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The cybersecurity market growth is propelled by the rising internet penetration and increasing technological advancements that are pushing businesses to shift to cloud-based business models. The extensive digitization across enterprises is prone to information breaches and cyber threats, which paves way for the demand spurt of cybersecurity solutions.The cybersecurity market revenue is estimated to reach USD 400 billion by 2027, as stated by the most recent study by Global Market Insights Inc. Cybersecurity solutions are helping businesses in the prevention of plausible monetary and non-monetary losses comprising data storage devices and interconnected servers. Numerous cybersecurity companies are focusing on mergers, acquisitions, and product launches, boosting market landscape through the ensuing years.
Citing an instance, in July 2021, Microsoft entered into a definitive agreement for the acquisition of RiskIQ for helping shared customers in building a more inclusive view of the worldwide threats to their businesses. Besides, the solution would also help the company create world-class threat intelligence, and better understanding vulnerable internet-facing assets.
Prominent trends boosting cybersecurity industry expansion are as follows:
Rising product demand across IT and telecommunication enterprises
The demand for cybersecurity services and products is rising across IT and telecommunication enterprises owing to the buoyed requirement for the protection of personal sensitive data. These businesses are adopting security solutions for the protection of data centers, servers, and virtual information systems.
This assists in protection from live attacks, mitigation of cyber risks, and detection of vulnerabilities at earlier stage.
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Increasing adoption of cybersecurity solutions across SMEs
The adoption of cybersecurity solutions across SMEs is anticipated to expand at a CAGR of almost 15% through 2027. The escalating monetary losses and the increasing cyber-attacks over SMEs have led to the surging adoption of advanced security solutions.
Businesses have adopted cybersecurity policies for BYOD for the reduction of capital expenditure and enhancement of employee productivity.
Escalating cybersecurity solution demand across banking sector in Europe
The Europe cybersecurity market share is estimated to exhibit a CAGR of more than 10% over 2021 to 2027. This growth is ascribed to the surging adoption of advanced cybersecurity solutions from enterprises operating in the banking sector.
In addition, private enterprises and government authorities are making collaborative efforts for the prevention of vulnerabilities across the financial sector. Considering an instance, in May 2021, Belgium’s Belfius Bank entered into a partnership with cyber technology provider, OneSpan, for the integration of Belfius’ mobile app into OneSpan Mobile Security Suite (MSS) for making banking transactions safer. The program focuses on the provision of risk analysis, mobile application security, biometric authentication, and other safety features for the prevention of frauds.
Increasing preference for products for infrastructure protection
The demand for products for infrastructure protection is projected to depict considerable growth between 2021 to 2027. Businesses have adopted BYOD trends to a large extent for boosting business productivity and for the provision of flexibility to the employees.
Furthermore, enterprises are adopting endpoint protection for the prevention of any unauthenticated access and vulnerabilities to enterprise data resources by means of mobile devices.
Inclining focus of cybersecurity solution vendors toward the government sector
Cybersecurity companies are increasingly targeting the government sector for the purpose of securing high value contracts. To cite an instance, in June 2021, IBM rolled out the IBM Center for Government Cybersecurity, a collaborative environment that is focused on assisting federal agencies in addressing present and future cybersecurity threats.
On the whole, the surging requirement for advanced security and cyber protection for network infrastructure across businesses will boost cybersecurity market growth through the forthcoming years.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Website: https://www.gminsights.com/pressrelease/cyber-security-market
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