Cybersecurity Market Expected to Grow at 9.5% CAGR due to IoT, BYOD Trends and Cloud-based Solutions

The global Cyber Security Market Size was USD 218.00 billion in 2021 and is expected to experience a compound annual growth rate (CAGR) of 9.5% during the forecast period. The market is anticipated to grow due to several factors, such as the increasing growth in the e-commerce sector, a rise in the adoption of Internet of Things (IoT) and Bring Your Own Device (BYOD) trends, an increase in the demand for cloud-based cybersecurity solutions, and a rising number of supply chain-based attacks that damage software supply chain.
Cyber security refers to the process of safeguarding computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks.

It is also referred to as electronic information security or information technology security. One of the benefits of cybersecurity software is that it can provide adequate digital protection for companies, allowing employees to use the internet while safeguarding them from potential risks and threats. Personal information is a valuable commodity in the digital era, and a virus that obtains an employee's or client's personal information can sell it or even steal money from their bank account. Without effective cybersecurity solutions, a business and its staff are vulnerable to cyber-attacks.

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The growth of network security infrastructure has been significantly impacted by technological advancements, the development of remote working culture, and a surge in digitalization. Due to the increase in the number of network threats worldwide, organizations require security and resilience. Governments and enterprises are discovering weaknesses in their network infrastructure and implementing necessary security measures. With the acceptance of remote working in enterprises, emphasis will shift to security measures.

Furthermore, as cyberattacks become more sophisticated, enterprises will need to deploy Artificial Intelligence (AI)-based technology to defend against them. Organizations will have to allocate their funds for cybersecurity more strategically in their budgets. The network security landscape will undergo significant changes over the next few years, and the importance of installing stringent safeguards will not diminish. Remote cybersecurity, the implementation of responsible and ethical AI, and smart budgeting to secure network infrastructure are three trends that will emerge as a result of an unstable security setting.

Major companies in the global market report include:
• International Business Machine (IBM) Corporation
• Cisco Systems Inc.
• Amazon Web Services
• Microsoft Corporation
• Forcepoint
• Fortinet Inc.
• CyberArk Software Ltd.
• Oracle Corporation
• Check Point Software Technologies Ltd.
• Splunk Inc.
• Sophos Plc.
• Micro Focus International Plc

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Segments Covered in the Report:

The cyber security market can be categorized based on several factors. One way to classify the market is by deployment outlook, which includes cloud-based and on-premise cybersecurity solutions. Cloud-based cybersecurity solutions refer to those that are delivered and managed through the cloud, while on-premise solutions are managed on-site by the organization.

Finally, the market can be classified by industry outlook, which includes BFSI, aerospace and defense, healthcare, retail, manufacturing, IT and telecommunication, government, and others. Each industry may have unique cybersecurity needs and requirements, such as healthcare organizations needing to comply with strict regulations for protecting patient data.

Strategic development:

The trend of expanding Internet of Things (IoT) and Bring Your Own Device (BYOD) among enterprises has led to increased exposure of devices and applications to Advanced Persistent Threats (APTs). The number of mobile devices in businesses is also increasing, making it harder for IT workers to control and track data flow across multiple systems. To address these challenges and protect sensitive data, organizations are relying on cybersecurity solutions to monitor, categorize, and resolve a variety of threats. This trend is driving market growth, as seen in the shift of cybercriminals' target from people and small enterprises to major organizations, governments, and key infrastructure.

The rapid deployment of remote systems and networks to enable workers to work from home during the COVID-19 pandemic has created new security weaknesses that criminals are exploiting to steal data, create money, and cause disruption.

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However, a key factor restraining revenue growth is the budget limitation of cybersecurity solutions. Cybersecurity demands are outpacing budgets designated to fulfill them, especially for small businesses that lack financial resources or IT security knowledge to implement advanced cybersecurity solutions. Lack of capital finance can be a big stumbling block for some small and medium-sized businesses adopting the cybersecurity model. Emerging startups in underdeveloped countries in the Middle East & Africa, Latin America, and Asia Pacific frequently encounter difficulties in obtaining money and appropriate resources to implement cybersecurity solutions.
Their capital is mostly used to protect mission-critical activities, leaving little or no money for modern cybersecurity solutions. Moreover, new firms' or companies' cybersecurity budgets are insufficient to implement Next-Generation Firewalls (NGFWs) and ATP solutions. Usage of pirated and open source cybersecurity solutions, a lack of cybersecurity skills for proactive strategic planning, and a lack of compatibility with existing information systems may also be major restricting factors for the cybersecurity market.

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