Market Overview:
The global cyber security market size is set to experience speedy growth from USD 165.78 billion in 2021 to USD 366.10 billion in 2028 owing to the emergence of new technologies in the IT security industry, finds Fortune Business Insights in its report, titled “Cyber Security Market, 2021-2028”, the cyber security market stood at USD 153.16 billion in 2020. It is set to exhibit a CAGR of 12.0% during the forecast period.
However, the lack of professional and expert personnel for development of the security solutions is projected to hinder this market’s growth.
COVID-19 Impact:
The COVID-19 pandemic and the subsequent lockdown restrictions have affected all the major businesses and companies worldwide. Due to the lack of experts, lay-offs in the companies, shutdown of large scale and small scale companies, and many other reasons, the cyber security market’s demand has decreased during this pandemic impacting the demand for internet cyber security solutions across the world.
Market Segmentation:
On the basis of component, this market is divided into network security, cloud application security, end-point security, secure web gateway, internet security, and others. By deployment type, the market is classified into on-premises and cloud. Based on enterprise size, the market is categorized into small and medium enterprises and large enterprises. By industry, the market is divided into BFSI, IT and telecommunications, retail, healthcare, government, manufacturing, travel and transportation, energy and utilities, and others. In terms of geography, the market is clubbed into North America, South America, Europe, Asia Pacific, and the Middle East & Africa
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Please visit: https://www.fortunebusinessinsights.com/industry-reports/cyber-security-market-101165
Regional Insights:
Rising Number of Security Violations to Propel the North America Market Growth
North America region is projected to expand rapidly in the cyber security market share on account of the increasing number of security infringement incidents which have led to the growing demand for cloud-based security applications in this region. Further, the surge in the demand for e-commerce platforms in the countries such as US and Canada has resulted in fuelling this market’s growth.
Industry Development:
September 2020: Bharti Airtel Ltd. launched a suite of internet security solutions for small and medium enterprises. The security solutions will help these companies in adopting cloud platforms and other emerging technologies.
List of Key Players Covered in the Cyber Security Market Report:
- Cisco Systems Inc.
- IBM Corporation
- Fortinet Inc.
- Microsoft Corporation
- Palo Alto Networks Inc.
- Zscaler Inc.
- Broadcom Inc.
- Sophos Ltd.
- Kaspersky Lab
- Karamba Security
- Oracle Corporation
- FireEye Inc.
- McAfee Inc.
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