The global cybersecurity revenue is expected to register a compound annual growth rate (CAGR) of 8.7 percent from $220 billion in 2021 to $334 billion in 2026, forecasts GlobalData, a data and analytics company.
The surge in the volume and sophistication of cyber-attacks across organizations is expected to favor the enterprise cybersecurity market revenue growth over the forecast period.
“Despite the continued investments and growth in the cybersecurity space, the frequency of attacks and breaches have shown no signs of abatement,” said Madhumita Chaudhary, practice head at GlobalData. “More than billions of records containing critical information were compromised since the pandemic. As such, enterprise cybersecurity will continue to dominate the overall cybersecurity demand in terms of market share, capturing a sizeable revenue share exceeding 90 percent in 2021.”
GlobalData’s latest report, “Cyber Security Market Size, Share and Trends Analysis Report by Type (Enterprise, Consumer), Product (Security Consulting, Managed Service Providers, Identity and Access Management), Vertical, Enterprise Size, Region, and Segment Forecasts, 2021-2026,” reveals that the consumer cyber security market too will register a healthy CAGR, exceeding 10 percent during 2021-2026.
“The rapid emergence of connected devices and associated security risks with no baseline security upgrades will favor the segment growth over the forecast period,” Chaudhary said.
In addition to the rising frequency of attacks, ransomware is also gaining prominence, and has been used in several high-profile attacks. It is the most concerning type of cyberattack for business leaders.
Asia-Pacific (APAC) is more vulnerable to cyber threats owing to the critical infrastructure and growing financial sector in the region. Furthermore, an increase in digital transformation initiatives, penetration of internet connectivity, and susceptibility stemming from IoT connectivity is likely to increase the adoption of cybersecurity solutions.
“Emerging countries in the APAC region like India, Singapore, Japan, Australia, the Philippines, Thailand, and Taiwan are facing increasing cyber-crimes in terms of ransomware, phishing, and network attacks, and are projected to witness strong demand for cyber security products and services,” Chaudhary said.