Cybersecurity Market Survey Report 2020 Along with Statistics, Forecasts till 2026
The cybersecurity market was valued at USD 156.24 billion in 2020, and it is expected to reach USD 352.25 billion by 2026, registering a CAGR of 14.5% during 2021-2026.
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The trends for IoT, BYOD, AI, and machine learning in cybersecurity are increasing. For instance, machine learning provides advantages in outlier detection, much to the benefit of cybersecurity.
- Rapidly increasing cybersecurity incidents and regulations requiring their reporting are driving the cybersecurity market. According to the Center for Strategic and International Studies (CSIS) and McAfee, cybercrimes, which include damage and destruction of data, stolen money, lost property, intellectual property theft, and other areas, currently cost the world almost USD 600 billion each year, or 0.8% of the global GDP.
- Adoption of M2M/IoT connections demands strengthened for cybersecurity in enterprises. This is driving the market, as the emerging business models and applications are coupled with the reducing device costs, which have been instrumental in driving the adoption of IoT, and consequently, the number of connected devices, such as connected cars, machines, meters, wearables, and consumer electronics. On the other hand, several other smart city projects and initiatives are ongoing, and by 2025, it is expected that there may be around 30 global smart cities and 50% of these may be located in North America and Europe, which may demand high cybersecurity for prevention.
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Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa
Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.
Asia-Pacific is Expected to be the Fastest Growing Market
- Asia-Pacific is expected to have highest market growth for cyber security solutions, over the forecast period. The strong presence of several market incumbents, coupled with recent security threats in the region, is expected to drive the adoption of these solutions further.
- India has experienced a rapid increase in cybercrime registration, with the country ranking fifth in terms of the overall DNS hijacks. Also, according to Gemalto, India accounts for 37% of the global breaches in terms of records compromised or stolen. Furthermore, the increasing number of malware and ransomware attacks in the country is a significant factor driving the adoption of cybersecurity solutions. According to the 2019 Internet Security Threat Report by Symantec, the use of malicious PowerScripts increased by 1,000%, and ransomware infections of enterprises increased by 12%, in 2018.
- Moreover, South Korea is becoming one of the prime targets for cyber-attacks, due to the country's increasing number of connected devices, advanced use of mobile devices, and significant intellectual property. In January 2019, according to the National Police Agency report, cybercrimes increased by nearly 14% in Korea in 2018, to reach about 150,000 cases. This drives the use of cybersecurity in this country.
Influence of the Cybersecurity Market report:
–Comprehensive assessment of all opportunities and risk in the Cybersecurity Market.
–Cybersecurity Market recent innovations and major events.
–Detailed study of business strategies for growth of the Cybersecurity Market market-leading players.
–Conclusive study about the growth plot of Cybersecurity Market for forthcoming years.
–In-depth understanding of Cybersecurity Market market-particular drivers, constraints and major micro markets.
–Favorable impression inside vital technological and market latest trends striking the Cybersecurity Market.
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