Cyber Security Market Size is projected to reach $304.91 billion by 2027, growing at a CAGR of 9.4% from 2020 to 2027

According to a recent report published by Report Ocean, titled, “Cyber Security Market by Component, Solution/Offering, Deployment Type, User Type, and Industry Verticals: Opportunity Analysis and Industry Forecast, 2020–2027,” the cyber security market was valued at $149.67 billion in 2019, and is projected to reach $304.91 billion by 2027, growing at a CAGR of 9.4% from 2020 to 2027.

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Rise in malware and phishing threats among enterprises and increase in adoption of IoT and BYOD trends among organizations are the key drivers for the cyber security market. In addition, growth in demand for cloud-based cyber security solutions is also one of the major factors fueling the cyber security market growth. Moreover, increase in adoption of mobile device applications & platforms and transformation in traditional antivirus software industry are creating lucrative opportunities for global cyber security market. Constant need to conform to cyber security industry standards, regulations, and complexities of device security are some of the major factors boosting the cyber security market growth.

Furthermore, cyber security activities are now being prioritized and aligned to strategic business activities to minimize the damage of IT resources, which provides a major growth opportunity for the market. Also, increasing need for strong authentication techniques especially after rapidly growing remote working trend post COVID-19 is also expected to provide lucrative opportunities for the cyber security market.

Based on component, the solutions segment dominated the overall cyber security market size in 2019 and is expected to remain dominant during the forecast period, due to increase in need to monitor external and in-house threats for large as well as small & medium enterprises. Further, the services segment is also expected to grow at a rapid pace in cyber security industry throughout the forecast years.

Depending on solution or offering, data security & privacy services offering segment accounted for the highest cyber security market share in 2019. This is attributed to the fact that the security risks translate into an unacceptable risk profile for organizations, and without an effective security management system, organizations need to experience both operational and recovery costs. These increasing costs to recover from security problems drive the need for security & privacy service solutions.

North America dominated the overall cyber security market share in 2019 and is expected to remain dominant during the forecast period, due to growth in dependency on internet and social media platforms. Moreover, increase in usage of cloud, mobile data, and digitization has also boosted the demand for cyber security industry in the region. Furthermore, Asia-Pacific is expected to exhibit highest growth rate throughout the forecast period.

Pre and Post COVID-19 Pandemic Analysis

The outbreak of COVID-19 is anticipated to offer lucrative opportunities for key players operating in the global cybersecurity market. Surge in need for advanced cybersecurity solution and rise in ransomware & malware attacks have led to increased revenue generation. Since February, IBM X-Force observed a 4,300% increase in coronavirus-themed spam. While organizations worry about newly pressing concerns such as workforce well-being, shift to remote work, finance availability, and the resiliency of operations & supply chains, cyberattack risks are increasing. Security leaders from SMBs to large enterprises need to continue their focus on the entire threat lifecycle, which includes planning and detection, in-the-moment response, and recovery.

Key Findings Of The Study

Depending on deployment type, the cloud segment is expected to exhibit significant growth rate in the global cyber security market during the forecast period. The growth of this segment is attributed to low maintenance cost, which is majorly preferred by small & medium enterprises.
By user type, the large enterprises segment generated the highest revenue in overall cyber security market size in 2019, owing to the major focus on implementing effective security solutions by large enterprises.
As per industry vertical, the BFSI sector dominated the overall cyber security market in 2019, and is expected to exhibit significant growth during the forecast period. The growth of this sector is mainly attributed to increase in need for providing sealed security and digital privacy in financial institutions. In addition, increase in adoption of smartphones, internet banking, and cloud is fueling the market growth of this sector.

Some of the key players profiled in the cyber security market analysis include Accenture, Capgemini, Cognizant, F5 Networks Inc., FireEye Inc., HCL Technologies Limited, IBM Corporation, Infosys Limited, L&T Technology Services Limited, PwC International Limited Broadcom Inc., Tata Consultancy Services, Tech Mahindra Limited, and Wipro Limited.

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This release was published on openPR.