According to the latest report by IMARC Group, titled “Cybersecurity Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global cybersecurity market reached a value of US$ 221.0 Billion in 2021. Cybersecurity solutions are used to secure servers, networks, and other electronic systems from unauthorized access of data. They reduce the vulnerability of cyber-attacks and protect critical information systems without interfering with the customer experience. They also enable employees to work at any time from any device or location. Presently, the demand for cybersecurity solutions is escalating on account of the growing instances of data breaches worldwide.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cybersecurity Market Trends:
The coronavirus disease (COVID-19) outbreak and subsequently imposed lockdown restrictions by governing agencies of numerous countries have increased the adoption of remote working models among enterprises across the globe. This, in turn, is catalyzing the demand for cybersecurity solutions to support business continuity amidst pandemic uncertainties. Besides this, the growing use of online banking services around the world is positively influencing the adoption of cybersecurity solutions in the banking, financial services, and insurance (BFSI) sector. Additionally, there is a significant rise in the need to defend critical infrastructure from advanced persistent threats (APTs). As a result, governments worldwide are employing cybersecurity solutions to improve their security measures. Furthermore, leading players are utilizing automated technologies, such as artificial intelligence (AI), machine learning (ML), and advanced analytics, to minimize the impact of breaches. Looking forward, IMARC Group expects the market to exhibit a CAGR of 10% during 2022-2027.
- Based on the component, the market has been divided into solutions [identity and access management (IAM); infrastructure security; governance, risk and compliance; unified vulnerability management service offering; data security and privacy service offering; and others] and services (professional and managed).
- On the basis of the deployment type, the market has been bifurcated into cloud-based and on-premises segments.
- Based on the user type, the market has been classified into large, and small and medium enterprises.
- On the basis of industry vertical, the market has been segmented into IT and telecom, retail, BFSI, healthcare, defense/government, manufacturing, energy, and others.
- Region-wise, the market has been segregated into North America (the United States and Canada); Asia Pacific (South Korea, Japan, China, India, Australia, Indonesia, and others); Europe (the United Kingdom, France, Germany, Italy, Spain, Russia, and others); Latin America (Mexico, Brazil, and others); and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Accenture PLC, Broadcom Inc., Capgemini Service SAS, Cisco Systems, Inc., Cognizant Technology Solutions Corporation, HCL Technologies Ltd., Infosys Limited, International Business Machines Corporation (IBM), Lockheed Martin Corporation, Palo Alto Networks, Inc., Tata Consultancy Services Limited, Tech Mahindra Limited, Trend Micro Incorporated, and Wipro Limited.
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