The cybersecurity market was valued at USD 156.24 billion in 2020, and it is expected to reach USD 352.25 billion by 2026, registering a CAGR of 14.5% during 2021-2026

The trends for IoT, BYOD, AI, and machine learning in cybersecurity are increasing. For instance, machine learning provides advantages in outlier detection, much to the benefit of cybersecurity.

New York, April 19, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cybersecurity Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06062816/?utm_source=GNW

- Rapidly increasing cybersecurity incidents and regulations requiring their reporting are driving the cybersecurity market. According to the Center for Strategic and International Studies (CSIS) and McAfee, cybercrimes, which include damage and destruction of data, stolen money, lost property, intellectual property theft, and other areas, currently cost the world almost USD 600 billion each year, or 0.8% of the global GDP.
- Adoption of M2M/IoT connections demands strengthened for cybersecurity in enterprises. This is driving the market, as the emerging business models and applications are coupled with the reducing device costs, which have been instrumental in driving the adoption of IoT, and consequently, the number of connected devices, such as connected cars, machines, meters, wearables, and consumer electronics. On the other hand, several other smart city projects and initiatives are ongoing, and by 2025, it is expected that there may be around 30 global smart cities and 50% of these may be located in North America and Europe, which may demand high cybersecurity for prevention.
- High reliance on traditional authentication methods and low preparedness are challenging the market to grow. In a market scenario, where security professionals are recommending identity-management solutions, such as facial recognition and biometric identification, most of the companies in the region (over 80%) still use usernames and passwords as the exclusive means of logging in.
- Due to the ongoing COVID-19 outbreak, the countries across the world have implemented precautionary measures. While schools are being closed and communities are asked to stay at home, and many organizations are finding a way to enable their employees to work from their homes. This has resulted in a rise in the adoption of video communication platforms. In the past four months, the new domain registration on these video communication platforms, including Zoom, has rapidly increased. According to the Checkpoint Security, since January 2020, more than 1700 new domains have been registered, 25% of which have been registered in the first week of March 2020.
- The US Department of Homeland Security (DHS) Cybersecurity and the Infrastructure Security Agency (CISA) and the United Kingdom’s National Cyber Security Centre (NCSC) mentioned that they are experiencing a huge rise in phishing and Malware distribution using COVID-19- themed lures, registration of new domain names containing wording related to coronavirus or COVID-19, and attacks against newly and rapidly deployed remote access and teleworking infrastructure.

Key Market Trends
Aerospace and Defense Segment is Expected to Witness Significant Growth

- Airplane navigation and guidance systems can be highly susceptible to cyber-attacks, which can have widespread ramifications. Hence, the computers and networks for all the ground and air-borne operations need strong security infrastructure. The increasing adoption of machine-to-machine technologies (M2M) in the aerospace domain and the focus of the governments on cybersecurity to counter cyber terrorism have driven the growth of the cybersecurity market in this sector immensely for the past few years.
- With increasing data breaches in military defense, the United States is laying high emphasis on its military and defense sector and is investing mainly in R&D of new weaponry systems. In October 2018, the US Government Accountability Office (GAO) released a report stating that most of the weapon systems that were under development are found to have mission-critical cyber vulnerabilities. Later that month, the US government signed the law to establish the Cybersecurity and Infrastructure Security Agency (CISA), in order to enhance national defense against cyber-attacks.
- The US Aerospace Industries Association focused on promoting policies that strengthen the aerospace and defense industry. Defense companies, such as BAE Systems PLC, General Dynamics Corporation, and Finmeccanica SpA, are engaged in developing cybersecurity solutions in the defense industry, especially in developing network security solutions and software, preventing cyber-attacks on military software systems, indicating the demand for these solutions in the aerospace and defense sector.

Asia-Pacific is Expected to be the Fastest Growing Market

- Asia-Pacific is expected to have highest market growth for cyber security solutions, over the forecast period. The strong presence of several market incumbents, coupled with recent security threats in the region, is expected to drive the adoption of these solutions further.
- India has experienced a rapid increase in cybercrime registration, with the country ranking fifth in terms of the overall DNS hijacks. Also, according to Gemalto, India accounts for 37% of the global breaches in terms of records compromised or stolen. Furthermore, the increasing number of malware and ransomware attacks in the country is a significant factor driving the adoption of cybersecurity solutions. According to the 2019 Internet Security Threat Report by Symantec, the use of malicious PowerScripts increased by 1,000%, and ransomware infections of enterprises increased by 12%, in 2018.
- Moreover, South Korea is becoming one of the prime targets for cyber-attacks, due to the country’s increasing number of connected devices, advanced use of mobile devices, and significant intellectual property. In January 2019, according to the National Police Agency report, cybercrimes increased by nearly 14% in Korea in 2018, to reach about 150,000 cases. This drives the use of cybersecurity in this country.

Competitive Landscape
The cybersecurity market is fragmented and highly competitive, as it comprises several global and regional players. Innovation can bring about a sustainable, competitive advantage to the firms. New fields, such as Big Data or the IoT, are reshaping their security trends, and the firm concentration ratio is expected to record higher growth during the forecast period. Key players are AVG Technologies, Cisco Systems Inc., and IBM Corporation, among others.

- December 2019 - FireEye Inc. introduced FireEye Cyber Physical Threat Intelligence. The new subscription provides context, data, and actionable analysis on threats to cyber-physical systems, including operational technology (OT), industrial control systems (ICS), Internet of Things (IoT), and other equipment used to manage interconnected physical processes.
- September 2019 - The Cisco Webex Control Hub launched an extended security pack available for users and enabled the customers to protect data from accidental misuse and malicious attacks, while delivering the best user experience. It packages full-functionality Cisco Cloudlock CASB for Webex Teams with native Webex anti-malware capabilities powered by Cisco Talos ClamAV in Webex Cloud.

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