected to continue during the forecast period. Moreover, it is the fastest growing organization size during the forecast period owing to the increasing spend on cybersecurity with increasing cost of data breach among large organizations. Cyber spending in SMEs is expected to decline due to COVID-19 in 2020 and 2021. In terms of Deployment type, on-premise deployment dominated the market in 2019. However, cloud deployment is expected to be the fastest growing deployment type owing to its benefits such as reduced cost of ownership and IT staffing coupled with higher scalability and flexibility. Moreover, adoption of cloud deployment has increased significantly in 2020 due to COVID-19 to ensure work/learn from home scenario, which has positively influenced the market in 2020.
Broadcom Inc., Palo Alto Networks, Inc., Mcafee, LLC, Cisco Systems, Inc., Dell Technologies Inc., Fortinet Inc., BAE Systems Inc., Check Point Software Technologies Ltd., Trend Micro Incorporated and International Business Machine Corporation are the major players operating in the global cybersecurity market. Companies operating in the market are using various strategies such as product launches, mergers and collaborations to boost their market share. In February 2020, Dell Technologies entered into an agreement to divest RSA Security to a consortium led by Symphony Technology Group for approximately $ 2 billion.
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“BFSI industry is rapidly deploying cybersecurity solutions to mitigate the financial losses caused due to cyber-attacks. Growing threat of cyber terrorism and cyber warfare is also pushing stock exchanges to focus on strengthening network security. Further, cyber threats over the critical infrastructure including electrical grids, oil & gas industry, telecom, manufacturing, etc., has been propelling investments in advanced cybersecurity solutions along with growth in demand for Industrial Control Systems (ICS) security across the globe.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Cybersecurity Market By Segment, By Deployment Mode, By Organization Size, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global cybersecurity market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global cybersecurity market.
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