Cybersecurity Market to Surge at a 11.2% CAGR from 2019 to 2027; Impact of Covid-19 On cybersecurity Market

Cybersecurity is a practice of protecting programs, networks, and systems from digital attacks. These cyberattacks are usually aimed at accessing, changing, damaging, or destroying sensitive data, and interrupting business and public sector processes. The rapidly increasing cybercrimes and continuously increasing demand for security services to mitigate the risk of cyberattacks are driving the growth of global cybersecurity market. The global cybersecurity market is witnessing consistent growth and is expected to maintain its growth throughout the forecast period. Meticulous Research® in its latest publication estimates that the cybersecurity market will increase at a CAGR of 11.2% from 2019 to 2027 to reach $300.9 billion by 2025.

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To provide efficient analysis, Meticulous Research®– leading global market research company published a research report titled “Cybersecurity Market by Type (Network Security, Endpoint Security, Application Security, Cloud Security), Solution (Unified Threat Management, Antimalware, Firewall, Disaster Recovery, Web Filtering, DDS Management, Encryption) – Global Forecast to 2027.”

On the basis of component, the cybersecurity market segmented into solutions and services. In 2018, the solutions segment claimed majority share of the global cybersecurity market in terms of revenue. With mounting new government regulations and growing number of data security concerns, business organizations are increasingly taking significant efforts to strengthen their cybersecurity infrastructure. This is expected to drive the growing demand for multiple security solutions among business enterprises, driving the market growth.

On the basis of type, the cloud security segment claimed majority share of the global cybersecurity market, in 2018. Cloud security solutions offer social networking privacy, system optimization, online storage, and privacy protection on social media networking sites. Furthermore, several advantages of cloud security solutions in the form of threat detection, powerful policy enforcement, and flexible architecture are also helping firm growth in the cloud security solutions market. However, the application security segment is projected to grow at a significant pace in the next few years due to the increasing number of APTs, malware, and phishing attacks.

On the basis of industry size, cybersecurity market is segmented into small & medium-sized industries and large enterprises. Small and medium-sized category is projected to grow at a higher CAGR during the forecast period. Over the past few years, there has been an upsurge in the number of dynamic SMEs, globally. With expanding data security threats, these companies are also incorporating cybersecurity solutions to protect their communication path from unauthorized access and information misuse. Consequently, the growth in the number of small and medium scale enterprises and their proliferating demand for cybersecurity is propelling the segment’s market growth.

By geography, cybersecurity market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global cybersecurity market in 2018. High awareness for cybersecurity solutions and growing number of cyberattacks in the recent past are some of the key factors that have led to large share of North America. The region is also home to several prominent players in the cybersecurity market, offering advanced solutions and services to all the sectors in the region. Furthermore, adoption of IoT, emergence of disruptive digital technologies and growing awareness regarding cybersecurity among small and medium organizations is anticipated to propel the demand for cybersecurity solutions in North America over the forecast period. However, the cybersecurity market in Asia-Pacific region is expected to grow at a fastest CAGR throughout the forecast period. The growth of this market is mainly attributed to the shift of manufacturing from North America & Europe towards Asia-Pacific region, overall industrial and economic growth of countries in this region, and the associated growth in the adoption of new technologies. Growing digitization across several developing countries including India and China are offering tremendous growth opportunities for leading cybersecurity providers.

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Key Topics Covered in This Report:

1. Introduction
1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency and Limitations
1.3.1. Currency
1.3.2. Limitations
1.4. Key Stakeholders

2. Research Methodology
2.1. Research Approach
2.2. Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research
2.2.3. Market Size Estimation
2.2.3.1. Bottom-Up Approach
2.2.3.2. Top-Down Approach
2.2.3.3. Growth forecast
2.2.4. Market Share Analysis
2.3. Assumptions for the Study

3. Executive Summary
3.1. Market Overview
3.2. Market Analysis, by Component
3.3. Market Analysis, by Security Type
3.5. Market Analysis, by Deployment
3.6. Market Analysis, by Industry Size
3.9 Market Analysis, by Industry Vertical
3.7. Market Analysis, by Geography
3.8. Competitive Analysis

4. Market Insights
4.1. Introduction
4.2. Market Dynamics
4.2.1. Driver
4.2.1.1. Increasing Demand for Network Security and Privacy
4.2.1.2. Increasing Adoption of Cloud Computing
4.2.1.3. Adoption of Digital Transformation in Telecommunication Industry
4.2.1.4 Increasing Frequency of Cyberattacks
4.2.1.5 Growing Regulations for Information Security
4.2.2. Restraints
4.2.2.1. Lack of Preventive Firewall Maintenance
4.2.2.2. Rapid Proliferation of New Malware Samples
4.2.2.3 Budgetary Constraints of SMEs
4.2.3. Opportunities
4.2.3.1.Growing E-commerce Industry
4.2.3.2 Growing Adoption of Cloud Computing Among SMEs
4.2.3.3 Increased Adoption of Network Function Virtualization
4.2.4. Challenges
4.2.4.1. Growing Grey Route Fraudulent Activities

5. Cybersecurity Market, by Component
5.1. Introduction
5.2. Solution
5.2.1. Encryption
5.2.2. Data Loss Prevention
5.2.3. Unified Threat Management
5.2.4. Firewall
5.2.5. Antivirus/Antimalware
5.2.6. Intrusion Detection System/Intrusion Prevention System
5.2.7. Security and Vulnerability Management
5.2.8. Disaster Recovery
5.2.9. Web Filtering
5.2.10. Identity & Access Management
5.2.11. Risk & Compliance Management
5.2.12. DDS Management
5.3. Service
5.3.1. Professional Services
5.3.2. Managed Services

6. Cybersecurity Market, by Type
6.1. Introduction
6.2. Network Security
6.3 Endpoint Security
6.4. Application Security
6.5. Cloud Security…. Continued

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Key questions answered in the report-

What was the historical market for cybersecurity worldwide?
What are the market forecasts and estimates for the period 2019-2025?
What are the major drivers, restraints, opportunities, and challenges in the cybersecurity market?
Who are the major players in the cybersecurity market?
How the competitive landscape in the cybersecurity market?
What are the different strategies adopted by the major players in the cybersecurity market?

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Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, with the help of its unique research methodologies, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions.

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