The Global Cyber Security Market Will Be Worth $280b By 2027
The global cyber security market, defined as the practice of protecting computer information systems, hardware, network, and data from cyber attack size, is forecast to grow to 248.26 billion US dollars by 2023. The cyber security industry continues to attract founders and investors alike, with 300+ new startups launching every year.
The market is booming althouh some industry observers think the cyber security market is a bubble about to burst. On the one hand, the demand for cyber security solutions is huge. Organisations are increasingly investing in cyber security. Moreover, security is often integrated into new business initiatives and used as for competitive advantage. On the other hand, the landscape of cyber security solutions and services is strikingly saturated.
The Global cyber security market value currently stood at USD 112.01 billion in 2019 and is also projected to reach USD 281.74 billion by 2027, exhibiting a CAGR of 12.6% during the forecast period from 2020 to 2027, according to a Fortune Business Insights report.
The report stated that with the growth in number of cyber security threats and attacking tools, the requirement for advanced cyber security solutions to deal with such attacks is growing exponentially.
The traditional cyber security solutions are not enough accomplished of securing the organisations from advance threats of cloud, network, endpoint security, among others. In addition, huge algorithms are required for cyber security solution providers to develop technically advanced solutions.
Further, high cost associated with cyber security solutions and services limits the adoption among small and medium enterprises.
Cyber security market growth is driven by the rising adoption of e-commerce online platforms and the emergence of disruptive technologies such as Artificial Intelligence (AI), Internet of Things (IoT), Blockchain, and others. Additionally, the adoption of cyber security solutions is expected to grow with increasing investments from countries such as India, Italy, Spain, Canada, Oman and South Korea.
Rising demand for enterprise security solutions from industries including banking, financial services and insurance (BFSI), manufacturing, along with aerospace,defense and healthcare sectors is anticipated to boost the market size in the forthcoming years.
One of the key trends that enable the overall growth of cyber security market is the rising adoption of cloud computing. Cyber security solutions are based on complex mathematical prediction models, handling large amounts of data.
"One of the key trends that enable the overall growth of cyber security market is the rising adoption of cloud computing. Cyber security solutions are based on complex mathematical prediction models, handling large amounts of data." the report says.
Key players including IBM Corporation, Cisco System and others, are focusing on integrating cloud computing with cyber security solutions. These cloud computing services are backed up by ‘Analytics as a Service’ (AaaS) offerings, allowing users to detect and mitigate uncertain threats quickly.
Additionally, the adoption of cyber security solutions is expected to grow with increasing investments from countries such as India, Italy, Spain, Canada, Oman, South Korea, Qatar, and others.
Rising demand for enterprise security solutions from industries including banking, financial services and insurance (BFSI), manufacturing, along with aerospace & defense and healthcare sectors is anticipated to boost the market size in the forthcoming years.
Fortune: Market Watch: Statista: Techcrunch:
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