Press release
Cybersecurity Services Market Value is Expected to Reach $91.1 Billion by 2023 : Covid 19 Growth And Change | Cisco Systems, IBM Corporation, Microsoft, Check Point Software Technologies, Oracle
Cybersecurity Services Market
The global cybersecurity services market is expected to decline from $66.87 billion in 2019 to $65.46 billion in 2020 at a compound annual growth rate (CAGR) of -2.1%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that has led to a slowdown in the economy. This impacted the bottom line of companies, restricting them from investing in cybersecurity services. The market is then expected to recover and reach $ 91.1 billion in 2023 at a CAGR of 11.64%.
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The cybersecurity services market consists of sales of cybersecurity services that are used in IT and telecommunications and other industries. Cybersecurity refers to the collection of technologies, processes and practices designed to secure networks, computers, software and data against online attacks, destruction or data theft. Cybersecurity can also be identified as the security of information technology.
Leveraging AI, machine learning and blockchain technologies for cyber defense is a key trend in the cybersecurity services market. Cybersecurity vendors integrate artificial intelligence (AI) and machine learning principles into their solutions to tackle crucial hyper-connected workplace risks, with quicker identification, prevention and responsiveness capabilities, the advances in technology, such as AI and machine learning, turn the tables against cybercrime. For example, Equifax experienced cyber-attacks in September 2017, which resulted in the loss of sensitive information from more than 140 million American customers.
Cybersecurity Services Market Segmentation: -
By Security Type
Network Security
Endpoint Security
Application Security
Cloud Security
Others
By User Type
Large enterprises
Small & medium enterprises
By Industry Verticals
Aerospace and Defense
BFSI
Public sector
Retail
Healthcare
IT and Telecom
Energy and Utilities
Manufacturing
Others
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Few Points From Table Of Content
1. Executive Summary
2. Cybersecurity Services Market Characteristics
3. Cybersecurity Services Market Size And Growth
4. Cybersecurity Services Market Segmentation
5. Cybersecurity Services Market Regional And Country Analysis
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25. Cybersecurity Services Market Competitive Landscape And Company Profiles
26. Key Mergers And Acquisitions In The Cybersecurity Services Market
27. Cybersecurity Services Market Trends And Strategies
28. Cybersecurity Services Market Future Outlook and Potential Analysis
29. Appendix
The report covers the trends and market dynamics of the Cybersecurity Services Market in major countries - Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The report also includes consumer surveys and various future opportunities for the market.
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Some of the key players involved in the Cybersecurity Services Market are Cisco Systems, IBM Corporation, Microsoft, Check Point Software Technologies, Oracle.
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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