Pune, India, Jan. 05, 2022 (GLOBE NEWSWIRE) -- The global cyber security market size is anticipated to reach USD 366.10 billion by 2028 and exhibit a CAGR of 12.0% during the forecast period. The surging number of e-commerce platforms and the growing integration of machine learning, internet-of-things (IoT), and cloud are expected to boost the market's growth. Fortune Business Insights™ has presented this information in its report titled, “Cyber Security Market, 2021-2028”. The market size stood at USD 153.16 billion in 2020 and is expected to reach USD 165.78 billion in 2021.
As per the report by the European Cybersecurity Organization, the U.K. government invested nearly USD 2.30 billion in internet and network security projects for defense and research in 2020. Hence, the increasing government investments in internet security solutions to guard their confidential data and information are anticipated to stimulate market growth.
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Key Players in the Global Cybersecurity Market are:
- Cisco Systems, Inc. (California, U.S.)
- IBM Corporation (New York, U.S.)
- Fortinet, Inc. (California, U.S.)
- Proofpoint, Inc. (California, U.S.)
- Microsoft Corporation (Washington, U.S.)
- Palo Alto Networks, Inc. (California, U.S.)
- Broadcom, Inc. (California, U.S.)
- F5 Networks, Inc. (Washington, U.S.)
- Sophos Ltd. (United Kingdom)
- Oracle Corporation (California, U.S.)
- Cybersecurity Services (Ohio, U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 12.0% |
| 2028 Value Projection | USD 366.10 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 153.16 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Size, Share, Component,Deployment Type, Enterprise Size, Geography |
| Growth Drivers | Rapid Adoption of Security Solutions Across Healthcare and Government Sector to Boost Demand |
| Rising Number of E-commerce Platforms to Drive Cyber security Market Growth | |
| Increasing Demand for Services by Enterprises to Boost Growth | |
| Pitfalls & Challenges | Lack of Experts and Budget Constraints for SMEs to Hinder Market Growth |
COVID-19 Impact-
The global pandemic has severely impacted the global economic structure and stagnated the growth of several industries and markets. The disruptions in the supply chain networks, lack of resources, job crunches, and the short-term shutdown of production plants have negatively impacted the market’s growth. Startups and small-scale businesses have suffered the most significant impact of the humanitarian crisis. However, the demand for internet security solutions has risen astronomically in the manufacturing, government, and healthcare sectors, which have bolstered the market’s growth. The market is expected to witness robust growth in the coming years.
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Segmentation-
Based on components, the market is bifurcated into services and solutions. Based on deployment type, the market is segmented into cloud and on-premises. Based on enterprise size, the market is categorized into large enterprises and small & medium enterprises. Based on industry, the market is divided into banking, financial services and insurance (BFSI), retail, manufacturing, IT and telecommunications, healthcare, energy and utilities, travel and transportation, government, and others. Geographically, the market is classified into Europe, South America, Asia Pacific, North America, and the Middle East & Africa.
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Report Coverage-
- The report envisions a detailed review of the mentioned market.
- The report integrates Porters’ Five Forces Analysis for a certain market calculation.
- It further accentuates diverse market segments; constituents, organization size, industry, deployment category, as well as others.
- The report focuses on growth tactics for companies to paddle through COVID-19.
- The report emphasizes on the market's competitive scenario and explicates newest industry developments, novel product presentations, fundamental market trends, and so on.
Drivers & Restraints-
Increasing Government Investments to Foster Growth for Market
Incorporating machine learning, cloud, and internet-of-things (IoT) in internet security solutions are gaining immense popularity. Businesses are adopting IoT solutions to identify uncertain threats and activities. Moreover, cloud and big data help business to learn and explore potential risks. The increasing integration of these core technologies in advanced internet security solutions is anticipated to bolster the global market growth.
Governments of major economies such as India, France, Qatar, Canada, Germany, and others invest in advanced security solutions to secure their heaps of confidential data. The increasing investments by governments of major economies in cybersecurity solutions are anticipated to boost market growth.
Additionally, the introduction of new network security solutions by emerging and existing market players is likely to boost the market's growth. For instance, Palo Alto Networks Inc., launched Zero Trust Network Security in May 2021 to protect organizations from cyber risks.
However, a lack of trained professionals may hinder the market growth.
Regional Insights-
Growing Number of E-Commerce Platforms to Boost Growth in North America
North America is expected to emerge dominant in the global cyber security market share. The growing security solutions adoption due to increased cyberattacks and breaches is likely to stimulate the growth of the market. Additionally, the growing number of e-commerce platforms across Canada, and the U.S. are expected to complement market growth.
Asia Pacific is expected to observe rapid growth due to the growing number of service providers. Additionally, the increasing government ad foreign investments in various security projects are likely to garner growth for the market.
Europe is projected to gain monumental growth in the coming years due to surging internet security projects and the increasing investments by major businesses across Spain, U.K., Italy, and others.
The Middle East and Africa are anticipated to witness considerable growth due to increasing government and private investments.
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Competitive Landscape-
Key Players Adopt Ingenious Strategies to Capture Growth
The key players emphasize developing advanced security solutions with the incorporation of emerging technologies. The vital players functioning in the market focus on organic development strategies such as extensive research and development activities for making technological advancements and introducing new security solutions to the market. Additional tactics include collaborations, partnerships, procurements, and so on, to enhance market presence. For instance, Check Point Software Technologies announced the acquisition of Cymplify in 2019 to integrate the former company’s IoT solutions.
Industry Developments-
- February 2020: GE Healthcare introduced an AI-based network security service to connect AI, medical devices, and process management tools and help hospitals to evade It threats.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
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