Cybersecurity Market - Industry Dynamics, Market Size, and Opportunity Forecast to 2027

The global cybersecurity market was valued at US$ 149.7 Billion in 2020, analysis shows that the market sees an opportunity of US$ 197 Bn during 2021-2027. The market is witnessing a compound annual growth rate (CAGR) of 13.40% during the forecast period. The study of the global cybersecurity market provides the market growth during the forecast period, impacts of COVID-19 in the market, and its recovery, the report also shows the challenges occurring in the market. The report presents a detailed analysis of the global cybersecurity market across 13 chapters, totaling 207 pages, with 38 extensive data tables and 90 figures. 

Storing personal information and sensitive data increases the inherent risk and residual risk, driven by worldwide connectivity and usage of cloud-based services like Amazon Web Services. The worldwide spread of cloud services with increasing modernized cybercriminals can risk the organization with the rising number of data breaches or cybercrime. Organizations can’t rely fully on firewalls and antivirus software to prevent data breaches or cybercrimes.

Cybersecurity plays an important role as it protects all types of cybercrimes and data theft and damages, which includes sensitive data like personal information, protected health information (PHI), personally identifiable information (PII), and industrial and governmental information system.

Report Scope

The report provides a comprehensive analysis and detailed study of the global marketplace, related to cybersecurity growth and opportunity in the global market, due to increasing sophisticated cybercriminals and data theft and damage of personal information, and increasing need for cybersecurity. The regions tracked and analyzed for the study of the global cybersecurity market are North America, Europe, Asia Pacific, Middle East, and South America. North America holds the highest market share of 36% because there is an eminent presence of several prominent market players and increasing strategic investments by these companies. 

The report also includes a detailed analysis of the following segments – By Components, By Security Type, By Deployment, By Application, and By Enterprise Size. Cloud Security is the dominating segment of Security Type with estimated revenue of US$ 46.4 Billion in 2020. Cloud security is applicable to public and hybrid cloud platforms such as Amazon Web Services (AWS) and Azure. An increasing number of organizations using cloud security to support both at-office and home-based working environments contributes to the positive growth of Cloud Security in the market. 

Further, the report offers our readers exclusive insights on the increasing need for cybersecurity to prevent data theft and damages. 

Report Summary 

The Global Cybersecurity Market report provides the market’s recent developments, analysis opportunities, and a 360-degree view of the market in terms of market share, market competition, market concentration rate.

The analysis shows a rising number of data breaches incident across the globe. Around 64% of the total stolen data records statistics happened withinside the United States. Countries like China and India also are predominant facilities of records breaches. Cybercriminals earn up to $2.2 million through form jacking attacks by stealing only 10 credit cards per website. Further, the report provides the hindrances the market faces like low cybersecurity budget and high installation charges, lack of cybersecurity expertise, the lack of cybersecurity skills gap is one of the main hindrances in the growth and protection of the company’s confidential information. The number of vacant cybersecurity jobs is expected to increase by 350%, from 1 million jobs in 2013 to 3.5 million in 2021. The World Economic Forum (WEF) journal observed that nowhere is the workforce-skills gap more pronounced than in cybersecurity.

The report provides the price analysis section where several security products and solutions like firewall, email protection, two-factor authentication, and other security methods are used by the key players to prevent data theft and damages, firewall is the most expensive among all the security methods which range from US$ 400 to US$ 6,000.

The global cybersecurity market report also provides the readers with an overview of the challenges that are faced by the cybersecurity industry. The report shows how the market is recovering COVID – 19 impacts and the estimates to grow in the forecast period. 

COVID – 19 Impact on Global Cybersecurity Market

The report shows a detailed study of the impacts of COVID – 19 and followed pandemic on the global cybersecurity market.

As per the report, Covid-19 graph shows our readers how the global cybersecurity market started falling in mid of 2019 due to government restrictions, as organizations suffered cyber-attacks many companies focused on the adoption of cybersecurity methods and software, the market increasingly grew in mid-2020 as a working pattern changed to work from home and expect to increase cybercrimes boosted the cybersecurity market.

The study shows that the restrictions imposed by governments across the world to prevent the spread of COVID-19 have encouraged companies to shift their working pattern from offices or on-location to work from home. This sudden shift in working culture in major countries allowed increased scope to cyber-attacks at individual and enterprise levels.

Market Key Players

The Global Cybersecurity Market report provides detailed company profiling of several companies.

Details covered in the report for companies include recent developments, strategic outlook, business overview, company financials, and product list. The key players included in the report are 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. and Qualys Inc. among others.

Segmental Overview of Global Cybersecurity Market 

The Global Cybersecurity Market is divided into six segments based on Component, Security, Deployment, Application, Enterprise Size, and Region. 

 By Component 

• Solutions
  • 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

 By Security  

• Network Security
• Endpoint Security
• Application Security
• Cloud Security
• Others

 By Deployment 

• Cloud-based
• On-premises

 By Application 

• BFSI
• Government
• Retail
• Healthcare
• IT and Telecommunication
• Manufacturing
• Others

By Enterprise Size 

• Small and Medium-sized Enterprises
• Large Enterprises

 By Region  

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The UK
  • Germany
  • France
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • Singapore
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America