Cybersecurity Market:
Executive Summary
The global cybersecurity market is expected to grow from $149.46 billion in 2019 to $152.21 billion in 2020 at a compound annual growth rate (CAGR) of 1.83%. The slow growth is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that led to decline in the bottom line. As a result, companies’ budget for cybersecurity software is expected to decline. The market is then expected to recover and reach $208.28 billion in 2023 at CAGR of 11.02%.
The cybersecurity market consists of sales of cybersecurity software and related services. Cybersecurity is a practice of protecting the network, computers, mobile devices, hardware, electronic systems and data from digital or malicious attacks. It is also known as electronic information security and information technology security. Cybersecurity can be segregated into categories including network security, application security, information security, operational security and others.
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North America was the largest region in cybersecurity market in 2019.
In August 2019, Cisco Systems Inc., an American multinational technology conglomerate completed the acquisition of Sentryo, a France-based company that is engaged in providing cybersecurity solutions and assets visibility for industrial control systems (ICS). This acquisition is expected to enhance Cisco’s security with unparalleled device visibility in operational technology (OT) environment which would provide engineers with deeper visibility into assets to secure and optimize their industrial networks. Sentryo is engaged in designing and developing threat intelligence and network monitoring platforms that offer cyber-resilience for data acquisition networks, supervisory control, and industrial control systems.
The cybersecurity market covered in this report is segmented by solution into network security; cloud application security; end-point security; secure web gateway; internet security; others. It is also segmented by enterprise size into small & medium enterprise; large enterprise, by deployment type into cloud; on premises and by end-use into BFSI; IT & telecommunications; retail; healthcare; government; manufacturing; travel and transportation; energy and utilities; others.
The increasing use of unlicensed or pirated software is a significant threat to the cybersecurity market. Pirate software refers to the unauthorized copy of the software, which is a replica of the original software. Internet-based piracy of software and solutions is an emerging issue for the industry. According to the BSA global software survey published in June 2018, despite the 2% drop in the pirated software installation rates, the unlicensed software was being installed at alarming rates during 2016 and 2017, accounting for 37% of software installed on personal computers. The organizations purchasing unlicensed software packages and a computer with pirated software installed can impede the growth of bottom line and induce unprecedented security risk. Thus, this high rate of software piracy is hindering the growth of the cybersecurity market.
Increasing government investments in cybersecurity solutions is a major trend shaping the growth of the cybersecurity industry. For instance, in October 2019, the UK government has announced a multi-million investment project of $48 million (£36 million) to protect the country’s businesses from cyberattacks. This scheme combines the government’s partnership with leading tech firms such as ARM as a part of the government’s digital security by design initiative, which was backed previously by Microsoft and Google. The government funding will help to detect future threats and mitigate their effects including terrorism, financial extortion and damaging established systems. Thus, increasing investments by the governments globally are likely to create large avenues for expansion for the players operating in the cybersecurity market over the forthcoming years.
The rising scale of cyber threats is generating higher demand for cybersecurity solutions. Cyberattacks on individuals, companies and governmental organization are increasing and resulting in huge financial losses. According to Kaspersky, the global cyber threats are developing rapidly with the mounting number of data breaches. A report from RiskBased Security revealed that about 7.9 billion records have been exposed by data breaches in the first nine months of 2019, which was double the number of records exposed in 2018 during the same period. It is projected that global spending on cybersecurity is expected to grow. Therefore, rising spending on cybersecurity solutions attributing to the increasing threat of cyberattacks is projected to propel the revenues for the cybersecurity market during the forecast period.
Major players in the cybersecurity market are AVG Technologies NV, Check Point Software Technologies, Cisco Systems, CyberArk, F5 Networks, FireEye, Forcepoint, Fortinet, F-Secure, and IBM Corporation.
Continuous…
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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