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Cybersecurity Market by Emerging Trends and Future Opportunities Till 2026

Author : Ronak Bora | Published Date : 2020-09-02 

The cybersecurity market is expected to grow substantially in the coming years due to the increasing digitalization and growing frequency of cyberattacks. Cybersecurity is generally the practice of protecting programs, systems, and networks from various digital attacks. These digital attacks or cyberattacks are basically focused at either destroying, accessing & stealing, and changing sensitive information, or interrupting the normal business processes, or generating money by fraud means from users.

The cybersecurity market size in Europe is expected to grow at a CAGR of over 15% by 2026. The enterprises operating in banking sectors are adopting advanced cybersecurity solutions. The government enterprises and private corporates have reported increasing cyberattacks. Moreover, government authorities and private enterprises are making collaborative efforts to prevent such vulnerabilities. For instance, in February 2020, European Central Bank collaborated with the members of Euro Cyber Resilience Board. They launched the Cyber Information and Intelligence Sharing Initiative. The initiative focuses on detecting and averting cyberattacks and improves cybersecurity across financial institutions.

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Cybersecurity market is segmented in terms of product, organization type, industry, and regional landscape. Based on product, the cybersecurity market is bifurcated into IAAM, infrastructure protection, network security, and security services. The infrastructure protection segment is further classified into vulnerability assessment, endpoint protection, SIEM, DLP, email/web gateway, and cloud security.

Email/web gateway segment is likely to observe a CAGR of around 15% through 2026 due to increasing incidents of phishing e-mails. SIEM segment will witness a CAGR of over 15% through 2026 for providing real time event updates and threat alerts.

Vulnerability assessment segment held a market share of over 20% in 2019 as it prioritizes and prevents any network/endpoint vulnerabilities. DLP will grow with a 17% CAGR through 2026 as it prevents the loss of valuable personal and enterprise data.

The network security segment is further categorized into UTM, ISP equipment, firewall, and VPN. The ISP equipment held a cybersecurity market share of over 50% in 2019 due to growing need of cybersecurity for securing IT infrastructure of ISPs. The VPN segment will observe a CAGR of around 20% through 2026 due to increasing stress on privacy and work from home trends.

The UTM segment will witness a growth rate of 20% through 2026 due to robust threat management capabilities. The firewall segment is likely to witness a cybersecurity market share of over 20% in 2026 due to increasing use of firewalls for policy-based access.

The security services segment is further bifurcated into managed security services, hardware support, implementation, and consulting & training. The consulting & training segment will witness a CAGR of around 15% through 2026 due to rising deployment of such services by SMEs without in-house IT staff. The hardware support segment held a market share of over 20% in 2019 due to increasing complexities in cybersecurity related hardware.

With respect to industry, the cybersecurity market is segmented into securities, manufacturing, banking, IT & telecom, government, and transportation. The government sector held over 20% market share in 2019 due to increasing financial frauds on government digital assets. The transportation industry is likely to witness a CAGR of around 12% through 2026 due to growing demand of IT security in connected vehicles.

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Companies operating in the industry are focusing on collaborative developments of innovative security solutions. For instance, in January 2019, Ernst & Young collaborated with IBM Corporation to provide cybersecurity solutions as managed services to customers. It leveraged IBM’s QRadar platform to develop advanced threat detection capabilities. This helped the company to offer advanced security services to its customers.

Table of Contents (ToC) of the report:

Chapter 1.   Methodology & Scope

1.1.  Methodology

1.2.  Scope

1.3.  Definitions

1.4.  Methodology & forecast parameters

1.5.  Data Sources

1.5.1. Secondary

1.5.1.1.    Paid sources

1.5.1.2.    Public sources

1.5.2. Primary

Chapter 2.   Executive Summary

2.1.  Cybersecurity  industry 360º synopsis, 2015 - 2026

2.1.1. Business trends

2.1.2. Regional trends

2.1.3. Product type trends

2.1.3.1.    IAAM trends

2.1.3.2.    Network trends

2.1.3.3.    Infrastructure protection trends

2.1.3.4.    Security services trends

2.1.4. Organization trends

2.1.5. Industry trends

Chapter 3.   Cybersecurity Market Insights

3.1.  Introduction

3.2.  Industry segmentation

3.3.  Industry landscape, 2015 – 2026

3.4.  Impact of COVID-19 outbreak

3.4.1. Impact by region (Latest cyberattack statistics)

3.4.1.1.    North America

3.4.1.2.    Europe

3.4.1.3.    Asia Pacific

3.4.1.4.    Latin America

3.4.1.5.    MEA

3.4.2. Impact on R&D

3.4.3. Impact on growth strategy and business model

3.5.  Cybersecurity ecosystem analysis

3.6.  Cybersecurity evolution

3.6.1. Evolution of cyber-attacks

3.7.  Regulatory landscape

3.7.1. ISO/IEC 270001

3.7.2. Gramm-Leach-Billey Act of 1999, U.S.

3.7.3. Cybersecurity Law, China

3.7.4. Federal Information Security Management Act (FISMA)

3.7.5. Health Insurance Portability and Accountability Act (HIPAA)

3.7.6. The General Data Protection Regulation (GDPR) (EU)

3.7.7. Directive on Security of Network and Information Systems (NIS Directive) (EU)

3.7.8. The National Institute of Standards and Technology (NIST), U.S.

3.7.9. Cyber Security Framework, Saudi Arabian Monetary Authority (SAMA)

3.8.  Technology and innovation landscape

3.8.1. Virtualized firewall

3.8.2. AI and machine learning    

3.8.3. Blockchain

3.9.  Industry impact forces

3.9.1. Growth drivers

3.9.1.1.    Increasing incidents of cyber-attacks

3.9.1.2.    Growing need among organizations to minimize security risks

3.9.1.3.    Increase in the number of IoT devices demanding network security solutions

3.9.1.4.    Penetration of smartphones 

3.9.1.5.    Increasing demand for enterprise mobility

3.9.2. Industry pitfalls & challenges

3.9.2.1.    Lack of IT resources and in-house expertise

3.9.2.2.    Lack of knowledge about IAM solutions

3.9.2.3.    Limited security budget among SMEs

3.10.    Cybersecurity statistics

3.10.1.    Security incidence by type of asset

3.10.2.    Data breaches per industry vertical

3.10.3.    Target device/network

3.10.4.    Average cost of stolen data per industry vertical

3.11.    Porter’s analysis

3.12.    PESTEL analysis

 Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/cybersecurity-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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