The adoption of the Internet of Things (IoT), Bring Your Own Device (BYOD) trend, and the increase in malware and phishing threats among businesses are driving the extension of the cybersecurity industry.
In addition, the market is expanding favorably as a result of the spike in demand for cloud-based cybersecurity solutions. The market’s expansion is hampered by organizational budget restrictions and the complexity of device security. On the other hand, the rise in usage of mobile platforms and applications, the demand for secure authentication methods, and the transformation of the traditional antivirus software industry are anticipated to provide lucrative opportunities for market growth during the forecast period.
Growth of Cybersecurity
The worldwide cybersecurity market is anticipated to reach $304.91 billion by 2027, showing a CAGR of 9.4% from 2020 to 2027. It involves protecting hardware, software, and data while also aiding in preventing fraudsters from gaining access to systems or networks. Businesses need cybersecurity to safeguard their data, money, and intellectual property. People need it for comparable reasons, even if protecting intellectual property is less important and the chance of losing important data, like family photos, is higher. Cybersecurity guarantees that the public may continue to rely on public services and governmental organizations.
Factors that are responsible for the Expansion Of the cybersecurity market
The COVID-19 pandemic impacted consumers’ and providers’ general behavior. Global company growth has been adversely impacted by the temporary shutdown of industrial facilities, labor shortages, a lack of resources, data breaches, and a poor supply chain. Around the world, many small and medium-sized enterprises experienced both permanent and temporary closures. 43% of respondents in the U.S. said that small and medium-sized enterprises had temporarily closed their doors, according to a 2020 NBER study. The epidemic affected new businesses and small businesses at its length.
The need for cybersecurity solutions, however, has increased dramatically during the pandemic crisis in the fields of healthcare, industry, and government. The market’s leading competitors concentrate on releasing a variety of security solutions to protect industrial operations from serious cyberattacks.
The worldwide cybersecurity market splits into segments based upon region, industry vertical, enterprise size, component, solution, deployment model, and deployment method. Market segregation for solutions and services based on these components. The market may be divided into identity and access management, infrastructure security, governance, risk, and compliance, unified vulnerability management service providing, data security & privacy service offering, and others based on the solutions they provide. It’s branched into the cloud and on-premises deployment models. Small and large businesses are separated based on their size. Telecom, automotive, BFSI, public sector, retail, healthcare, IT, energy & utilities, manufacturing, and others are divided by industry vertical. It’s examined from the perspectives of North America, Europe, Asia-Pacific, and LAMEA.
Top contributing elements
• The threat of phishing and malware developing among businesses
Malware, including viruses and Trojan horses, has significantly increased its capacity to infiltrate, take over, and damage whole electronic information networks. Cybercriminals commonly employ malware to take control of equipment or devices to steal money. It’s performed, enabling the device to be spontaneously utilized, for illegal or fraudulent activities.
• Advancing usage of IoT and the BYOD trend
The increasing IoT and BYOD trend among enterprises has made devices and apps increasingly susceptible to advanced persistent threats (APTs). Furthermore, IT workers will find it harder to manage and track data flow in various systems as the number of mobile devices within businesses increases. The consequence is that companies are utilizing cybersecurity systems to protect sensitive data by keeping track of, categorizing, and addressing various risks, which is driving market expansion.