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 valued at USD 171.05 billion in 2020 and is expected to record significant growth through 2026.

Increasing prevalence of cybercrimes, rising concerns of malware, and growing internet security awareness are some of the key factors influencing the expansion of global cyber security market.

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During the COVID-19 pandemic, the malware attacks on the database of large organizations increased substantially, which in turn created a need to strengthen the database’s security, thus boosting the demand for the cyber security solutions across the globe.

Based on the end-user landscape, the market is fragmented into BFSI, government & defense, healthcare, IT & telecom, retail, and others. Among these, the BFSI segment is expected to expand at the highest CAGR during the forecast period. Meanwhile, the report cites that government and defense segment held the largest market share approx. 25.70% in 2020.

Moving on to the security type, the market is bifurcated on the basis of wireless security, application security, network security, endpoint security, infrastructure protection, and others. Out of these, the wireless security segment is estimated generate lucrative returns in the subsequent years, given its prevent unwanted users from accessing a particular network by sending an alarm straight to the network administrator in case of any security breach.

Citing in terms of deployment, this business space is segmented into cloud-based and on-premises segments.

The country-level analysis of this business arena extends to China, South Korea, France, Germany, Canada, India, Japan, Italy, the U.K., and the U.S.

The report claims that Asia Pacific market is anticipated to showcase considerable growth over the analysis period, owing to the rising adoption of IoT devices and supportive government programs aimed at advanced technical breakthroughs. Meanwhile, North America held the maximum share in the global cyber security market in 2020.

Broadcom Inc., F5 Inc., Palo Alto Networks Inc., Hewlett Packard Enterprise Company, Juniper Networks Inc., FireEye Inc., Check Point Software Technologies, Fortinet, NortonLifeLock Inc., and Cisco Systems Inc. are the major companies operating in global cyber security market.