Residential and resimercial integrators may want to keep a close eye on the cybersecurity market as it continues to mature over the next five years. According to a report by Brandessence Market Research and Consulting, the global cybersecurity market is forecast to be valued at $403 billion by 2027.
The market, estimated to be valued at $176.5 billion in 2020, will experience a compound annual growth rate (CAGR) of 12.5% over the 5-year forecast period, according to BMRC, based here.
Cyber-attacks are usually aimed at changing, accessing or interrupting normal business processes or destroying sensitive information; thus, cybersecurity services are necessary for businesses and organizations of all sizes.
The world is depending on technology more than ever before; hence, digital data creation has surged as a result. As governments and businesses store a great deal of their data on computers and transmit it across networks, the threat of cyber breaches is ever present.
Common types of cybersecurity include data loss prevention (DLP), network security, identity and access management (IAM), intrusion detection systems (IDS) or intrusion prevention systems (IPS), and antivirus/anti-malware.
North America Poised to Dominate Cybersecurity Market
The North America region is expected to dominate the global cybersecurity market due to the presence of prominent security vendors that have global and regional headquarters in U.S. In addition, the increased spending on security solutions and services by large enterprises and SMEs are among other factors driving the cybersecurity market growth in the region.
Furthermore, increasing stringency in standards and policies for maintaining data privacy and security also contributes to the cybersecurity industry trends in North America. For example, according to Council of Economic Advisers, malicious cyber-activity cost the U.S. economy between about $57 billion and about $109 billion in 2016.
The BMRC cybersecurity industry report is segmented on the basis of solution, component, security type, service, organization size, industry vertical, and region and country level. On the basis of solution, the market is segmented into identity and access management (IAM), infrastructure security, governance, risk and compliance, unified vulnerability management service offering, data security and privacy service offering, among others.
The prominent players included in the report of global cybersecurity Industry are IBM, Trend Micro, Fortinet, F-Secure, Trustwave Holdings, Qualys, Proofpoint, FireEye, Sophos Ltd., Rapid7 and others.
This article originally appeared on our sister publication Security Sales & Integration‘s website.