Northbrook, Illinois, April 05, 2022 (GLOBE NEWSWIRE) — According to a new market research report “cyber security Market with Covid-19 Impact Analysis by Component (Software, Hardware, and Services), Software (IAM, Encryption, APT, Firewall), Security Type, Deployment Mode, Organization Size, Vertical, and Region – Global Forecast to 2026″ published by MarketsandMarkets™, the global cybersecurity market size is expected to grow from USD 217.9 billion in 2021 to USD 345.4 billion by 2026, registering a compound annual growth rate (CAGR) of 9.7% from 2021 to 2026. Market growth can be attributed to awareness and increased investment in cybersecurity infrastructure across global organizations operating across verticals.
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Based on software, APT, IAM and Encryption segments are expected to dominate the market in 2021.
APT protection solutions are responsible for covering threats that emerge from endpoints, email, cloud platforms and services, and networks. Some of the most prominent vendors offering APT protection solutions are Forcepoint, Symantec, Fortinet, and Zscaler. IAM is an essential security solution for resource-driven environments, such as ICS/SCADA, smart homes, personal health monitoring, or automotive verticals. To better protect control, automation, transmission and distribution systems, enterprises are required to be able to control access to their network resources. Examples of network resources include ICS, equipment, buildings, and IT, all of which have unique challenges that can be technical or political. Encryption software provides a comprehensive way to mitigate the risk of accidental and intentional data breaches. A solid network architecture is also necessary to secure, monitor and control industrial processes in sectors such as oil, gas and water treatment plants.
Based on Vertical, Aerospace and Defense is expected to dominate the market in 2021.
Aerospace and defense is growing at an unprecedented rate in North America, Europe and APAC. This vertical is intended to extract highly confidential and sensitive data from critical sectors including government, contractors and suppliers. The existence of big data and increased digitization in almost every aspect of the armed forces leads to high risks of attacks by cybercriminals.
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North America is expected to hold the largest market share during the forecast period.
Most security vendors are based in North America, making the region one of the early adopters of new and advanced security technologies. As a result, North America is expected to dominate the cybersecurity market over the forecast period. Additionally, the increase in sophisticated cyberattacks is expected to boost the implementation of cybersecurity in several verticals such as banking, finance, government, and healthcare. With the widespread use of digital payments, cloud-based applications, IoT, the security ecosystem has become more complex. Additionally, various SMBs welcome a disruptive work culture through services such as BYOD and work from home, exposing company data prone to a number of cyberattacks.
Major vendors, namely, include IBM (US), Cisco (US), Check Point (Israel), FireEye (US), Trend Micro (Japan), NortonLifeLock (US), Rapid7 ( US), Micro Focus (UK), Microsoft (US), Amazon Web Services (US), Oracle (US), Fortinet (US), Palo Alto Networks (US ), Accenture (Ireland), McAfee (US), RSA Security (US), Forcepoint (US), Sophos PLC (UK), Imperva (US), Proofpoint (US) , Juniper Network (US), Splunk (US), SonicWall (US), CyberArk (US), F-secure (Finland), Qualys (US), F5 (US) , AlgoSec (US), SentinelOne (US), DataVisor (US), RevBits (US), Wi-Jungle (India), BluVector (US), Aristi Labs (India) and Securden (United States).
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