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Cyber Security Market to Hit USD 366.10 Billion by 2028; Increasing Ecommerce Platform to Favor Growth: Fortune Business Insights™

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Pune, India, March 11, 2021 (GLOBE NEWSWIRE) — The global Cyber Security Market size is expected to gain momentum by reaching USD 366.10 billion in 2028 while exhibiting an impressive CAGR of 12.0% between 2021 and 2028. Fortune Business Insights published this information in its latest report, titled, “Cyber Security Market, 2021-2028.” The report further mentions that the market stood at USD 153.16 billion in 2020 and is projected to experience exponential growth in the forthcoming years. This is ascribable to factors such as the increasing demand for online shopping that is likely to boost the demand for e-commerce platforms worldwide.Click here to get the short-term and long-term impact of COVID-19 on this Market.
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IBM Corporation Launches IBM Security X-Force amid COVID-19The demand for cybersecurity solutions has soared amid the COVID-19 pandemic across sectors such as manufacturing, healthcare, and government. The increasing traffic online due to the increasing demand for telehealth and online facilities is expected to favor the market’s demand. Moreover, several key players are focused on launching innovative products worldwide. For instance, in December 2020, IBM Corporation introduced the IBM Security X-Force, an intelligence task force to detect cyber-attacks.Market Segmentation:We have segmented the global market based on component, deployment type, enterprise size, industry, and region. On the basis of the component, the market is segregated into solutions and services. Based on deployment type, the market is bifurcated into cloud and on-premise. Additionally, based on enterprise size, the market is divided into small & medium enterprises, and large enterprises. On the basis of industry, the market is categorized into BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities, and Others. Moreover, based on industry, the BFSI segment is anticipated to showcase considerable growth owing to the increasing demand for network security solutions across banking, financial, and insurance sectors to protect confidential data. The segment held a cyber-security market share of about 19.5% in 2020.Lastly, based on region, the market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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What does the Report Include?The global market for cybersecurity report includes in-depth analysis on the leading regions to offer a better understanding for the user. In addition to this, the report provides valuable insights into the latest industry growth trends and efficiently analyzes technologies that are being deployed worldwide. It further offers some drivers and restraints helping the reader gain in-depth knowledge about the market by adopting several research methodologies.DRIVING FACTORSIncreasing Number of E-commerce Platforms to Surge DemandAccording to the U.S. Department of Commerce, the third quarter sales of e-commerce platforms in 2020 increased by about 36.7 percent compared to the same period in 2019. Additionally, it accounted for over 14.3% of total sales worldwide. The increasing demand for online shopping has led to the emergence of several online platforms offering their services to customers. The increasing number of e-commerce platforms is propelling the adoption of advanced cybersecurity solutions globally. This is expected to contribute to the global cybersecurity market growth in the forthcoming years.
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REGIONAL INSIGHTSNorth America – The region stood at USD 61.93 billion in 2020 and is expected to hold the highest position in the global market. This is attributable to the increasing number of ecommerce platforms in countries such as the U.S. that is expected to boost the demand for advanced cyber security solutions in the region.Europe – The market in the region is expected to experience significant growth backed by the increasing number of projects and the growing investment by major companies in the development of advanced IT security solutions in the region between 2021 and 2028.COMPETITIVE LANDSCAPEProduct Launch by Eminent Companies to Intensify the Industry CompetitionThe global market for cybersecurity comprises small, medium, and large companies focusing on developing advanced IT security solutions to cater to the growing industrial demand. Additionally, other key players are adopting strategies such as merger and acquisition, collaboration, and partnership to maintain their presence in the global marketplace.Industry Development:September 2020 – Bharti Airtel Ltd. announced the launch of a suite of internet security solutions for small and medium enterprises. The company has invested about USD 14.2 million for developing advanced solutions to assist SMEs in adopting cloud platforms and other technologies.July 2020 – Quick Heal Technologies introduced advanced network security solutions for their digital customers. The solution provides a secure platform for safeguarding consumer devices, digital identities, and personal data.List of the Companies Operating in the Global Cyber Security Market:Cisco Systems, Inc. (California, United States)IBM Corporation (New York, United States)Fortinet, Inc. (California, United States)Proofpoint, Inc. (California, United States)Microsoft Corporation (Washington, United States)Palo Alto Networks, Inc. (California, United States)Zscaler, Inc. (California, United States)Broadcom, Inc. (California, United States)F5 Networks, Inc. (Washington, United States)Check Point Software Technologies (Israel)Sophos Ltd. (United Kingdom)BAE System (Farnborough, United Kingdom)Kaspersky Lab (Moscow, Russia)SonicWall (California, United States)Tenable Network Security (Maryland, United States)Karamba Security (Hasharon, Israel)Cyberark (Massachusetts, United States)F-Secure Corporation (Helsinki, Finland)RSA Security LLC (Massachusetts, United States)Juniper Networks, Inc. (California, United States)Oracle Corporation (California, United States)Foresite MSP LLC (Kansas, United States)FireEye Inc. (California, United States)Forcepoint LLC (Texas, United States)Convergent Network Solutions Ltd (London, United Kingdom)McAfee Inc. (California, United States)Armor Defense Inc. (Texas, United States)Transputec Ltd (London, United Kingdom)Zeguro Inc. (California, United States)Cyber security Services (Ohio, United States)
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IntroductionDefinition, By SegmentResearch Methodology/ApproachData SourcesKey TakeawaysMarket DynamicsMacro and Micro Economic IndicatorsDrivers, Restraints, Opportunities and TrendsImpact of COVID-19Short-term ImpactLong-term ImpactCompetition LandscapeBusiness Strategies Adopted by Key PlayersConsolidated SWOT Analysis of Key PlayersPorter’s Five Force AnalysisGlobal Market Share Analysis and Matrix, 2020Key Market Insights and Strategic RecommendationsProfiles of Key Players (Provided for 10 players only)OverviewKey ManagementHeadquarters etc.Offerings/Business SegmentsKey Details (Key details are subjected to data availability in public domain and/or on paid databases)Employee SizeKey FinancialsPast and Current RevenueGross MarginGeographical ShareBusiness Segment ShareRecent DevelopmentsPrimary Interview ResponsesAnnexure / AppendixGlobal Cyber Security Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028By Component (Value)SolutionNetwork SecurityCloud Application SecurityEnd-point SecuritySecure Web GatewayInternet SecurityOthersServicesBy Deployment Type (Value)On-PremisesCloudBy Enterprise Size (Value)SME’sLarge EnterprisesBy Industry (Value)BFSIIT and TelecommunicationsRetailHealthcareGovernmentManufacturingTravel and TransportationEnergy and UtilitiesOthers (Education, etc.)By Region (Value)North AmericaSouth AmericaEuropeMiddle East & AfricaAsia PacificContinued…..!
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