The Global cybersecurity market value stood at USD 112.01 billion in 2019 and is projected to reach USD 281.74 billion by 2027, exhibiting a CAGR of 12.6% during the forecast period from 2020 to 2027, according to Fortune Business Insights.
The report stated that with the growth in number of cybersecurity threats and attacking tools, the requirement for advanced cybersecurity solutions to deal with such attacks is growing exponentially.
The traditional cybersecurity solutions are not enough accomplished of securing the organizations from advance threats of cloud, network, endpoint security, among others. In addition, huge algorithms are required for cybersecurity solution providers to develop technically advanced solutions. Further, high cost associated with cybersecurity solutions and services limits the adoption among small and medium enterprises.
Cybersecurity market growth is driven by the rising adoption of e-commerce online platforms and the emergence of disruptive technologies such as Artificial Intelligence (AI), Internet of Things (IoT), Blockchain, and others.
Additionally, the adoption of cyber security solutions is expected to grow with increasing investments from countries such as India, Italy, Spain, Canada, Oman, South Korea, Qatar, and others. Also, rising demand for enterprise security solutions from industries including banking, financial services and insurance (BFSI), manufacturing, along with aerospace & defense and healthcare sectors is anticipated to boost the market size in the forthcoming years.
The report also found that the growing adoption of Cloud-based services will help to spur the market growth. It said:
“One of the key trends that enable the overall growth of cyber security market is the rising adoption of cloud computing. Cyber security solutions are based on complex mathematical prediction models, handling large amounts of data. This data monitoring can only be fulfilled by cloud technology in a secure and reliable environment at low cost.
“Key players such as IBM Corporation, Cisco System and others, are focusing on integrating cloud computing with cyber security solutions. These cloud computing services are backed up by ‘Analytics as a Service’ (AaaS) offerings, allowing users to detect and mitigate uncertain threats quickly.”
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