According to the research report titled ‘Global Cyber Security Market (2022 Edition) - Analysis By Security (Wireless, Application, Network, End Point, Infrastructure Protection, Others), Deployment, End User, By Region, By Country Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global cyber security market was worth USD 171.05 billion in the year 2020 and is expected to garner strong returns by 2026.

High occurrence of cybercrimes across various industries coupled with focus toward strengthening the security of databases are the major factor driving the growth of the cyber security market. The advent of COVID-19 pandemic was a boon for the companies operating in this marketplace given that majority of the global population worked from home, further creating the need for reinforcing the database security.

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The cyber security market is fragmented in terms of security, end-user, deployment, and regional landscape.

As per security, the market is segregated on the basis of wireless security, network security, application security, infrastructure protection, endpoint security, and others.

The report cites that wireless segment is expected to register commendable growth in the ensuing years. Wireless security solution help in alerting, detecting, and preventing cyber attackers from accessing a wireless network as well as sending an alarm to the network administrator in case of any security breach, thus stimulating the overall industry outlook.

Based on the end-user landscape, the market is divided into BFSI, government & defense, retail, IT & telecom, healthcare, and others. The BFSI segment is estimated to record a strong CAGR during the analysis period. Meanwhile, the government and defense had captured 25.70% market share in 2020 and is likely to depict similar expansion trends in the ensuing years.

Moving on to deployment type, the cyber security market is segmented into cloud-based and on-premises segments.

Regionally, North America accounted for the largest market share in 2020 and is slated to witness robust growth over the forecast period. Meanwhile, Asia Pacific market is estimated to expand exponentially during 2021-2026, owing to the rise adoption of IoT devices and technical breakthroughs.

Cisco Systems Inc., Fortinet, FireEye Inc., The Hewlett Packard Enterprise Company, F5 Inc., NortonLifeLock Inc., Check Point Software Technologies, Juniper Networks Inc., Palo Alto Networks Inc., and Broadcom Inc. are the major players influencing worldwide cyber security market trends.