12-Mar-2021 | Zion Market Research
Cybersecurity has become a top-notch priority of each firm adapting to post COVID-19 condition. Eventually, the protecting the identity of an employee working at remote place along with device security has become the key areas of focus for the firms across the globe. With zero trust security becoming the buzzword in the IT security domain, the market for Cybersecurity is anticipated to gain traction in the years post COVID-19 situation.
Moreover, cyber hackers gained slew of opportunities during the COVID pandemic to access, leak and steal data of millions of employees working from household. Hence, Cybersecurity has become a critical area and a focal point for internet users. With surge in the bandwidth speed or internet speed due to onset of 5G and 6G networks, offering robust Cybersecurity has become a need of an hour. All these factors are expected to assist Cybersecurity market gain significant growth over the coming decade. According to Zion Market Research, the Cybersecurity industry, which was worth nearly $ 172.5 Billion in 2020, is expected to hit the revenue of about $ 269.5 Billion by 2026. It further states that the Cybersecurity market, which accrued earnings of nearly $166.5 Billion in 2019 will register a CAGR of about nearly 10.2% during the forecast timeline.
Surge In Cases of Cyber Breaches To Steer Cybersecurity Market Size By 2026
With nearly over 80% of firms facing mobile threats each year, the demand for Cybersecurity tools is gaining momentum. In addition to this, destroying password and substituting them with zero trust framework is likely to foil the attempts of data breaches launched by mobile equipment through use of pirated access credentials of an individual. All these aforementioned aspects will steer the expansion of Cybersecurity industry over the projected timeline. For the record, there has been nearly 660% rise in the spear fishing attacks on emails related to COVID information since February 2020. Reportedly, in 2019, Microsoft foiled the phishing attempt on Office365 through use of machine learning tools, heuristics, and detonation along with reinforcement of Microsoft Threat Protection Solutions.
Furthermore, fraud detection, intrusion identification, malware identification, machine behavioral analysis, and network scoring risk are the five uses of AI for strengthening Cybersecurity of the firms. With businesses increasing their Cybersecurity vigilance in the period of COVID pandemic for its work from home employees, the Cybersecurity industry is anticipated to witness an accelerated growth in the years to come.
North American Cybersecurity Market To Retain Dominance Over 2020-2026
The growth of Cybersecurity market in North America during the forecast timeline can be credited to rise in the cases of data breaches witnessed in the countries such as the U.S. Citing an instance, the average expenditure of data breaches for the firms based in the U.S. increased from US$3.53 million in 2006 to about US$ 8.15 million in 2019. This means that the data breaches surged nearly 129% in fourteen years. Large-scale online shopping, retail, and eCommerce activities due to outbreak of COVID pandemic in the countries such as the U.S. and Canada has contributed notably towards regional market growth in the sub-continent.
Key participants profiled in the study are Booz Allen Hamilton, McAfee, Symantec, Northrop Grumman, IBM, and CSC.
Browse the full “Cyber Security Market – By Security Type (Network Security, Cloud Security, Wireless Security, And Others), By Solution (Identity And Access Management (IAM), Encryption, Risk And Compliance Management, Data Loss Prevention, Antivirus And Antimalware, Firewall, And Others), By Vertical (Aerospace, Government, Financial Services, Telecommunication, Healthcare, And Others): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends And Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/cyber-security-market
The global Cybersecurity market is segmented as follows:
By Security Type
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