September 16, 2019
Global cybersecurity market is anticipated to exceed US $300 billion by the year 2024, according to the latest research available at Market Study Report, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
The cybersecurity market is driven by the rise in frequency of cyber-attacks owing to the widespread digitalization across multiple business sectors. It has been observed that the financial losses due to cyber-attack have risen over 62% in the last five years. This has resulted in increased adoption of advanced cybersecurity solutions by the companies to protect their sensitive information from unsanctioned access.
Additionally, increasing adoption of IoT, cloud platform and other digital solutions is making organizations vulnerable to external breaches. This factor, along with advancements in telecommunication infrastructure is propelling the cybersecurity market.
Based on the product type, security services segment held 60% of cybersecurity market share, owing to increasing adoption of BYOD and affordability of the service. While the network security segment is presumed to grow with a CAGR of 15% over the forecast period, due to rise in IP traffic and growing inclination towards integrated security solutions.
Considering the organization type, large enterprise held more than 60% share of the global cybersecurity market in 2018, while the government segment is expected to grow with a CAGR of 15% over the analysis period. The growth is attributed to rising cybersecurity breaches and need to safeguard the network.
On the basis of industry, cybersecurity market from transportation segment is presumed to register 15% growth over the forecast period, owing to increased risk cybercrimes after the adoption of smart logistics, IIoT and other modern solutions.
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Speaking of regional contribution, North America dominated the cybersecurity market with 40% share in 2017. The regional growth is due to growing investments and implementation of the solution by leading companies.