According to a recent report by Allied Market Research, the cybersecurity market is on its way to reaching $304.91 Billion, Globally, by 2027 at 9.4 percent CAGR; a market that had only generated $149.67 billion in 2019.
An increase in malware and phishing threats among enterprises, rise in adoption of the Internet of Things (IoT) and Bring Your Own Device (BYOD), as well as demand for cloud-based cybersecurity solutions, drive the growth of the global cybersecurity market.
However, budgetary constraints and complexities involved in the security of devices hinder the market growth.
“On the other hand, the surge in adoption of mobile device applications and platforms, requirement for strong authentication methods, and transformation of the traditional antivirus software industry present new opportunities in the coming years,” the report noted.
The number of cyber-attacks has been increased during the lockdown as many organizations adopted the work from home strategy, said the report. So, the need to implement cybersecurity for addressing security issues and facilitating secured access increased considerably.
The attacks on hospital data, healthcare apps, and wearable have been increased as the volume of patient data increased. The need to secure and authenticate data in healthcare organizations surged.
Meanwhile, there has been a rise in the Covid-19-related phishing and ransomware attacks. This is due to the utilization of Covid-19 as bait to lead brands astray and attack their websites and apps.
Cybersecurity providers have been focusing on innovations and development of advanced solutions by including features such as cloud security & AI-integrated solutions to deal with new types of viruses and ransomware used by attackers, said the report.
Globally, North America contributed to the highest market share in 2019, accounting for nearly one-third of the total share of the global cybersecurity market, and will continue to lead by 2027. This is attributed to the presence of major key players, high ICT spending, and a huge number of cyber-attacks on various enterprises.
However, Asia-Pacific is estimated to portray the fastest CAGR of 11.0% during the forecast period, owing to the adoption of wireless & mobile devices, rise in cyber-crimes, increase in awareness regarding data security, and strict security standards & government policies.