PORTLAND, Ore., April 15, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Cyber Security Market By Component (Solutions and Services), Solution/Offering (Identity & Access Management; Infrastructure Security; Governance, Risk, & Compliance; Unified Vulnerability Management Service Offering; and Data Security & Privacy Service Offering; and Others), Deployment Type (Cloud and On-premise), User Type (Large Enterprises and Small & Medium Enterprises), and Industry Vertical (Telecom, Automotive, BFSI, Public Sector, Retail, Healthcare, IT, Energy & Utilities, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global cyber security industry generated $149.67 billion in 2019, and is estimated to garner $304.91 billion by 2027, witnessing a CAGR of 9.4% from 2020 to 2027.
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Drivers, Restraints, and Opportunities
Increase in malware and phishing threats among enterprises, rise in adoption of IoT and BYOD, and demand for cloud-based cyber-security solutions drive the growth of the global cyber security market. However, budgetary constraints and complexities involved in the security of devices hinder the market growth. On the other hand, surge in adoption of mobile device applications and platforms, requirement for strong authentication methods, and transformation of the traditional antivirus software industry present new opportunities in the coming years.
Impact of Covid-19 on Cyber Security Market:
- The number of cyber-attacks has been increased during the lockdown as many organizations adopted the work from home strategy. So, the need to implement cybersecurity for addressing security issues and facilitating secured access increased considerably.
- The attacks on hospital data, healthcare apps, and wearable have been increased as the volume of patient data increased. The need to secure and authenticate data in healthcare organizations surged.
- There has been a rise in the Covid-19-related phishing and ransomware attacks. This is due to the utilization of Covid-19 as bait to lead brands astray and attack their websites and apps.
- Cybersecurity providers have been focusing on innovations and development of advanced solutions by including features such as cloud security & AI-integrated solutions to deal with new types of viruses and ransomware used by attackers.
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The solution segment to maintain its highest contribution during the forecast period
Based on component, the solution segment accounted for the largest market share, contributing to more than two-thirds of the total share of the global cyber security market in 2019, and will maintain its highest contribution in terms of revenue during the forecast period. This is due to rise in need for vulnerability assessment, penetration testing, and compliance with the leading federal, defense, and industry security standards. However, the services segment is projected to witness the largest CAGR of 11.2% from 2020 to 2027, owing to surge in cyber-attacks on the IT infrastructure of organizations.
The on-premises segment to maintain its dominant share during the forecast period
Based on deployment, the on-premises segment held the largest share in 2019, contributing to more than half of the global cyber security market, and is expected to maintain its dominant share during the forecast period. This is due to rise in need to secure critical data and track the influx of data within the organization. However, the cloud segment is estimated to manifest the highest CAGR of 11.2% from 2020 to 2027, owing to lack of capital cost and low maintenance cost.
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North America to continue to lead by 2027
Based on region, North America contributed to the highest market share in 2019, accounting for nearly one-third of the total share of the global cyber security market, and will continue to lead by 2027. This is attributed to presence of major key players, high ICT spending, and huge number of cyber-attacks on various enterprises. However, Asia-Pacific is estimated to portray the fastest CAGR of 11.0% during the forecast period, owing to adoption of wireless & mobile devices, rise in cyber-crimes, increase in awareness regarding data security, and strict security standards & government policies.
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Leading market players
- Accenture (NYSE: ACN)
- F5 Networks Inc.
- FireEye Inc.
- HCL Technologies Limited
- IBM Corporation (NYSE: IBM)
- Infosys Limited (NYSE: INFY)
- L&T Technology Services Limited
- PwC International Limited Broadcom Inc.
- Tata Consultancy Services
- Tech Mahindra Limited
- Wipro Limited
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