Cybersecurity Market size is set to surpass USD 400 billion by 2027, according to a new research report by Global Market Insights Inc.
The market revenue growth is attributed to the rapidly increasing demand for network security solutions to secure IoT-enabled devices. The increasing penetration of endpoint devices and rising trend of Bring-Your-Own-Device (BYOD) in business enterprises have profoundly surged the need for cybersecurity solutions across the globe.
Growing demand of cybersecurity solutions across organizations to minimize security risk
The cybersecurity market has witnessed growing demand for hybrid cloud security solutions for protecting multi-cloud environments and business transactions. Cybersecurity solutions provide enhanced security to digital business operations and protect the infrastructure from advanced cyber threats. Enterprises are investing hefty resources for advanced security solutions. The demand for advanced threat detection systems across enterprises will fuel the market expansion.
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Increasing demand to improve network security infrastructure
The network security product segment is expected to witness exponential growth of 15% during the forecast timeline, propelled by growing malware attacks due to the extensive adoption of BYOD trends. Enterprises are utilizing VPNs to provide remote accessibility of their resources to their employees. Due to the rise in malware threats and cyberattack incidents in the market, enterprises are adopting VPN services to protect their network infrastructure.
Browse key industry insights spread across 450 pages with 662 market data tables and 42 figures & charts from the report, “Cybersecurity Market Size By Product Type (Identity, Authentication and Access Management (IAAM) [Access Management, Identify Access Management], Infrastructure Protection [Endpoint Protection, Email/Web Gateway, Security Information and Event Management (SIEM), Vulnerability Management, Cloud Security, Data Loss Prevention (DLP)], Network Security [Internet Service Provider Equipment, Virtual Private Network (VPN), Unified Threat Management (UTM), Firewall], Security Services [Implementation, Managed Security Services, Consultancy & Training, Hardware Support]), By Organization (SME, Government, Large Enterprises), By End-user (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities)” in detail along with the table of contents:
Growing cyberattacks on government institutions to propel the growth of managed cybersecurity services
The adoption of cybersecurity solutions across government organizations is anticipated to register 15% CAGR from 2021 to 2027. Increasing cyberattacks on public sector enterprises are resulting in large amount of monetary loss. To prevent these incidents and develop a robust infrastructure, the demand for network security solutions across the government sector has increased drastically, positively impacting the overall cybersecurity market. Government institutions are collaborating with security service providers in the regional markets to deploy security devices across their infrastructure for efficient network functioning.
Extensive penetration of IoT devices will surge the cybersecurity market growth across the manufacturing sector
The manufacturing end-use segment accounted for 10% market share in 2020, owing to enterprises focusing on digitalization of facilities and growing adoption of IoT devices. Digitalization in the manufacturing sector is assisting enterprises to reduce human intervention and automate the production processes. However, these utilities are vulnerable to cyberattacks and may result in disruption to systems across the production facility; therefore, companies are deploying cybersecurity solutions on their network infrastructure to prevent associated risks and threats.
Increasing cyberattacks on corporate network infrastructure in Asia Pacific
The Asia Pacific cybersecurity market is predicted to hold 35% revenue share by 2027. Government authorities of China, India, and Singapore are making significant efforts and introducing security guidelines. These supportive initiatives are enabling enterprises from multiple industry verticals to adopt network connectivity and infrastructure protection devices. This helps in mitigating potential threats and tracking vulnerabilities to enterprise network connectivity.
Focus on inorganic growth strategies by key players to augment market share
Prominent companies operating in the cybersecurity market include Avast PLC, BAE Systems, Booz Allen Hamilton, Inc., Check Point Software Technologies Ltd., Cisco Systems, Inc., CyberArk Software Ltd., Dell Technologies Inc., DXC Technology Company, F5, Inc., FireEye, Inc., Fortinet, Inc., General Dynamics Corporation, Hewlett Packard Enterprise Company (HPE), IBM Corporation, Intel Corporation, Lockheed Martin Corporation, McAfee LLC, Microsoft Corporation, Northrop Grumman Corporation, NortonLifeLock Inc. (Symantec), Oracle Corporation, Palo Alto Networks, Inc., Proofpoint, Inc., Rapid7 Inc., Raytheon Technologies Corporation, RSA Security LLC, Sophos Group PLC, Splunk Inc., The Boeing Company, and Trend Micro Inc.
The global cybersecurity industry has witnessed several partnerships and collaborations by vendors to tighten their market presence. For instance, in May 2021, Trend Micro partnered with Snyk to jointly develop an advanced security solution for open-source components. This helped the company to fill the market gaps in its open-source cloud security offerings. Similarly, in May 2021, McAfee collaborated with Ingram Micro to develop MVISION portfolio of McAfee Device-to-Cloud suites. This helped the company to provide its cybersecurity solution for independent software vendors, value added resellers, and managed service providers via the Ingram Micro Cloud Marketplace.