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Our estimates suggest that the global cybersecurity market is likely to be worth USD 167.1 billion in 2020, and this value is projected to reach USD 418.2 billion by 2030, growing at a CAGR of 9.6%, during the forecast period. Cybersecurity can be referred to as the act of protecting computer systems, stored data, electronic systems, mobile devices, networks and servers from digital- or cyber- attacks. Cyber-attacks are usually carried out to assess, destroy or modify important or confidential data, with an aim to extort money from users or obstruct normal processes. Some prominent types of cyber-attacks are ransomware, malware, social engineering and phishing.
It is worth mentioning that the growing number of cyber-attacks, coupled to the increasing penetration of internet of things (IoT), bring your own devices (BYOD) and artificial intelligence (AI), are some of the factors driving the cybersecurity market. However, high reliance on traditional authentication methods and low preparedness are challenges hindering the market growth. For instance, in a scenario where security professionals are recommending identity-management solutions, such as facial recognition and biometric identification, most of the companies (over 80%) still employ usernames and passwords as the exclusive means of logging on to the internet. According to the official annual cybercrime report by cybersecurity ventures, in the near future, the monetary loss incurred owing to cyber-attacks is estimated to be worth USD 6.0 trillion.
The ongoing pandemic has further increased the threat of cyber-attacks. According to the Global Threat Index, in 2020, cyber-criminals have exploited the pandemic to spread malicious activity, including various spam campaigns related to the spread of virus. It is worth highlighting that cybersecurity experts reported an increase of 30% cyber-attacks during the pandemic. However, various initiatives have been undertaken to combat these attacks. For instance, Google claimed to have blocked around 240 million COVID-19 based spam messages and 18 million phishing emails during the pandemic. It is worth mentioning that the firm used deep learning-based malware scanner to scan over 300 billion documents per week. However, hackers are also using new techniques for carrying out cyber-attacks, including a form of machine learning that adapts to its environment in order to remain undetected. For instance, phishing attacks have become more sophisticated with the use of SMS and voice (vishing).
In our report, the global cybersecurity market has been segmented into four key regions, namely North America, Europe, Asia-Pacific and the rest of the world. Currently, based on geography, North America holds the largest share of the overall cybersecurity market. This can be attributed to the fact that, at present, cybersecurity is a major concern in North America, which has amplified further, given the ongoing pandemic and growing penetration of smart and connected devices in households and workplaces. Ransomware, business email compromise attacks and phishing attacks are major cyber threats that enterprises based in the aforementioned region are currently facing.
The ‘Cybersecurity Market: Global Opportunity and Trend Analysis, 2020-2030’ report features an extensive study of the current landscape of industry players engaged in the cybersecurity market. Amongst other elements, the report features:
Distribution by Types of Services
Distribution by Type of Organization
Distribution by Type of Industry
Distribution by Geography
The research also covers profiles of key players (mentioned below) that offer cybersecurity solutions: