Cyber Security Market size is forecast to reach $177.5 billion by 2026, estimated to grow at a CAGR of 8.5% during 2021-2026. The increasing use of technology such as artificial intelligence, IoT, machine learning and so on are significantly driving the cybersecurity market. Furthermore, the increasing demand for cloud-based cybersecurity systems in order to reduce data loss are also enhancing the growth of the market. The rising demand for network and endpoint security, information technology security mobile security, behavioral detection is fueling the growth of the market during the forecast period. The telecom organizations are adopting advanced cyber security solutions such as real-time security monitoring, instant cyber posture visibility, and rapid threat resolution to prevent the cyber-attack on telecom networks.
Competitive Landscape:
The top 5 players in the Cyber Security industry are –
1. Check Point Software Technologies
2. NTT Security
3. Cisco Systems
4. CyberArk
5. FireEye
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Segmental Analysis:
1. Cloud segment held the largest market share of 53.1% in the Cybersecurity market in 2020. The growing of massive store applications in order to store and secure data with advanced security methods are driving the need for cloud-based security solutions.
2. The telecom sector is estimated to grow at a CAGR of 10.2% during the forecast period 2021-2026. The GSM Association (GSMA) predicted that quantum computing will be a destabilizer for the telecom sector, making Public Key Infrastructure (PKI) obsolete in the near future.
3. In 2020, North America dominated the Cyber Security market with a share of more than 40.2%, followed by Europe and APAC. The growing use of technology and data has led to the rise of most vulnerable cyber threats and crimes which is leading to the growth of this market in this region.
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Report Coverage |
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Report Attributes |
Details |
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By Component |
Cyber Security Software, Cyber Security Hardware, Cyber Security Services. |
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By Deployment |
On-Premise and Cloud |
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By Organization Size |
SME, Large Enterprise. |
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By Geography |
North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of Europe), APAC (China, Japan India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and RoW (Middle East and Africa).
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Market Drivers and Challenges:
1. Rising importance Artificial Intelligence (AI): The rising advancement in artificial intelligence is leading to the introduction of machine learning technologies into products which includes cybersecurity.
2. Increasing need for Cybersecurity in Aerospace: Aerospace industry is widely developing with the integration of new technology such as advanced navigation and guidance systems.
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