A new study by Global Market Insights predicts the cybersecurity market size will exceed $400 billion by 2026.
The cybersecurity market has witnessed growing demand for hybrid cloud security solutions for protecting multi-cloud environments and business transactions. Cybersecurity solutions provide enhanced security to digital business operations and protect the infrastructure from advanced cyber threats. Enterprises are investing hefty resources for advanced security solutions. The demand for advanced threat detection systems across enterprises in the market is expected to fuel the market growth.
The study also found the network security product segment is expected to witness growth of around 18 percent during the forecast timeline. The market growth is attributed to growing malware attacks owing to extensive adoption of Bring Your Own Device (BYOD) trends. Enterprises are utilizing VPNs to provide remote accessibility of their resources to their employees. Due to rise in malware threats and cyberattack incidents in the market, enterprises are adopting VPN services to protect their network infrastructure.
The adoption of cybersecurity solution across government organizations is anticipated to register over 15 percent growth from 2020 to 2026, according to the study. Increasing cyberattacks on public sector enterprises are resulting in large amounts of monetary loss. To prevent these incidents and develop a robust infrastructure, the demand for network security solution across the government sector has increased drastically, positively impacting the overall market. Government institutions are collaborating with security service providers in the regional market to deploy security devices across their infrastructure for efficient network functioning.
The Asia Pacific cybersecurity market is set to attain over 20 percent revenue share by 2026, according to the study. Government authorities of China, India and Singapore are making significant efforts and introducing security guidelines. These supportive initiatives are enabling enterprises from multiple industry verticals to adopt network connectivity and infrastructure protection devices.