Global Cybersecurity Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

·6-min read

The Global Cybersecurity Market was valued at USD 150. 37 Billion in 2021, and it is expected to reach a value of USD 317. 02 Billion by 2027, registering a CAGR of 13. 37% during the forecast period (2022-2027).

New York, June 08, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Global Cybersecurity Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" -
Cybersecurity protects the network, information, and personal data from cyber-attacks. The trends for BYOD, AI, IoT, and machine learning in cybersecurity are rapidly increasing. For instance, machine learning delivers advantages in outlier detection, which benefits cybersecurity.

Key Highlights
The cybersecurity industry ecosystem comprises several regional clusters of cybersecurity firms that contribute to the global market dynamics. In the current market scenario, the cybersecurity industry operates with three distinct mega-clusters: the San Francisco Bay Area (“SFBA”), metropolitan Washington, D.C., and Israel.
The three cybersecurity mega-clusters share two essential characteristics: First is the start-up and high-tech innovation culture that is a significant growth driver for all three ecosystems. SFBA and Israel have thriving start-up ecosystems with a substantial associated flow of risk capital and are heavily focused on products, while Washington exhibits a higher proportion of service-based firms (in Washington, only 11% of cybersecurity firms are focused solely on products). Second is the link between human capital and national security.
Ransomware attacks ravaged a large number of state and local public sector agencies. In some cases, entire local governments were forced to declare a state of emergency due to the massive leaks of sensitive data and loss of services.
For instance, in June 2021, JBS Foods, the world’s leading meatpacking enterprise, declared that it paid a USD 11 million ransom to REvil ransomware threat actors following a cyberattack that forced the company to shut down production at several sites worldwide, affecting production facilities from United States, Australia, and Canada.
One of the major causes of growing cyberattacks is the lack of skilled cybersecurity personnel in each industry. Experienced cybersecurity professionals, especially in Europe, Asia-Pacific, Latin America, and the Middle East, are less compared to the need for security professionals, which are required to handle the cyber threats for financial institutes and government organizations, and private sector/industrial businesses.
Due to the ongoing COVID-19 outbreak, countries across the world have implemented precautionary measures. With schools being closed and communities asked to stay at home, multiple organizations found a way to enable their employees to work from their homes. This, thus, resulted in a rise in the adoption of video communication platforms.

Key Market Trends

Growing M2M/IoT Connections Demands For Strengthened Cybersecurity In Enterprises

Significant reduction in device costs coupled with emerging business models have been instrumental in increasing the market penetration rates of IoT and, consequently, the number of connected devices, such as connected cars, machines, meters, wearables, and consumer electronics.
Attacks on consumer IoT are prevalent, but the possibility of disruption in manufacturing and similar industries enhances cybersecurity’s penetration in the current market dynamics. Further, the emergence of 5G is expected to expedite the use of connected devices in the industries that are already pushing toward industrial revolution 4.0.
Industrial revolution 4.0 aids cellular connectivity throughout the industry through the rise of IoT. Machine-to-machine connections have also been instrumental in driving market traction.
Further, security researchers working in Palo Alto Networks discovered another Mirai malware variant that targeted new IoT vulnerabilities. Researchers from Unit 42, the cybersecurity division of the company, discovered several attacks in February 2021 that leveraged vulnerabilities. In this case, the compromised devices downloaded Mirai malware binaries, which added them to a larger IoT botnet capable of carrying out network attacks on devastating scales. Such vulnerabilities are expected to drive cybersecurity solutions.?
With the increase in devices connected to the internet, the cyber world is expected to witness a rise in the occurrence and emergence of new threats and attacks. The attacks of WannaCry and Petya, which affected over 150 countries across the world, further revealed the vulnerability of IoT devices as end-points, thus, fueling the need for better security for consumer devices that are highly susceptible to cyber-attacks.?

Asia Pacific is Expected to be the Fastest Growing Market

The Asia Pacific is expected to have the highest market growth for cybersecurity solutions over the forecast period. The strong presence of several market incumbents, coupled with recent security threats in the region, is expected to accelerate these solutions further.
Increasing cyberattacks in the country have propelled China to strengthen its defensive capabilities. However, the country also stands to be a major source of origin for cyberattacks in other parts of the world. For instance, Microsoft blamed a Chinese cyber-espionage group for attacks on its mail server software in March 2021. Microsoft’s Threat Intelligence Centre attributed the attacks with high confidence to Hafnium, a group assessed to be state-sponsored and operating out of China.
In November 2021, Japan and Vietnam signed a cybersecurity agreement as the two Asian nations rapidly stepped up their military ties amid concerns over China’s growing assertiveness. In recent years, Japan has stepped up cyber defense cooperation with the United States, Australia, and other partners and participated in a NATO cyberspace exercise in April 2021. Japan has also held cybersecurity talks with Vietnam, Singapore, and Indonesia. Japanese Defense Ministry says cyberattacks are part of rising security threats from China as it becomes more assertive in the region, a shared concern by the United States and other allies in the region.
In April 2022, the Indian government issued new directives requiring organizations to report cybersecurity incidents to CERT-IN within six hours, even if those incidents are port or vulnerability scans of computer systems. The requirement was promoted by India’s Computer Emergency Response Team (CERT-In), which stated it had identified specific gaps causing difficulties in security incident analysis and response and to address them, it needs to impose more aggressive measures.

Competitive Landscape

The Global Cybersecurity Market is highly fragmented and 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.

March 2022 - Mandiant Inc. announced the launch of mWISE, the Mandiant Worldwide Information Security Exchange. mWISE is a dynamic, vendor-neutral cyber security event series that brings together practitioners, executives, and visionaries worldwide to discuss best practices, uncover new and emerging trends, and translate knowledge into collective action to decrease cyber threats.
February 2022 - Check Point Software Technologies Ltd acquired Spectral, a key innovator in developer-first security tools. This acquisition will help the company to extend its cloud solutions, Cloud Guard, with developers’ first security platform and provide the widest range of cloud application security use cases.
November 2021 - AT&T has come into a partnership with Cisco to expand its Secure Access Service Edge (SASE) portfolio to include new offerings. SASE with Cisco is a converged network and security management solution that connects and protects enterprises with software-defined wide-area networking (SD-WAN) technology and security capabilities.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
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