Cybersecurity Market worth over $400bn by 2026
Published Date: April 20, 2020 Authors: Preeti Wadhwani, Sachin Kasnale
Cybersecurity Market size is set to exceed USD 400 billion by 2026, according to a new research report by Global Market Insights, Inc.
Cybersecurity is a combination of practices and tools that provides protection to the network infrastructure and computing devices from unauthenticated access and damage. These cybersecurity products assist enterprises to prevent vulnerabilities and safeguard sensitive information along with efficient operations. This helps enterprises to remain secure, proactive, and competitive in a dynamic market landscape.
Growing demand across organizations to minimize security risk is expected to propel the uptake of cybersecurity solutions
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. Moreover, the demand for advanced threat detection systems across enterprises in the market is expected to fuel the market growth.
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Increasing demand to improve network security infrastructure is expected to drive the cybersecurity market growth
The network security product segment is expected to witness growth of around 18% during the forecast timeline. The market growth is attributed to growing malware attacks owing to extensive adoption of BYOD trends. Enterprises are utilizing VPNs to provide remote accessibility of their resources to their employees. Due to rise in malware threat and cyberattack incidents in the market, enterprises are adopting VPN services to protect their network infrastructure.
Browse key industry insights spread across 442 pages with 662 market data tables and 34 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 Industry (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities)” in detail along with the table of contents:
Growing cyberattacks on government institutions to propel the demand for managed cybersecurity services
The adoption of cybersecurity solution across government organizations is anticipated to register over 15% growth from 2020 to 2026. 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 solution across the government sector has increased drastically, positively impacting the overall market. Government institutions are collaborating with security service providers in the regional market 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 sector accounted for over 10% share in the global market revenue in 2019 as enterprises are focusing on digitalization of facilities and growing adoption of IoT devices. Digitalization in the manufacturing sector is assisting enterprises in the market 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 are expected to fuel the market growth
The Asia Pacific cybersecurity market is set to attain over 20% revenue share by 2026. 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 track vulnerabilities to enterprise network connectivity.
Focus on inorganic growth strategies by key players to augment market share
The cybersecurity market has witnessed several partnerships and collaborations to tighten its market presence. For instance, in February 2020, Microsoft Corporation partnered with Firedome to jointly develop an advanced security solution for IoT devices. This helped the company to serve customers in the market with connectivity security solutions. Similarly, in September 2019, IBM Corporation collaborated with LA Cyber LAB & City of Los Angeles to develop a threat intelligence platform. This helped the company to provide advanced cybersecurity solutions for the overall infrastructure.
Some of the key players operating in the industry include BAE Systems Plc, Check Point Software Technologies Ltd., Cisco Systems Inc., CyberArk Software Ltd., F-Secure Inc., F5 Networks Inc., FireEye Inc., Fortinet Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Intel Corporation, McAfee LLC, Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc., Proofpoint, Rapid7 Inc., RSA Security LLC, Sophos Ltd., Splunk Inc., Symantec Corporation, and Trend Micro Inc.
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