Cybersecurity Market: Current Analysis and Forecast (2021-2027)

Report Description

REQUEST FREE SAMPLE PDF

The global cybersecurity market is expected to register a CAGR of around 11% over the period of 2021-2027. The demand for cybersecurity is on the rise due to the increasing number of people and devices connected to the internet that can be hacked and the rise in malware and phishing threats among people. Hackers don’t just target computers, websites, and servers; any device based on programming offers an opportunity for them. From the most complex to the simplest network, if they are connected to the internet, they are highly prone to cyber-attacks. Moreover, there are several types of cyber threats present that can breach the security and steal the data such as malware, backdoors, formjacking, cryptojacking, distributed denial-of-service (DDoS) attacks, and domain name system (DNS) poisoning attacks. Furthermore, according to IBM, in 2020, the average cost of a data breach was USD 3.86 million globally, and USD 8.64 million in the United States. These costs include the expenses of discovering and responding to the breach, the cost of downtime and lost revenue, and the long-term reputational damage to a business and its brand. Hence, SMEs cannot afford cyber-attacks because they might lose their entire business. Cybersecurity protects data and network security, avoids unauthorized user access, and maintains continuity of operations.

Cisco Systems Inc., Check Point Software Technologies Ltd., Palo Alto Networks Inc., Fortinet Inc., International Business Machines Corporation, Sophos Ltd., Oracle Corporation, McAfee LLC, RSA Security LLC, and NortonLifeLock Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

REQUEST FOR CUSTOMIZATION

Insights Presented in the Report

“Amongst organization size, large enterprises category held a prominent share in the market in 2020”

Based on organization size, the cybersecurity market is classified into large enterprises and SMEs. The large enterprises segment grabbed a significant market share in 2020 and is expected to be the prominent market shareholder during the forecast period. The growth of this segment can be attributed to the increase in spending on IT infrastructure by large enterprises. Large enterprises have a large volume of data, due to which they are deploying AI and ML-based security solutions for the automation of their security platforms. Further on, large enterprises have several complex networks, servers, storage equipment, and endpoint devices, which puts them at high risk of adequate money losses in the current scenario. Thereby, the cybersecurity market for this segment is going to increase in the future.

“Amongst industry, government segment held a prominent share in the market in 2020”

On the basis of industry, the cybersecurity market is classified into banking and financial services, healthcare, information and communication technology, government, and others. The government segment held a considerable amount of market share in 2020 and is expected to show substantial growth during the forecast period. One of the major reasons for the growth of the government segment is the need to protect the huge confidential information about the countries. A secure government technology infrastructure helps support the delivery of essential schemes and services. Governments use cybersecurity for national security and the safety of the local public. Moreover, it is the duty of the government to control any disease to ensure health and well-being. Hence, a strong cybersecurity strategy is needed to protect the personal data of citizens and government data.

“North America to witness significant growth during the forecast period”

North America cybersecurity market is expected to witness a prominent CAGR during the forecast period. The growth of this market can be attributed to the rising number of high-security breaches in the region. North America has been a prime target for cybercriminals due to the presence of a high number of large, small, and medium enterprises. The growing investments by end-users and high demand for enterprise security are influencing the cybersecurity market positively. The rising number of e-commerce platforms, the availability, and the adoption of new technologies are further contributing to the growth of the North American market.

Also, North America is home to some of the major cybersecurity service and solution providers, such as Palo Alto Networks Inc., Oracle Corporation, International Business Machines Corporation, and others and they are investing heavily in developing advanced network security systems.

SPEAK TO ANALYST

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

Global cybersecurity market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise price list?

Get in touch with team

Research Methodology

Research Methodology for the Cybersecurity Market Analysis (2021-2027)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global cybersecurity market were the three major steps undertaken to create and analyze the adoption of cybersecurity in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global cybersecurity market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Seek More Details About Research Methodology

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the cybersecurity market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the cybersecurity market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, deployment, organization size, and industry. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the cybersecurity market. Further, we conducted factor analysis using dependent and independent variables such as type, deployment, organization size, and industry of cybersecurity. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the cybersecurity market sector across the globe.

REQUEST FOR CUSTOMIZATION

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global cybersecurity market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of cybersecurity market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global cybersecurity market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

SPEAK TO ANALYST

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the cybersecurity cleaning market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, deployment, organization size, and industry in the global cybersecurity market.

The main objective of the Global Cybersecurity Market Study

The current & future market trends of the global cybersecurity market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the cybersecurity market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, deployment, organization size, and industry.
• Define and analysis of the regulatory framework for the cybersecurity
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the cybersecurity market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the World.
• Company profiles of the cybersecurity market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise price list?

Get in touch with team