The global cybersecurity market is expected to reach $300 billion by 2027, growing at a compound annual growth rate (CAGR) of just over 11% throughout the forecast period 2019-2027, according to a new report. Research and Markets report.

According to the analyst, the strong growth of the market is explained by:

  • Growing demand for network security and privacy
  • Growing adoption of cloud computing
  • Growing need for digital transformation in the telecommunications industry
  • Frequency of cyberattacks
  • More and more regulations for information security

IoT Tops Market

To give an idea of ​​the development of the market, based on solutions, in 2018, the year immediately preceding the forecast period, the largest share of the cybersecurity market came from solutions. Now, the largest market share (Research and Markets did not specify the magnitude) comes from the growing number of IoT deployments, growing attention to solution-centric security capabilities, and growing vulnerabilities on endpoints .

Additionally, the advantages offered by cybersecurity such as high performance, reliability, comprehensive vulnerability coverage, efficiency and real-time application security are contributing to the growth of the segment.

Similarly in 2018, by type, the network security segment accounted for the largest share of the cybersecurity market. Today, the largest market share of this segment is attributed to the growing demand for web and content filtering, growing adoption of cloud computing technologies, and growing need to protect the infrastructure of connected networks.

In another example, in 2018 and now, the large enterprise segment accounted for the largest share of the cybersecurity market due to its strong infrastructure and the management of cybersecurity platforms by skilled IT personnel.

Government Cyber ​​Needs Dominate

Based on end-use industry, the government segment accounts for the largest share of the cybersecurity market. The large market share of this segment is attributed to the rising concerns over an intelligence data breach, financial activities, research and development activities, and high spending on security solutions.

In 2018, North America accounted for the largest cybersecurity market share. Major share of this market is attributed to growing technological advancements in North America, developed internet infrastructure, high adoption of technology, and presence of majority of established cybersecurity vendors and start-ups . High proliferation of IoT devices and cloud-based services is further propelling the growth of North America cybersecurity market.

However, Asia-Pacific is expected to register the highest CAGR during the forecast period. The presence of fast growing economies, improving business and infrastructure environment, rapid digitalization and growing threats of cyber attacks on healthcare, banking, financial services and insurance, and retail industry in the region are expected to drive cybersecurity growth. market in Asia-Pacific.

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