Cybersecurity market size to hit US$400bn by 2027
Some of the key cybersecurity market players are Avast PLC, BAE Systems, Booz Allen Hamilton, Inc., Check Point Software Technologies Ltd., Cisco Systems, CyberArk Software, and Dell Technologies, among others.
Global Market Insights Inc. has recently added a new report on the cybersecurity market that estimates the market valuation for cybersecurity will cross US$400bn by 2027. The growing demand for security solutions across enterprises to protect financial transactions and highly-sensitive information from unauthenticated access and vulnerabilities contributes to market growth.
Growing technological advancements and internet penetration are driving enterprises to shift to cloud-based business models. Extensive digitisation across enterprises is prone to cyber threats and information breaches; thus, established enterprises invest heavily in cybersecurity solutions. Cybersecurity solutions are assisting enterprises in preventing potential monetary and non-monetary losses, including interconnected servers and data storage devices.
The lack of infrastructure resources and technical expertise may create concerns for some corporations. Large enterprises except a few SMEs have dedicated IT departments with dedicated solutions and equipment for deploying over network infrastructure. In addition, SMEs are facing budget concerns that are affecting the adoption of security solutions. However, continuous development and cost-effective security solutions may drive enterprises to adopt security solutions.
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The demand for products for infrastructure protection is expected to grow significantly from 2021 to 2027. The enterprises have adopted BYOD trends to a large extent to provide flexibility to the employees and boost business productivity. In addition, the enterprises are adopting endpoint protection to prevent any vulnerabilities and unauthenticated access to enterprise data resources through mobile devices.
As cloud business infrastructure is prone to cyber risks, the cloud security solution helps the company to maintain streamlined network operations by following guidelines. It also manages the overall network security and prevents unauthenticated changes over the network. The adoption of cybersecurity solutions across SMEs is expected to grow at nearly 15% CAGR by 2027. The growing cyberattacks over SMEs and increasing monitory losses have resulted in the increasing adoption of advanced security solutions. Enterprises have adopted cybersecurity policies for BYOD to reduce capital expenditure and boost employee productivity.
The demand for cybersecurity products & services is increasing across IT and telecommunication enterprises due to the buoyed demand for protection of sensitive personal data. The enterprises are adopting security solutions to protect servers, data centers, and virtual information systems. This helps them mitigate cyber risks, detect vulnerabilities at earlier stages, and protect from live attacks.
The cybersecurity market size in Europe is expected to grow at a CAGR of over 10% by 2027. The enterprises operating in the banking sector are adopting advanced cybersecurity solutions. In addition, the government authorities and private enterprises are making collaborative efforts to prevent vulnerabilities across the financial landscape. For instance, in May 2021, Belgium’s Belfius Bank partnered with OneSpan, a cybersecurity technology provider, to integrated OneSpan Mobile Security Suite (MSS) into Belfius’ mobile app to make banking transactions safer. The initiative focuses on providing biometric authentication, mobile application security, risk analysis, and other safety features to prevent fraud.
Targeting the government sector for securing high-value contracts has been a major go-to-market strategy for cybersecurity vendors. For instance, in June 2021, IBM launched the IBM Center for Government Cybersecurity, a collaborative environment focused on helping federal agencies address current and future cybersecurity threats. The centre will facilitate events and learnings, drawing on IBM’s cybersecurity expertise from delivering software and managed services to over 17,500 security customers globally.
Some major findings of the Cybersecurity Market Report include:
- The growing need for cyber protection and advanced security for network infrastructure across enterprises are supporting market growth.
- Government guidelines and initiatives in the market support the adoption of security services by IT & telecom service providers.
- The adoption of cloud computing services by enterprises is enabling them to adopt advanced security solutions.
- Major players operating in the cybersecurity market are Amazon Web Services, IBM Corporation, Microsoft Corporation, Nokia Networks, Oracle Corporation, Google LLC, etc.
- The companies operating in the market are focusing on strategic collaborations for the development of advanced cybersecurity solutions.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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