In 2022, the market reached an estimated value of $173.5
The cybersecurity market size is expected to grow from an estimated value of $173.5 billion in 2022, to $266.2 billion by 2027, according to a new report by MarketsandMarkets.
Following the global shift from on-site to remote or hybrid work, a direct result of the Covid-19 pandemic, we well as the massive increase in cyberattacks, enterprises are bound to adopt cybersecurity services for “streamlining their corporate governance and disclosures, workplace health and safety, data privacy, supply chain, and working capital,” says the report.
“This security strategy is particularly suited to the move to hybrid, multi-cloud settings where businesses may need to provide uniform security across many, changing and growing IT environments.”
The fastest growing subsegment of this market is cloud deployment. Large corporations as well as small companies have been switching from conventional on-prem cybersecurity solutions to cloud-based ones, which are fairly simple to maintain and update, says the report.
Cloud-based security solutions also free up resources and capital, previously used for continuous IT security infrastructure updates.
By vertical, healthcare is to grow at the highest compound annual growth rate (CAGR) during the forecast period. The report notes the importance of protecting the substantial databases of sensitive, personal information kept by healthcare organizations – as well as the need to protect the main technologies that will shape the future of healthcare: IoMT devices, augmented reality, and robotics.
The global region which is expected to see the largest growth in the cybersecurity market is Asia-Pacific, notably China, India, Japan, Malaysia, and Singapore. ״Due to the region's expanding threat landscape, there are more expenditures being made on cyber security solutions,” says the report.
“The adoption of cyber security solutions has been motivated by the fact that the SMEs in the area are experiencing cyberattacks, including 74% of SMEs in India and New Zealand, 33% in Indonesia and South Korea, and 37% in Japan.”
However, the region expected to enjoy the highest market size is North America, which “dominates the global cybersecurity market with a large number of cybersecurity vendors.”
The report also addresses various cybersecurity challenges, such as the lack of professionals who can identify and thwart sophisticated attacks – and the difficulties in addressing complex advanced threats, even when a team is in position.