The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Cyber Security Market Growth & Trends
The global cyber security market size is expected to reach USD 326.4 billion by 2027, registering a compound annual growth rate (CAGR) of 10.0% from 2020 to 2027, according to the new study conducted by Grand View Research, Inc. The rising number of cyber-attacks across networks, applications, and endpoints severely impact organizations in terms of both losses of sensitive data and costs associated with it. Moreover, the increased usage of Internet of Things (IoT), cloud computing environment for improved data sharing and storage, and the rising trend towards the digital business transformation expose cases of cyber espionage, phishing, and other security incident breaches. The magnitude of such sophisticated cyber threats is compelling every industry and businesses to secure their networks, protect their data, and enhance their systems to detect threats in advance.
The cyber threat landscape is continuously evolving with the advancement in technologies such as blockchain technologies, online payment transaction models, digital file-sharing platforms, and digital collaboration and marketing tools. Such technologies increase the potential risk factors for cybersecurity threats. This is due to the influx of the high volume of user traffic that shares sensitive data such as transaction information, demographics, and psychographic information across the web. According to Verizon’s Data Breach Investigations Report published in 2020, 86% of the overall breaches were financially motivated, and 22% of the overall breaches involved phishing. On the other hand, 37% of the overall breaches involved were of stolen or used credentials. With rising cases of data breaches, cybersecurity vendors are increasingly investing in analytics, data science models, and predictive machine learning technologies to detect, block and quarantine device vulnerabilities at real-time.
The increasing malware attacks, cybercrimes, and online threats across public and private organizations have increased emphasis on data protection, privacy, and compliance. Governments and regulators are setting new rules and standards for the enterprises to adhere to industry risk and compliance regulations such as the GDPR, the California Consumer Privacy Act, the HIPPA, and the Electronic Communications Privacy Act on account of data privacy and protection. Companies failing to adhere to such obligations can potentially face hefty fines and penalties, as well as the risks of tarnishing their reputation. Additionally, regulators and government authorities are also actively collaborating with cyber security vendors to implement safety standards and data protection guidelines. For instance, in January 2020, the Dubai Financial Services Authority in collaboration with Palo Alto Networks, Kaspersky, Cofense, and Dubai Electronic Security Center, and Computer Incident Response Centre Luxembourg set up a special
platform to help financial services combat the rising risks of cyber threats.
Cyber Security Market Report Highlights
- The services segment accounted for the largest market share in 2019, owing to the growth in managed security services that help delivering security protection as security-as-a-service model
- The infrastructure protection segment growth can be attributed to the increasing cyber breaches in physical infrastructures and the need to protect IT networks
- Large enterprise segment is expected to account for the largest revenue of USD 219.29 billion by 2027 owing to the presence of increased cloud computing network infrastructures, IoT endpoints, and the need to comply industry standards.
- The Healthcare industry vertical is expected to emerge as the fastest-growing segment over the forecast period.
- The North American regional market accounted for the largest revenue share in 2019 and is anticipated to dominate the market over the forecast period.