|Study Period:||2019- 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The cybersecurity market was valued at USD 156.24 billion in 2020, and it is expected to reach USD 352.25 billion by 2026, registering a CAGR of 14.5% during 2021-2026. The trends for IoT, BYOD, AI, and machine learning in cybersecurity are increasing. For instance, machine learning provides advantages in outlier detection, much to the benefit of cybersecurity.
- Rapidly increasing cybersecurity incidents and regulations requiring their reporting are driving the cybersecurity market. According to the Center for Strategic and International Studies (CSIS) and McAfee, cybercrimes, which include damage and destruction of data, stolen money, lost property, intellectual property theft, and other areas, currently cost the world almost USD 600 billion each year, or 0.8% of the global GDP.
- The adoption of M2M/IoT connections demands strengthened cybersecurity in enterprises. This is driving the market, as the emerging business models and applications are coupled with the reducing device costs, which have been instrumental in driving the adoption of IoT, and consequently, the number of connected devices, such as connected cars, machines, meters, wearables, and consumer electronics. On the other hand, several other smart city projects and initiatives are ongoing. By 2025, it is expected that there may be around 30 global smart cities, and 50% of these may be located in North America and Europe, which may demand high cybersecurity for prevention.
- High reliance on traditional authentication methods and low preparedness are challenging the market to grow. In a market scenario where security professionals are recommending identity-management solutions, such as facial recognition and biometric identification, most of the companies in the region (over 80%) still use usernames and passwords as the exclusive means of logging in.
- Due to the ongoing COVID-19 outbreak, countries across the world have implemented precautionary measures. While schools are being closed and communities are asked to stay at home, and many organizations are finding a way to enable their employees to work from their homes. This has resulted in a rise in the adoption of video communication platforms. The new domain registration on these video communication platforms, including Zoom, has rapidly increased in the past four months. According to Checkpoint Security, since January 2020, more than 1700 new domains have been registered, 25% of which have been registered in the first week of March 2020.
- The US Department of Homeland Security (DHS) Cybersecurity and the Infrastructure Security Agency (CISA) and the United Kingdom’s National Cyber Security Centre (NCSC) mentioned that they are experiencing a huge rise in phishing and malware distribution using COVID-19- themed lures, registration of new domain names containing wording related to coronavirus or COVID-19, and attacks against newly and rapidly deployed remote access and teleworking infrastructure.
Scope of the Report
Cybersecurity solutions help organizations monitor, detect, report, and counter cyber threats to maintain data confidentiality. The adoption of cybersecurity solutions is expected to grow with the increasing internet penetration among developing and developed countries. The need for security solutions has been marked highly by the private financial and banking services sectors and the healthcare and aerospace defense sectors.
|By Product Type|
|Identity and Access Management|
|Threat Detection and Prevention (Unified Threat Management and Threat Mitigation)|
|Security and Vulnerability Management|
|Next Generation Firewall|
|Security Information and Event Management|
|By End-user Industry|
|Aerospace, Defense, and Intelligence|
|Banking, Financial Services, and Insurance|
|IT and Telecommunication|
|Other End-user Industries|
Key Market Trends
Aerospace and Defense Segment is Expected to Witness Significant Growth
- Airplane navigation and guidance systems can be highly susceptible to cyber-attacks, which can have widespread ramifications. Hence, the computers and networks for all the ground and air-borne operations need strong security infrastructure. The increasing adoption of machine-to-machine technologies (M2M) in the aerospace domain and the focus of the governments on cybersecurity to counter cyber terrorism have driven the growth of the cybersecurity market in this sector immensely for the past few years.
- With increasing data breaches in military defense, the United States emphasizes its military and defense sector and is investing mainly in the R&D of new weaponry systems. In October 2018, the US Government Accountability Office (GAO) released a report stating that most weapon systems under development are found to have mission-critical cyber vulnerabilities. Later that month, the US government signed the law to establish the Cybersecurity and Infrastructure Security Agency (CISA) to enhance national defense against cyber-attacks.
- The US Aerospace Industries Association focused on promoting policies that strengthen the aerospace and defense industry. Defense companies, such as BAE Systems PLC, General Dynamics Corporation, and Finmeccanica SpA, are engaged in developing cybersecurity solutions in the defense industry, especially in developing network security solutions and software, preventing cyber-attacks on military software systems, indicating the demand for these solutions in the aerospace and defense sector.
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Asia Pacific is Expected to be the Fastest Growing Market
- Asia-Pacific is expected to have the highest market growth for cybersecurity solutions over the forecast period. The strong presence of several market incumbents, coupled with recent security threats in the region, is expected to accelerate these solutions further.
- India has experienced a rapid increase in cybercrime registration, with the country ranking fifth in terms of the overall DNS hijacks. Also, according to Gemalto, India accounts for 37% of the global breaches in terms of records compromised or stolen.
- Furthermore, the increasing number of malware and ransomware attacks in the country is a significant factor driving the adoption of cybersecurity solutions. According to the 2019 Internet Security Threat Report by Symantec, the use of malicious PowerScripts increased by 1,000%, and ransomware infections of enterprises increased by 12% in 2018.
- Moreover, South Korea is becoming one of the prime targets for cyber-attacks due to the country’s increasing number of connected devices, advanced use of mobile devices, and significant intellectual property. In January 2019, according to the National Police Agency report, cybercrimes increased by nearly 14% in Korea in 2018, reaching about 150,000 cases. This drives the use of cybersecurity in this country.
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The cybersecurity market is fragmented and highly competitive, as it comprises several global and regional players. Innovation can bring about a sustainable, competitive advantage to the firms. New fields, such as Big Data or the IoT, are reshaping their security trends, and the firm concentration ratio is expected to record higher growth during the forecast period. Key players are AVG Technologies, Cisco Systems Inc., and IBM Corporation, among others.
- September 2021 – IBM announced the successful development of the Urban Guard - Stolen Vehicle Help service with the help of Mercedes; this service was launched in the Mercedes me app to help recover and find stolen cars. The solution focuses on offering security services to digitally connected cars to address the risk and enhance the capability of law enforcement to recover stolen and lost vehicles.
- July 2021 - Check Point Software Technologies announced the extension of unified cloud-native platform support to Alibaba cloud, the integration of Check Point CloudGuard with Alibaba Cloud allows the customer of Alibaba to benefit from enhanced posture management and cloud network security.
- July 2021 - Check Point Software Technologies announced its sponsorship to The Smart Factory at Wichita, which is Deloitte’s new industry 4.0 immersive experience center, identifying the need for cyber security as a core component to any smart factory; the sponsorship will allow Check Point’s customer to experience the advanced technologies and manufacturing methods in digital transformation with security.
- June 2021 - Check Point Software Technologies launched its automated, unified cloud workload protection, which increases the capabilities of its unified cloud-native security platform; this empowers the security teams with tools for microservices, Application Programming Interfaces (APIs), and automation in security across applications through a single interface.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGTHS
4.1 Market Overview
4.2 Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitute Products
4.4 Industry Guidelines and Policies
4.5 Assessment of Impact of COVID-19 on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rapidly Increasing Cybersecurity Incidents and Regulations Requiring its Reporting
5.1.2 Increasing M2M/IoT Connections Demanding Strengthened Cybersecurity in Enterprises
5.2 Market Restraints
5.2.1 Lack of Cybersecurity Professionals
5.2.2 High Reliance on Traditional Authentication Methods and Low Preparedness
5.3 Market Opportunities
5.3.1 Rise in Trend for IoT, BYOD, Artificial Intelligence, and Machine Learning in Cybersecurity
6. MARKET SEGMENTATION
6.1 By Product Type
6.1.1 Identity and Access Management
6.1.2 Threat Detection and Prevention (Unified Threat Management and Threat Mitigation)
6.1.3 Security and Vulnerability Management
6.1.4 DDoS Mitigation
6.1.5 Next Generation Firewall
6.1.7 Security Information and Event Management
6.1.8 Email Security
6.1.9 Endpoint Security
6.1.10 IoT Security
6.1.11 Other Solutions
6.2 By Deployment
6.3 By End-user Industry
6.3.1 Aerospace, Defense, and Intelligence
6.3.2 Banking, Financial Services, and Insurance
6.3.6 Public Utility
6.3.7 IT and Telecommunication
6.3.8 Other End-user Industries
6.4 By Geography
6.4.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
6.4.3 Asia Pacific
22.214.171.124 South Korea
126.96.36.199 Rest of Asia Pacific
6.4.4 Latin America
188.8.131.52 Rest of Latin America
6.4.5 Middle East and Africa
184.108.40.206 United Arab Emirates
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East and Africa
7. VENDOR MARKET SHARE ANALYSIS
8. COMPETITIVE LANDSCAPE
*List Not Exhaustive
8.1 Company Profiles
8.1.1 AVG Technologies
8.1.2 Check Point Software Technologies Ltd
8.1.3 Cisco Systems Inc.
8.1.4 Cyber Ark Software Ltd
8.1.5 Dell Technologies Inc.
8.1.6 FireEye Inc.
8.1.8 IBM Corporation
8.1.10 Intel Security
8.1.11 Palo Alto Networks Inc.
8.1.12 Proofpoint Inc.
8.1.13 Rapid7 Inc.
8.1.14 Symantec Corporation
8.1.15 Trend Micro Inc.
9. INVESTMENT ANALYSIS
10. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Cybersecurity Market market is studied from 2019 - 2026.
What is the growth rate of Cybersecurity Market?
The Cybersecurity Market is growing at a CAGR of 14.5% over the next 5 years.
Which region has highest growth rate in Cybersecurity Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Cybersecurity Market?
North America holds highest share in 2020.
Who are the key players in Cybersecurity Market?
IBM Corporation, Cisco Systems Inc., AVG Technologies NV, Dell Technologies Inc., Check Point Software Technologies Ltd are the major companies operating in Cybersecurity Market.