Cybersecurity Market to Surpass $ 150 Billion by 2025
Increasing incidence of
cyber-attacks, growing digitalization coupled with rising adoption of BYOD
concept and cloud computing to drive global cybersecurity market
According
to TechSci Research report, “Global
Cybersecurity
Market By Segment, By Deployment Mode, By Organization Size, By End Use
Industry, By Region, Competition, Forecast & Opportunities, 2025”, the global cybersecurity market is forecast
to grow during the forecast period and surpass $ 152 billion by 2025, on the back of increasing
incidences of security breaches across various sectors such as BFSI,
government, IT & Telecom, etc. Growing adoption of mobile devices at
workplace and cloud computing along with implementation of policies such as
Bring Your Own Device (BYOD) are few other factors driving growth in the
cybersecurity market, globally. Further,
rising demand for connected devices across verticals such as connected cars,
connected home appliances, web-connected smart wearable devices along with
growing market for Internet of Things (IoT), is expected to propel the global cybersecurity
market during the forecast period.
Browse 167 market data Tables and Figures spread through 130 Pages and an in-depth TOC on "Global Cybersecurity Market"
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In terms of segment, the market can be classified into
security services, network security, infrastructure protection, identity access
management, data security, application security, integrated risk management,
cloud security and others. Among the cybersecurity solutions, Security Service
segment dominated the market in 2019 and the segment is expected to continue
dominating the market throughout the forecast period on the back of rising
cyber-attacks on government and private companies’ networks.
By Organization size, large enterprises
dominated the market in 2019 and the trend is expected to continue during the
forecast period. Moreover, it is the fastest growing organization size during
the forecast period owing to the increasing spend on cybersecurity with
increasing cost of data breach among large organizations. Cyber spending in SMEs
is expected to decline due to COVID-19 in 2020 and 2021. In terms of Deployment
type, on-premise deployment dominated the market in 2019. However, cloud deployment
is expected to be the fastest growing deployment type owing to its benefits
such as reduced cost of ownership and IT staffing coupled with higher scalability
and flexibility. Moreover, adoption of cloud deployment has increased
significantly in 2020 due to COVID-19 to ensure work/learn from home scenario,
which has positively influenced the market in 2020.
Broadcom Inc., Palo Alto Networks, Inc.,
Mcafee, LLC, Cisco Systems, Inc., Dell Technologies Inc., Fortinet Inc., BAE
Systems Inc., Check Point Software Technologies Ltd., Trend Micro Incorporated
and International Business Machine Corporation are
the major players operating in the global cybersecurity market. Companies
operating in the market are using various strategies such as product launches,
mergers and collaborations to boost their market share. In February 2020, Dell
Technologies entered into an agreement to divest RSA Security to a consortium
led by Symphony Technology Group for approximately $ 2 billion.
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“BFSI industry is rapidly deploying
cybersecurity solutions to mitigate the financial losses caused due to
cyber-attacks. Growing threat of cyber terrorism and cyber warfare is also
pushing stock exchanges to focus on strengthening network security. Further,
cyber threats over the critical infrastructure including electrical grids, oil
& gas industry, telecom, manufacturing, etc., has been propelling
investments in advanced cybersecurity solutions along with growth in demand for
Industrial Control Systems (ICS) security across the globe.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global Cybersecurity Market By Segment, By
Deployment Mode, By Organization Size, By End Use Industry, By Region,
Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global cybersecurity
market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global cybersecurity market.
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