Global Cyber Security Market Forecast to Exceed US$ 330 Billion by 2027

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Dec 22, 2021, 08:45 ET

DUBLIN, Dec. 22, 2021 /PRNewswire/ -- The "Global Cyber Security Market (By Products Segment, Services Segment, Industry Verticals, Geography, Deployment Mode, Organization Size), Impact of COVID-19, Recent Developments & Major Deals - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

Cybersecurity is becoming a strategic imperative for organization owing to increased focus on preventing information in the wake of high-profile data thefts and breaches. The worldwide spending on cybersecurity is increasing as it is becoming difficult to keep pace with the rise in cybercrimes and malware attacks on governments, BFSI and healthcare organizations.

The adoption of cybersecurity solutions is expected to grow with the increasing penetration of internet among developing and developed countries. Also, the expanding wireless network for mobile devices has increased data vulnerability making cybersecurity an integral part of every single organization across the world.

The global cyber security market is projected to exceed US$ 330 Billion by 2027.

Impact of COVID-19 on Global Cyber Security Market

The COVID-19 pandemic has created new challenges for businesses as they adapt to an operating model in which working from home has become the 'new normal'. Companies are accelerating their digital transformation, and cybersecurity is now a major concern. Amidst the COVID-19 pandemic, various governments and regulatory authorities mandate both public and private organizations to embrace new practices for working remotely and maintaining social distancing. In the wake of the COVID-19 pandemic, several incidences and cases of cybercrimes were observed across various sectors. Between 9th March 2020 and 6th April 2020, hackers registered over 300,000 websites that used coronavirus-related keywords to lure victims. Moreover, the year 2020 saw an increase in U.S. healthcare data breaches of 25% over 2019. This upsurge in sophisticated cyberattacks has encouraged organizations to adopt solutions and configure malware protection, detection, and mitigation strategies, thereby fueling the market growth.

The report breaks down the industry as follows

By Products Segment - Global Cyber Security Market & Forecast

Network Security, Security and Vulnerability Management (SVM), and Identity and Access Management (IAM) are the top products segment by size and growth prospects.
Network security emerged as the most attractive product segment by size.
Identity and Access Management (IAM) accounted for around 17% share of the overall product market in 2020.
Security and Vulnerability Management (SVM) is anticipated to capture nearly 22% share of the overall cyber security products market by 2027.
Messaging security and web security are product groups with low growth prospects.

By Services Segment - Global Cyber Security Market & Forecast

The services segment dominates the overall cyber security market.
In 2020, the managed security services captured maximum share of the overall cyber security services market.
The security consulting services segment captured over 17% share of the overall cyber security services market in 2020.
The education and training segment captured least share of the overall cyber security services market.

By Industry Verticals - Global Cyber Security Market & Forecast

The government/defense sector accounted for maximum share of the global cyber security market in 2020.
Banking, Financial Services and Insurance (BFSI) sector accounted for nearly 24% share of the global cyber security market in 2020.
Manufacturing companies were not known for storing sensitive information, but that has changed in a big way.
The information and communications technology (ICT) sector captured around 10% share of the global cyber security market in 2020.
The healthcare industry was responsible for around 7% share of the global cyber security market in 2020.

By Geography - Global Cyber Security Market & Forecast

North America captured maximum share of the global cybersecurity market in 2020, followed by Europe.
Asia Pacific (APAC) is expected to offer significant growth opportunities to vendors in the cybersecurity market, as countries in this region are investing heavily in deploying cybersecurity and compliance management solutions.
Countries such as India and China are rapidly moving toward digitization in all the sector which is anticipated to increase the cybercrime activities in the region.
In MEA, the rapid digitalization in countries, like the UAE and Saudi Arabia, has triggered the number of connected devices by opening new gateways for cyberattacks.

By Deployment Mode - Global Cyber Security Market & Forecast

The cloud-based segment dominates the global cyber security market. The cloud deployment mode of cybersecurity solutions benefits enterprises with cloud-based solutions offering speed, scalability, and enhanced IT security.
The on-premises deployment mode enables organizations to have a more control over all the cybersecurity solutions such as next-generation firewalls and next-generation intrusion prevention system.

By Organization Size - Global Cyber Security Market & Forecast

Large enterprises accounts for a higher market share in terms of revenue in the global cybersecurity market.
The Small and Medium-Sized Enterprises (SMEs) segment is anticipated to register the highest growth over the forecast period.

For more information about this report visit https://www.researchandmarkets.com/r/erjzhq

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