Global Cybersecurity Market Assessment 2020: Growth Devations due to COVID-19 Place the Market at $230 Billion in 2021
DUBLIN, May 18, 2020 /PRNewswire/ -- The "Covid-19 Impact On Cybersecurity Market by Technology (Network Security, Application Security, Endpoint Security, Cloud Security, Database Security, Web Security, ICS Security), Vertical, Region - Global Forecast to 2021" report has been added to ResearchAndMarkets.com's offering.
The Global Cybersecurity Market is Expected to Grow from USD 183.2 Billion in 2019 to USD 230 Billion by 2021, Rising at a CAGR of 12% (COVID-19 Adjusted)
This market study covers the impact of COVID-19 on the cybersecurity market across different segments. It aims at estimating the market size and the growth potential of this market across by technology segments (network security, application security, endpoint security, cloud security, database security, web security, and ICS security) and vertical (banking, financial services and insurance, healthcare, manufacturing, IT/ITeS, telecom, utilities, and public sector), and region. The study also includes an in-depth analysis of the key market players, key observations related to product and business offerings, recent developments, and key market strategies.
Key market players have adopted various growth strategies, such as partnerships and new service launches, to expand their presence further in the impact of COVID-19 on the cybersecurity market and broaden their customer base.
Increase in realization for endpoint and VPN security measures drives the cybersecurity market during the COVID-19 crisis
COVID-19 crisis has transformed the thought process of a company's management and board toward cybersecurity. Especially, SMBs, startups, and large enterprises, except technology giants, were considering cybersecurity budgets as unavoidable Capital Expenditure (CAPEX) due to regulatory and compliance measures. Several digital agencies are yet to have a cybersecurity policy in place. This crisis has exposed companies to scenarios where their IPs are at the mercy and conduct of their employees, working remotely either on office laptops with zero firewall protection or personal laptops with/without free antivirus packages.
Endpoint security segment to show the highest growth rate during the forecast period in the cybersecurity market
Endpoint security solutions are a combination of both Endpoint Protection Platform (EPP) and Endpoint Detection and Response (EDR) solutions. Together these solutions secure endpoints and remote devices used in organizations from viruses, Trojans, and malware, as well as advanced threats, such as zero-day malware and advanced persistent threats. EDR solutions enable continuous detection of and response to advanced cybersecurity threats and considerably improve threat detection, security monitoring, and incident response proficiencies for enterprises across verticals.
Healthcare segment to record higher investment and growth in 2020
COVID-19 poses an occupational health risk to healthcare workers, where COVID-19 has infected thousands of healthcare workers worldwide. Hence, preventing intra-hospital transmission of this communicable disease is a key priority for healthcare institutions and administrative bodies. As the remote and teleworking modes are adopted in the healthcare industry, the possibility of using personal devices and the home internet connections that do not have the enterprise-grade security would result in remote users vulnerable to malicious cyberattacks. In February 2020, WHO warned of fraudulent emails that have been sent by criminals posing as WHO. Cybercriminals have also been impersonating the US CDC by creating domain names similar to the CDC's web address to request passwords and even Bitcoin donations to fund a fake vaccine.
North America to record the largest market share in the global cybersecurity market impacted by COVID-19 crisis
North America is expected to hold the largest share in the global cybersecurity industry, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The high growth rate in APAC can be attributed to organizations in the region, grabbing opportunities to go beyond ensuring their regulations and compliances, and applying technology to curtail threats on enterprise devices. Additionally, the region has the highest adoption of mobile devices and connected devices that are highly vulnerable to endpoint attacks.
North America is the most significant revenue contributor to the cybersecurity market. The region is witnessing significant developments, especially in the endpoint security segment. In North America, the high penetration of this technology can be attributed to the increasing use of the automation and behavioral analysis for threat detection, growing amount of data across verticals, and rising investments by companies in real-time security solutions.
Key Topics Covered
1 Introduction
1.1 Covid-19 Health Assessment
1.2 Covid-19 Economic Assessment
1.2.1 Covid-19 Impact on the Economy-Scenario Assessment
2 Research Methodology
2.1 Research Scope
2.1.1 Objectives of the Study
2.1.2 Market Definition
2.1.3 Inclusion/Exclusion
2.2 Assumptions
2.3 Data Triangulation
2.3.1 Primary Breakdown
2.4 Stakeholders
3 Executive Summary
4 Impact on the Ecosystem and Extended Ecosystem
4.1 Cybersecurity Ecosystem Analysis, By Stakeholder
4.1.1 Technology Provider
4.1.2 Solution Designer and Developer/Consultant
4.1.3 System Integrator
4.1.4 Reseller
4.1.5 Managed Service Provider
4.2 Covid-19 Pandemic-Driven Market Dynamics and Factor Analysis
4.2.1 Drivers and Opportunities
4.2.2 Restraints and Challenges
4.2.3 Cumulative Growth Analysis
5 Business Implications of Covid-19 on the Cybersecurity Market
5.1 Implication On Technology Segments (Pessimistic, as-is, and Optimistic Scenarios)
5.1.1 Network Security Forecast (2019-2021)
5.1.1.1 Forecast 2019-2021 (Optimistic/as-is/Pessimistic)
5.1.2 Application Security Forecast (2019-2021)
5.1.3 Endpoint Security Forecast (2019-2021)
5.1.4 Cloud Security Forecast (2019-2021)
5.1.5 Database Security Forecast (2019-2021)
5.1.6 Web Security Forecast (2019-2021)
5.1.7 Industrial Control Systems Security Forecast (2019-2021)
6 Covid-19 Impact on Major Verticals With Use Cases and How Clients Are Responding to Current Situation
6.1 Banking, Financial Services and Insurance
6.1.1 Forecast 2019-2021 (Optimistic/as-is/Pessimistic)
6.1.2 Key Use Cases
6.1.3 Author's Viewpoint (Vertical's Response to Covid-19)
6.2 Healthcare
6.3 Manufacturing
6.4 Information Technology/Information Technology-Enabled Services
6.5 Telecom
6.6 Utilities
6.7 Public Sector
6.8 Others
7 Covid-19 Impact on Regions
7.1 Introduction
7.2 North America
7.2.1 Forecast 2019-2021 (Optimistic/as-is/Pessimistic)
7.3 Europe
7.4 Asia Pacific
7.5 Middle East and Africa
7.6 Latin America
8 Covid-19 Focused Profiles of Key Vendors
8.1 Introduction
8.2 Company Profiles
8.2.1 Network Security
8.2.2 Application Security
8.2.3 Endpoint Security
8.2.4 Cloud Security
8.2.5 Database Security
8.2.6 Web Security
8.2.7 ICS Security
For more information about this report visit https://www.researchandmarkets.com/r/jqsmhp
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