DUBLIN--(BUSINESS WIRE)--The "Global Cybersecurity Market, By Component (Solution, Services), Security (Network Security, Endpoint Security, Cloud Security), Deployment (Cloud-Based, On-Premise), Application (BFSI, Healthcare, Manufacturing), Enterprise Size Forecast till 2027" report has been added to ResearchAndMarkets.com's offering.
The global Cybersecurity market was valued at USD 149.7 Billion in 2020 and is projected to reach USD 346.0 Billion by the year 2027. The market is expected to register a CAGR of 13.4% during the forecast period.
Growth Influencers:
Growing demand for cybersecurity mesh
Cybersecurity mesh involves design as well as implementation of an IT security infrastructure. It establishes smaller and individual perimeters around each access point and does not focus on building a single perimeter around all nodes or devices of an IT network. With the COVID-19 pandemic, as functional hybrid working models were developed, there were structural changes that had to be made for businesses. This also resulted in evolving and shifting the way, cybersecurity was dealt with. As the demand for flexible and agile systems is increasing, the demand for cybersecurity mesh has also accelerated.
Rising number of data breach incidents worldwide
With the increasing number of data breaches, the demand for cybersecurity solutions is also rising. According to Varonis, due to the pandemic, around 50% of Americans were concerned regarding data breaches in natural disasters and personal safety. Presently, data breaches impact thousands of consumers in one attack itself on an organization. For instance, according to Varonis, on 18 February 2021, the California Department of Motor Vehicles (DMV) alerted the drivers regarding a data breach, after the billing contractor, Automatic Funds Transfer Services, was hit by a ransomware attack. Furthermore, on April 14, 2020, credentials of around 500,000 Zoom accounts were found on the dark web for sale.
Regional Overview
On regional basis, the global Cybersecurity market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The North American region accounted for the largest market share of more than 34% in the global market. This is due to the prominent presence of prominent market players in the region, especially in the U.S. These market players include McAfee, IBM Corporation, Microsoft, and Palo Alto Networks, among others.
The European region holds the second largest market share in the global market, owing to the rising spending on security services as well as solutions by SMEs and large enterprises in the region. The Asia Pacific region is anticipated to grow at the fastest growth rate owing to a large number of data attacks in the region.
Segments Overview:
The global cybersecurity market is segmented into component, security, deployment, enterprise size, and application.
By component
- Solution
- Threat Intelligence
- Identity and Access Management
- Security and Vulnerability Management
- Risk and Compliance Management
- Others
- Encryption
- Data Loss Prevention
- Network DLP
- Storage/ Data Center DLP
- Endpoint DLP
- Unified Threat Management
- Firewall
- Intrusion Detection Systems/ Intrusion Prevention Systems
- Disaster Recovery
- Distributed Denial of Service
- Others
- Services
- Professional Services
- Design and Integration
- Risk and Threat Assessment
- Consulting
- Training and Education
- Support and Maintenance
- Managed Security Services
The solutions segment accounts for the largest share of more than 65% due to the high adoption of cybersecurity solutions. The services segment is expected to grow at the fastest CAGR owing to the increasing number of market players adopting cybersecurity services.
By Security,
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Others
The network security segment accounted for the largest share of around 25%, as it is meant to protect the integrity, accessibility, and confidentiality of computer networks and data by using both hardware as well as software technologies.
By Deployment,
- Cloud-Based
- On-Premise
The cloud-based segment is expected to be the fastest-growing segment based on deployment. The demand for cloud-based solutions is increasing, as more and more applications are getting deployed on the cloud, hence requiring cybersecurity solutions for the cloud-based solutions.
By Enterprise Size,
- Small and Medium-Sized Enterprises
- Large Enterprises
The small and medium-sized enterprises segment accounted for the largest market share in the enterprise size segment. The rising number of small and medium-sized enterprises is estimated to fuel the market growth of the segment.
By Application,
- BFSI
- Government
- Retail
- Healthcare
- IT and Telecommunication
- Manufacturing
- Others
The BFSI segment accounted for the largest market share of more than 22% in the application segment. The healthcare segment is expected to grow at the fastest growth rate owing to the rampant growth of cybercrime activities in healthcare facilities, such as data breaches, threats, and ransomware, among others.
Companies Mentioned
- MacAfee
- Trend Micro Incorporated
- IBM Corporation
- Microsoft
- BAE Systems, Inc.
- Check Point Software Technology Ltd.
- F5 Networks
- EMC Corporation
- FireEye, Inc.
- Proofpoint Inc.
- Sophos PLC
- Fortinet, Inc.
- Cisco Systems Inc.
- Symantec Corporation
- Juniper Networks
- Palo Alto Networks, Inc.
- Qualys Inc.
For more information about this report visit https://www.researchandmarkets.com/r/hqlm7u
