Cybersecurity Market Growth 2022-2027: Industry Overview, Top Companies Analysis, Business Opportunity and Forecast

PRESS RELEASE

Published February 7, 2023

According to the latest report by IMARC Group, titled “Cybersecurity Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global cybersecurity market size reached a value of US$ 221.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 412.3 Billion by 2027, exhibiting a CAGR of 10% during 2022-2027. Cybersecurity refers to the practice of protecting applications, systems, and networks, from digital attacks. It is designed to prevent inside or outside threats against numerous networked systems and applications. It utilizes various approaches, policies, and technologies to safeguard data, programs, computers, and networks against unauthorized access, damage, and assault. It has become vital among organizations due to rapidly increasing cybercrimes, frauds, threats, risks, and vulnerabilities. It is gaining widespread prominence across the globe since it provides several benefits, including improved overall cyber speed and computer protection against viruses, spyware, worms, and malware.

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The rising number of cyber threats is driving the global cybersecurity market. Moreover, the increasing incidences of malware and phishing threats among enterprises and the growing adoption of the internet of things (IoT) and buy-your-own device (BYOD) are boosting the demand on the global level. Additionally, the escalating utilization of cloud-based cybersecurity solutions across the corporate sector is positively impacting the market growth. Furthermore, the increasing demand to reduce risks and the rising need to adhere to strict regulatory requirements are propelling the market. Besides this, the escalating adoption of online banking services is impelling the deployment of cybersecurity solutions in the banking, financial services, and insurance (BFSI) sector, which, in turn, impacting the market growth favorably.

Global Cybersecurity Market Growth:

Moreover, the widespread integration of comprehensive cybersecurity strategies with automated technologies, such as advanced analytics, artificial intelligence (AI), and machine learning (ML) to minimize breaches impact are acting as other growth-inducing factors. With the rising number of e-commerce platforms and their incorporation with blockchain technology are augmenting the demand for cybersecurity. Furthermore, several non-regulatory governing agencies are creating cybersecurity frameworks to address threats and support businesses is creating a positive market outlook. Other factors, including the penetration of smartphones and high-speed internet connectivity and extensive research and development (R&D) activities, are further fuelling the market growth.

Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being:

Accenture PLC, Broadcom Inc., Capgemini Service SAS, Cisco Systems, Inc., Cognizant Technology Solutions Corporation, HCL Technologies Ltd., Infosys Limited, International Business Machines Corporation (IBM), Lockheed Martin Corporation, Palo Alto Networks, Inc., Tata Consultancy Services Limited, Tech Mahindra Limited, Trend Micro Incorporated, and Wipro Limited.

Breakup by Component:

Solutions
Services

Breakup by Deployment Type:

Cloud-based
On-premises

Breakup by User Type:

Large Enterprises
Small and Medium Enterprises

Breakup by Industry Vertical:

IT and Telecom
Retail
BFSI
Healthcare
Defense/Government
Manufacturing
Energy
Others

Breakup by Region:

North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

Market Performance (2016-2021)
Market Outlook (2022-2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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