DUBLIN--(BUSINESS WIRE)--The "Cybersecurity Market with COVID-19 Impact Analysis by Component (Software, Hardware, and Services), Software (IAM, Encryption, APT, Firewall), Security Type, Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
In the post-COVID-19 scenario, the global cybersecurity market size is projected to grow from USD 217.9 Billion in 2021 to USD 345.4 Billion by 2026, recording a Compound Annual Growth Rate (CAGR) of 9.7% from 2021 to 2026. The market's growth can be attributed to the increasing awareness and rising investments in cybersecurity infrastructure across global organizations operating across verticals.
By deployment, the cloud segment is estimated to hold a larger market size than the on-premises segment in 2021.
Unlike traditional on-premises deployment mode, cloud-based cybersecurity solutions provide with a cost effective approach for the enterprises across various industry verticals to enhance security. Pricing is one of the major differentiating factors in the adoption of cloud-based security solution over on-premises security solutions. Growing virtualization across industries and adoption of cloud computing is promoting the demand for cloud-based cybersecurity solutions in various countries.
Moreover, cloud-based deployment of cybersecurity solutions can help organizations to reduce costs associated with expensive hardware equipment for storage, power, cooling as well as lowers the IT personnel required to monitor the network further eliminating the IT maintenance costs. Cloud deployments are suitable for small and medium businesses that usually have a limited budget allocated for securing critical assets from cyberattacks.
The Asia Pacific market is expected to register the highest growth rate during the forecast period.
APAC comprises of few largest economies in the world such as China, India, Japan, Singapore, and Malaysia. The increasing economic importance of these countries has prevailed vast amount of data transmitted across networks that are prone to security breaches. The threat landscape is driven by necessary measures required to aid support to several industry verticals at an alarming rate. Increased number of alerts and threats combined with comparatively shortage in staffs is resulting in 50% of threats going undetected.
Cybersecurity software solutions is expected to surge the efficiency of security solutions by preventing low-level incidents, considering each user as a hostile network. Owing to the high digital connectivity, contrasted with the low cybersecurity awareness, growing cross-border data transfers, and weak regulations, Asia Pacific region is anticipated to boost the demand for cybersecurity solution over the forecast period.
Market Dynamics
Drivers
- Rising Frequency and Sophistication of Target-Based Cyber Attacks
- Increasing Demand for the Cybersecurity Mesh
- Growing Demand for Cyber-Savvy Boards
Restraints
- Budgetary Constraints Among Small and Emerging Startups in Developing Economies
Opportunities
- Adoption of IoT Security to Increase Demand in the Cybersecurity Market
- Increase in the Need for Cloud-Based Cybersecurity Solutions Among Smes
- Accretion in Byod Trends Led the Endpoint Security Segment to Grow Further in Mobile Protection
Challenges
- Design and Implementation Difficulties in Deploying Cybersecurity Solutions
Companies Mentioned
- Accenture
- Algosec
- Amazon Web Services
- Aristi Labs
- Bluvector
- Check Point
- Cisco
- Cyberark
- Datavisor
- F-Secure
- F5
- Fireeye
- Forcepoint
- Fortinet
- IBM
- Imperva
- Juniper Networks
- Mcafee
- Micro Focus
- Microsoft
- Nortonlifelock
- Oracle
- Palo Alto Networks
- Proofpoint
- Qualys
- Rapid7
- Revbits
- RSA Security
- Securden
- Sentinelone
- Sonicwall
- Sophos
- Splunk
- Trend Micro
- Wijungle
For more information about this report visit https://www.researchandmarkets.com/r/y25kxr
