The Global Cyber Security Market Set To Grow By $190 Billion

Technavio has published its latest market Report Cyber Security Market – Forecast and Analysis 2021-2025. The report provides a comprehensive analysis of market size, growth rates, and market behaviour through 2025.

The global cyber security market has the potential to grow by US$189.70 billion between 2020 and 2025 and the market observed a year-over-year growth of 12.69% in 2021 and the growth is expected to accelerate at a CAGR of 14.97% during the forecast period.

The market is driven by the increasing adoption of mobile devices. Access to the Internet has significantly increased with the growth in the adoption of mobile devices such as mobile phones, laptops, and tablets. These devices hold a lot of personal and critical information that can be accessed by unauthorized users in case of the loss of a mobile device.

Also, the confidential information accessed by mobile devices is more prone to cyber attacks and hacking. All these factors are necessitating the need for advanced cybersecurity solutions, thereby driving the growth of the market.

Consequently,  the increasing access to the Internet has led to an increase in the cases of cyber threats. With the expansion of businesses across regions, there is an increased need for global data and information exchange.

Global business expansion has led to a significant increase in the number of employees travelling around the world. This has led to an increase in services offering security and access to secure networks from mobile devices.

Moreover, to eliminate the risk of cyber threats, end users are deploying cyber security solutions. The growing complexity of cyber attacks and growing awareness of security risks have forced end users to increase their IT spending on advanced security products.

According to Technavio, the adoption of the Internet of Things (IoT) will have a positive impact on the market and contribute to its growth significantly over the forecast period. Their report also analyses other significant trends and market drivers that will influence market growth over 2021-2025.

Enterprises across various industries are making significant investments in IoT technologies to ensure better connectivity and enhance productivity. The technology is being integrated with communication systems, devices, and services to improve the overall operational efficiency.

The adoption of the technology has increased the interaction between people and machines over a common wireless network, thereby making the organization susceptible to cyber threats.

This is forcing organisations implementing the IoT technology to invest heavily in cyber security solutions. This trend will have a positive impact on the growth of the market during the forecast period. "The implementation of firewall as a disruptive deception capability will further accelerate the growth of the market", says an analyst at Technavio.

The demand for cyber security solutions will be significant from the government agencies during the forecast period. The segment is driven by the increase in security installations in developed and developing countries and the increased contribution from homeland security and the defence sectors. Similarly, in terms of deployment, the market growth will be significant in the on-premises segment through 2025.

The North American region led the cyber security market in 2021, followed by Europe, APAC, South America, and MEA respectively.

During the forecast period, the North American market is expected to register the highest incremental growth due to factors such as increased adoption of cyber security solutions by end-user industries, the shift of conventional IT services to Internet-based IT systems, and increased government initiatives for the implementation of cyber security solutions.

Technavio:     Statista:     PRNewswire:      TC Vistor:    

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