The global cybersecurity market will reach USD $311.73 billion by 2028 in the next five years; that’s a CAGR of 7.6%. This is according to a new study, entitled “Cyberbiosecurity Market, By Attack Type (Malware, Phishing Mails, Ransomware, Distributed Denial of Service (DDoS) Attacks, Password Attacks, Sabotage, Corporate Espionage, Crime/Extortion, Other Malicious Activities), By End-Use, and By Region Forecast to 2030”, which was published by Emergen Research.
What is driving growth in cybersecurity?
There’s been a significant increase in the adoption of cloud-based services across several industries. This, in turn, has driven the need for improved cybersecurity solutions.
Taking a closer look, enterprises are turning to cloud-based services as a less expensive alternative to an on-prem IT infrastructure setup. Unfortunately, the deployment of cloud solutions introduces vulnerabilities in software which, in turn, makes information easily accessible to cyber criminals. To combat this weakness, enterprises are turning to solution providers to introduce improved cybersecurity software to protect their data from cyberattacks.
Large enterprises accounted for the largest revenue share in the cybersecurity market in 2020 due to increased cyberattack incidence on their databases. These large organizations have since introduced improved cybersecurity capabilities to protect their data and safeguard customer information. This market has adopted machine-to-machine (M2M) learning and Internet of Things (IoT)-based solutions as means for addressing new measures being taken by the modern cybercriminal. These two solutions serve as key factors driving growth of the modern cybersecurity market.
Which industries will drive the growth in the cybersecurity market?
In 2019, the retail industry witnessed more breaches than any other industry, as criminals deployed more advanced methods to target many asset and data retailers. As digital commerce has since become more popular, retailers are investing majorly in state-of-the-art security software to protect their e-commerce engines.
The professional services segment accounted for the largest cybersecurity revenue share in 2020. Increased demand is expected to continue here due to the increased use of cybersecurity software in enterprise risk assessment, penetration testing, employee training, physical security testing, and cyber security defense.
What regions will see the greatest engagement in modern cybersecurity solutions?
The Asia Pacific market is expected to increase its engagement of cybersecurity solutions at a rapid rate during the forecast period due to increased investment by government and enterprises to protect respective data and information.
Japan, followed by India, experienced the highest number of cyber-attacks in 2020, which propelled growth of the market there. Finance & insurance was the most attacked sector in India in 2019, followed by manufacturing and professional services.
Who are the key players in this market?
Leading Companies of the cybersecurity industry include:
· Dell Technologies
· IBM Corporation
· Cisco Systems
· Juniper Networks
· F5 Networks
Read the study in full: Cyberbiosecurity Market, By Attack Type (Malware, Phishing Mails, Ransomware, Distributed Denial of Service (DDoS) Attacks, Password Attacks, Sabotage, Corporate Espionage, Crime/Extortion, Other Malicious Activities), By End-Use, and By Region Forecast to 2030