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Cybersecurity Global Market Report 2022

Cybersecurity Global Market Report 2022

  • March 2022
  • 175 pages
  • ID: 6246451
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the cybersecurity market are AVG Technologies NV, Check Point Software Technologies, Cisco Systems, CyberArk, F5 Networks, FireEye, Forcepoint, Fortinet, F-Secure, IBM Corporation, Imperva, Juniper Networks, McAfee, Micro Focus, Microsoft, Oracle, Palo Alto Networks, Proofpoint, Qualys, Rapid7, RSA Security, Sophos, Splunk, Symantec and Trend Micro.

The global cybersecurity market is expected grow from $181.12 billion in 2021 to $201.33 billion in 2022 at a compound annual growth rate (CAGR) of 11.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $307.70 billion in 2026 at a CAGR of 11.2%.

The cybersecurity market consists of sales of cybersecurity software and related services.Cybersecurity is a practice of protecting the network, computers, mobile devices, hardware, electronic systems, and data from digital or malicious attacks.

It is also known as electronic information security and information technology security. Cybersecurity can be segregated into categories including network security, application security, information security, operational security, and others.

The main solutions of cybersecurity are network security, cloud application security, end-point security, secure web gateway, internet security and others.Network security is a set of technologies that protects the usability and integrity of a company’s infrastructure by preventing a wide range of potential threats from entering or spreading within a network.

The software is deployed through cloud and on-premises mode by small and medium enterprise, large enterprise. The various end users include BFSI, IT and telecommunications, retail, healthcare, government, manufacturing, travel and transportation, energy and utilities, among others.

Asia Pacific was the largest region in the cybersecurity market in 2021.North America was the second largest region in the cybersecurity market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The rising scale of cyber threats is generating higher demand for cybersecurity solutions.Cyberattacks on individuals, companies, and governmental organizations are increasing and resulting in huge financial losses.

According to Kaspersky, the global cyber threats are developing rapidly with the mounting number of data breaches. A report from RiskBased Security revealed that about 7.9 billion records have been exposed by data breaches in the first nine months of 2019, which was double the number of records exposed in the previous year during the same period. It is projected that global spending on cybersecurity is expected to grow. Therefore, rising spending on cybersecurity solutions attributing to the increasing threat of cyberattacks is projected to propel the revenues for the cybersecurity market during the forecast period.

The increasing use of unlicensed or pirated software is a significant threat to the cybersecurity market.Pirate software refers to the unauthorized copy of the software, which is a replica of the original software.

Internet-based piracy of software and solutions is an emerging issue for the industry.According to the BSA global software survey published, despite the 2% drop in the pirated software installation rates, the unlicensed software was being installed at alarming rates, accounting for 37% of software installed on personal computers.

The organizations purchasing unlicensed software packages and a computer with pirated software installed can impede the growth of the bottom line and induce unprecedented security risk. Thus, this high rate of software piracy is hindering the growth of the cybersecurity market.

Increasing government investments in cybersecurity solutions is a major trend shaping the growth of the cybersecurity industry.For instance, in October 2019, the UK government has announced a multi-million investment project of $48 million (£36 million) to protect the country’s businesses from cyberattacks.

This scheme combines the government’s partnership with leading tech firms such as ARM as a part of the government’s digital security by design initiative, which was backed previously by Microsoft and Google.The government funding will help to detect future threats and mitigate their effects including terrorism, financial extortion, and damaging established systems.

Thus, increasing investments by the governments globally are likely to create large avenues for expansion for the players operating in the cybersecurity market over the forthcoming years.

In August 2019, Cisco Systems Inc., an American multinational technology conglomerate completed the acquisition of Sentryo, a France-based company that is engaged in providing cybersecurity solutions and assets visibility for industrial control systems (ICS). This acquisition is expected to enhance Cisco’s security with unparalleled device visibility in the operational technology (OT) environment which would provide engineers with deeper visibility into assets to secure and optimize their industrial networks. Sentryo is engaged in designing and developing threat intelligence and network monitoring platforms that offer cyber-resilience for data acquisition networks, supervisory control, and industrial control systems.

The countries covered in the cybersecurity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

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