The global cyber security market is forecast to grow at a slower average rate of 6.2% per year to 2023 due to the economic consequences of the coronavirus pandemic in 2020.
The cybersecurity market grew strongly to 2019 due to strong underlying factors including the continued cyber threat and changing attitudes to risk driven by a combination of regulation and improved awareness. Additionally, the growing global economy provided the capital for organisations to invest in new digital processes and the security needed to improve resilience. These interrelated trends, coupled with the low level of security market saturation, sustained industry growth as enterprises invested in new tools and managed security services. The high growth rates are supported by the analysis of 46 cybersecurity technologies and disciplines, 39 of which are still at an early stage in their product lifecycle, characterised by high growth, low customer saturation and large supplier ecosystems. This has led to high levels of private investment in start-ups and delisting of large public cybersecurity suppliers as private equity targets returns from emerging, high growth technology segments.
The impact of COVID-19 on the global economy will be profound though the depth and length of the resulting recession remains uncertain.
However, there will be consequences on cybersecurity budgets and reduced expenditure in 2020 even though cybersecurity has evolved significantly since the last recession in 2009. Today, regulation mandates tighter controls on data and privacy, approaches to risk have evolved in digital enterprises, and business models are transitioning to cloud-based or managed services. As a result, security has become an increasingly strategic issue and enterprises are less able to dispense with it when cost-cutting. Nevertheless, enterprises will struggle with cash flow and budget freezes in 2020 and project postponements are likely to be widespread, delaying investment in new cybersecurity projects.
Post 2020 the cybersecurity growth trend will resume as infrastructure investment recovers.
The overriding market forces stimulating investment up to 2019 will remain largely unchanged, whilst industry innovation to create new customer value, including increased automation, better visualisation, and faster detection and response, is likely to create new revenue opportunities.
Key report features:
- The research was conducted from April 2019 to April 2020 using a unique methodology including extensive vendor and service provider financial and product analysis, extensive industry research and an evaluation of the market maturity and future dynamics.
- Forecast scenarios in the analysis were created through evaluating the relationship between cyber market expenditure and the underlying trends including regulation, economic growth and attitudes to risk.
- The analysis includes a review of product lifecycle maturity, the current market size and forecasts to 2023 for each of the main cyber security product and service categories.
Key Topics Covered:
1. Cyber Security Market Summary
- Executive Summary
- Cyber Security Growth Fundamentals
- Cyber Security Lifecycle 2020
- Cyber Security Lifecyle 2020 Mapping
- Cyber Security Market Outlook 2019-2023
- Cyber Security Technology Outlook 2019-2023
- Cyber Security Technology Revenue and Growth 2019-2023
- Economic Impact of Coronavirus on Cyber Security
- Cyber Security Market Scenario: No Recession
- Cyber Security Market Scenario: Best Case
- Cyber Security Market Scenario: Worst Case
- Cyber Security Market Scenarios 2019-2023
2. Cyber Security Industry Analysis
- Security Industry Forces
- Information Technology Investment
- Government & Policy
- Threat & Risk
- Cyber Threats & Consequences
3. Cyber Security Lifecycle Analysis
- Lifecycle Introduction
- Lifecycle Mapping
- Lifecycle: Awareness
- Lifecycle: Growth
- Lifecycle: Maturity
4. Cyber Security Technology & Services Forecast
- Network Security Industry Analysis
- Industrial Control System & Operating Technology Security Industry Analysis
- Endpoint Security Industry Analysis
- Managed Security Services Industry Analysis
- Data Security Industry Analysis
- Security Operations & Incident Response Industry Analysis
- Security Consulting & Professional Services Industry Analysis
- Application Security Industry Analysis
- Mobile Threat Detection Industry Analysis
- Identity & Access Management Industry Analysis
- Risk & Compliance Industry Analysis
- Threat Intelligence Industry Analysis
- Cloud Security Industry Analysis
- Internet of Things Security Industry Analysis
- Consumer Endpoint Security Outlook
5. Methodology & Glossary
For more information about this report visit https://www.researchandmarkets.com/r/xmu1xj.
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