[244 Pages Report] The global cybersecurity market size to grow from USD 152.71 billion in 2018 to USD 248.26 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period.
Software supply chain attacks corrupt the legitimate software code during the software development cycle infecting the trusted end-users. Nowadays, third-party software tools have become more prevalent, and organizations’ dependence on the third-party software has increased over the years. Organizations need to adopt new best practices in the cybersecurity market to combat the advanced supply chain-based attacks.
Cybersecurity solutions and services help businesses secure their critical data, such as intellectual property, financial data, personal information, or other confidential data, which rise due to unauthorized access or attacks.
Cybersecurity Market Dynamics
Drivers
- Increase in the frequency and sophistication of cyber threats
- Emergence of disruptive digital technologies, such as IoT, across industry verticals
- Stringent data protection regulations for information security
- Increase in the number of supply chain-based attacks exploiting the software supply chain
Restraints
- Limited security budget among SMEs
- Use of pirated and open source cybersecurity solutions
Opportunities
- Increase in the Ecommerce penetration across industry verticals
- Leveraging AI, machine learning and blockchain technologies for cyber defense
- Growing need of cloud-based security solutions among SMEs
Challenges
- Dearth of cybersecurity expertise for proactive strategic planning
- Lack of interoperability with the existing information systems
The report encompasses the different strategies, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments, adopted by the major players to increase their market share. Some of the major technology vendors in the cybersecurity market are IBM (US), Symantec (US), Check Point (US), Cisco (US), Imperva (US), CyberArk (Israel), Microsoft (US), Sophos (UK), Rapid 7 (US), F5 Networks (US), FireEye (US), Forcepoint (US), Juniper Networks (US), RSA Security (US), Fortinet (US), F-Secure (Finland), McAfee (US), Micro Focus (UK), Oracle (US), Palo Alto Networks (US), Proofpoint (US), Splunk (US), and Trend Micro (Japan).
North America is estimated to hold the largest share of the cybersecurity market in 2018, due to technological advancements and the early adoption of cybersecurity in the region. The market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2018 and 2023. The primary forces driving this growth are increasing technology adoption, huge opportunities across industry verticals, and strict directives for data privacy in APAC countries, especially India and China.
