Press release
Cybersecurity Services Market Industry Expected to Experience a Positive Growth 2020 - 2023
The Business Research Company
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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%.
The Key drivers of the cybersecurity services market include:-
The increasing instances of massive cyber-attacks are a key factor driving the growth of the cybersecurity services market. The primary motive behind cybercrimes is political competition, financial gain, negative credibility, foreign competition and radical involvement of religious groups.
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The global cybersecurity services market is segmented:
1) By Security Type: Network Security, Endpoint Security, Application Security, Cloud Security, Others.
2) By Industry Verticals: Large enterprises, Small & medium enterprises.
3) By User Type: Aerospace and Defense, BFSI, Public sector, Retail, Healthcare, IT and Telecom, Energy and Utilities, Manufacturing, Others.
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By Geography - The cybersecurity services market is segmented in to
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa
Some of the major key players involved in the cybersecurity services market are
1. ProofPoint
2. Cyber Ark Software Ltd
3. Wipro Limited
4. HCL Technologies Limited
5. Dell Technologies Inc.
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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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