July 28, 2020

The Global Cybersecurity market emerging trends owes to propelling IoT and BYOD and increasing data flow

Cybersecurity market

The global Cybersecurity market analysis has the potential to grow with USD 380.52 billion with historical CAGR in the forecast period from 2020-2027. The emerging adoption of smartphones, increasing penetration of the internet, and continuous flow of data involves a high risk of cyber-attacks and managing issues by IT management. Thus, these factors are driving the market share of the global cybersecurity market.

Organizations such as BFSI, military, retail, or information technology, and others are emerging due to the outbreak of disruptive technology that provides automation, new capabilities, and improve their working process. These technologies are also becoming a vital threat to the organization owing to the increasing cybercrime rate, data theft, malware, and other vulnerabilities that are propelling the demand need for cybersecurity solutions.

Moreover, with the popularization of new technology applications such as big data and cloud computing, the number of network attacks is becoming more frequent, the scale is increasing, and the consequences are becoming more and more dangerous. The small-scale network security industry has received unprecedented attention. Thus, the market demand for cybersecurity is fueling at a global level, and cybersecurity services will increase its market share in the forecast period.

Product Type overview in the Global CybersecurityMarket

Based on the product type, the global cybersecurity market categorized into Solutions, Services. The services segment accounted for the largest share in the global cybersecurity market. The small-scale enterprise and large-scale enterprises are adopting services to eliminate the threats from in-house and external sources. Moreover, solutions will dominate the forecast market of cybersecurity at the global level. It is mainly owing to the minimization of the manual control and adoption of effective security solutions for maintaining critical infrastructure management.

Deployment overview in the Global CybersecurityMarket

Based on the deployment, the global cybersecurity market bifurcated into On-cloud, On-premise. The on-cloud segment is estimated to account for the largest share of the cybersecurity market in the forecast period. It is mainly due to the flexibility, accessibility provided by the cloud services that do not require any adoption of hardware and any installation and maintenance of new software. Therefore, the on-cloud premise is bolstering the market need for the adoption of cybersecurity to avoid any threat from external sources.

End-Use overview in the Global CybersecurityMarket

Based on the end-user, the global cybersecurity market classified into Aerospace, Defense & Intelligence, Banking, Financial Services & Insurance (BFSI), Healthcare, Manufacturing, Retail, Public Utility, IT and Telecommunication. The Banking, Financial Services & Insurance (BFSI), segment has dominated the largest share in the global cybersecurity market. It is owing to the penetration of the internet and smartphones that bolster the demand for digital banking. To reduce the cyber-attack, and to ensure customer data safety, cybersecurity services and solutions are required to adopt in the BFSI industry.

Region overview in the Global CybersecurityMarket

Based on geography, the global cybersecurity market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Europe region is dominating the market share of the global cybersecurity market. It is mainly due to the rising adoption of cloud services, penetration of internet of things that increase the risk of cybercrimes and various malware, and other attacks are rising the adoption of cybersecurity in the European region.

Global CybersecurityMarket:Competitive Landscape

Companies such as AWS, Check Point Software Technologies, Cisco Systems, Cyberark, F5 Networks, Fireeye, Forcepoint, Fortinet, F-Secure, IBM Corporation, Imperva, Juniper Networks, McAfee, Micro Focus, Microsoft, Oracle, Palo Alto Networks, Proofpoint, Qualys, Rapid7, RSA Security, Sophos, Splunk, Symantec, Trend Micro, and others are key players in the global cybersecurity market.

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