The major factors fueling the Cybersecurity market include rising frequency and sophistication of target-based cyber attacks, increasing demand for the cybersecurity mesh, and growing demand for cyber-savvy boards.
Northbrook, IL , April 05, 2022 Market with Covid-19 Impact Analysis by Component (Software, Hardware, and Services), Software (IAM, Encryption, APT, Firewall), Security Type, Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets, the global cybersecurity market size is projected to grow from USD 217.9 Billion in 2021 to USD 345.4 Billion by 2026, recording a Compound Annual Growth Rate (CAGR) of 9.7% from 2021 to 2026. The market's growth can be attributed to the increasing awareness and rising investments in cybersecurity infrastructure across global organizations operating across verticals.
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Based on software, the APT, IAM, and Encryption segment are estimated to lead the market in 2021.
APT protection solutions are responsible for covering threats that emerge from endpoints, emails, cloud platforms and services, and networks. Some of the most prominent vendors offering APT protection solutions are Forcepoint, Symantec, Fortinet, and Zscaler. IAM is an essential security solution for resource-driven environments, such as ICS/SCADA, smart homes, personal health monitoring, or the automotive verticals. To better guard control systems, automation, transmission, and distribution, companies are required to be able to control access to their network resources. Examples of network resources include ICS, equipment, buildings, and IT, all of which have unique challenges that may be technical or political. Encryption software provides a comprehensive way to mitigate the risk of accidental and intentional data breaches. A strong network architecture is also needed to secure, monitor, and control industrial processes in industries, such as oil and gas, and water plants.
Based on Vertical, Aerospace and Defense is estimated to lead the market in 2021.
The Aerospace and defense is growing at an unprecedented rate in North America, Europe, and APAC. This vertical is targeted to extract highly confidential and sensitive data of critical sectors, including government, prime contractors, and suppliers. The existence of big data and increased digitalization in almost all the aspects of armed forces lead to high chances of attacks by cybercriminals.
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North America is expected to hold the largest market share during the forecast period.
Most of the security vendors are based in North America, which makes the region to be among the early adopter of new and advanced security technologies. As a result, North America is expected to dominate the cybersecurity market during the forecast period. Moreover, increase in the sophisticated cyber-attacks is anticipated to drive the implementation of cybersecurity in several verticals such as banking, finance, government, and healthcare sectors. With the widespread use of digital payments, cloud based applications, IoT, security ecosystem has become more complex. Besides, various SMBs are welcoming disruptive work culture through services such as BYOD and work-from-home, exposing the enterprise data prone to number of cyber-attacks.
Major vendors, namely, include IBM (US), Cisco (US), Check Point (Israel), FireEye (US), Trend Micro (Japan), NortonLifeLock (US), Rapid7 (US), Micro Focus (UK), Microsoft (US), Amazon Web Services (US), Oracle (US), Fortinet (US), Palo Alto Networks (US), Accenture (Ireland), McAfee (US), RSA Security (US), Forcepoint (US), Sophos PLC (UK), Imperva (US), Proofpoint (US), Juniper Network (US), Splunk (US), SonicWall (US), CyberArk (US), F-secure (Finland), Qualys (US), F5 (US), AlgoSec (US), SentinelOne (US), DataVisor (US), RevBits (US), Wi-Jungle (India), BluVector (US), Aristi Labs (India) and Securden (US).
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