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The global cybersecurity market is estimated to grow at a CAGR of more than 10% during the forecast period 2021-2027. The cybersecurity market is continuously growing with the changing dynamics of the cyber threat landscape which is observed with an increased number of cybercrime activities in the global digital age. According to Palo Alto Networks, by the end of March 2020, around 40,261 suspicious registered domain names were identified. Cyber threats have increased at a high rate and security solutions have been gaining traction, globally.
The cybersecurity market growth is attributed to various factors such as a surge in demand for cloud-based cybersecurity solutions, increase in adoption of IoT and BYOD trends and increase in malware and phishing threats among enterprises among other key growth factors. The rapid deployment of the cloud-based application also boosts the market growth during the forecast period. The growing need for enterprises to apply stringent compliance with the regulatory requirements and reduce risks support the growth of the market for cybersecurity solutions and services. Whereas, complexities of device security and budget constraints in organizations restrain the market growth over the forecast period.
The global cybersecurity market is segmented on the basis of component, security type, enterprise size, deployment, and industry vertical. These major market segments are further categorized into various sub-segments to study the market in detail.
By Security Type:
By Enterprise Size:
By Industry Vertical:
Geographically, the global cybersecurity market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. As per the studies, North America holds the highest market share in the global marketplace due to the presence of key market players in the region. While the European cybersecurity market holds the position of the second-largest market, owing to GDPR compliance.
AWS, Intel Corporation, Check Point Software Technologies, McAfee, Oracle, Symantec Corporation, HP Enterprise, IBM Corporation, Cisco Systems, Inc., Rapid7, Inc., EMC RSA, FireEye, Inc., Trend Micro, Inc., Sophos Ltd., SecureWorks, Inc., Imperva, BAE Systems, Carbon Black, Inc., and Akamai Technologies among others are some major players included in the research study of the global cybersecurity market.