Cybersecurity Market: Current Analysis and Forecast (2021-2027)

Cybersecurity is the technique of protecting internet-connected systems such as computers, servers, mobile devices, electronic systems, networks, and data from cyber attacks is known as cybersecurity. Cybersecurity's main objective is to protect critical data. These cyberattacks are usually aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting business processes. The global cybersecurity market is expected to register a CAGR of around 11% over the period of 2021-2027.

The demand for cybersecurity is increasing at propelling rate over the years and is expected to witness influential growth during the forecasted period as well. Factors that are positively impacting the growth of this market are increasing reliance on technology and the integration of technologies such as the internet of things, machine learning, and the cloud. Cyberattack is now an international concern that hacks the system, and other security attacks could endanger the global economy. Therefore, it is essential to have an excellent cybersecurity strategy to protect sensitive information from high-profile security breaches. Hence, the market is expected to witness robust growth during the forecast period.

Based on type, the cybersecurity market is bifurcated into solutions and services. The service segment grabbed a significant amount of market share in 2020 and is expected to be the prominent shareholder during the forecast period. The growth of this segment can be attributed to the increasing demand for consulting services and upgrade services from SMEs.

Based on deployment, the cybersecurity market is segmented into cloud and on-premises. The on-premises deployment held a considerable market share in 2020 and is expected to grow at a robust growth rate during the forecast period. This is because several large organizations prefer to have complete control of the solutions, and on-premises deployment provides complete customization and upgradation options to the enterprises

Based on organization size, the cybersecurity market is classified into large enterprises and SMEs. Among these, currently, the large enterprises capture a significant market share owing to the increase in spending on IT infrastructure by these organizations.

On the basis of industry, the cybersecurity market is classified into banking and financial services, healthcare, information and communication technology, government, and others. The government sector held a substantial share in the cybersecurity market in 2020. Because governments and defense organizations are under a constant security threat from individual or state-sponsored cyber attacks. Hence, they are investing heavily in strengthening their cyber security infrastructure.

For a better understanding of the market adoption of cybersecurity the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America), Europe (Germany, France, Spain, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea Rest of APAC), Rest of the World. North America acquired a considerable market share in the cybersecurity market and is expected to grow at an extensive rate mainly owing to the rising number of high-security data breaches and an increasing number of e-commerce platforms in the region.

Some of the major players operating in the cybersecurity market are Cisco Systems Inc., Check Point Software Technologies Ltd., Palo Alto Networks Inc., Fortinet Inc., International Business Machines Corporation, Sophos Ltd., Oracle Corporation, McAfee LLC, RSA Security LLC, NortonLifeLock Inc.