According to market research group Global Market Insights, the cybersecurity market surpassed $150 billion in 2019 and is poised to grow more than 15 percent between 2020 and 2026. The industry growth is attributed to increasing demand for robust and secure networks by enterprises for safe data accessibility.
As enterprises are migrating their core businesses to digital platforms, the requirement for cyber security policies and initiatives to address the increasing incidents of data breaches is growing rapidly, boosting the market demand.
The cybersecurity industry landscape is characterized by increasing adoption of security software and solutions across various industry verticals to address the growing threat caused by cyberattacks. Different forms of cybercrimes, such as hacking and phishing, have increased rapidly, especially after the increasing use of internet during the COVID-19 quarantine phase. This has led to business interruptions and financial losses around the world.
North America held a significant portion of the global cyber security market with more than 45 percent share in 2019 driven by early adoption of advanced internet security solutions by enterprises. Additionally, the high adoption of internet services and centrality of cyberspace at all facets of the digital world are the primary factors supporting the market growth across the region.
A high-level emphasis on cyber security will ensure constant monitoring and safeguarding of critical cyber assets in the region, accentuating the market share. Data breaches have gained more attention due to impact of digitization in finance, healthcare, SMEs and other industries. This is another major factor contributing to the expanding market presence of cyber security technologies in the region.
The research report focuses on markets such as access management, infrastructure protection and network security. The report covers regions like North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The complete report can be found at https://www.gminsights.com/industry-analysis/cybersecurity-market.