Cyber Security Market to Garner $304.91 Billion by 2027, Claims Allied Market Research
The market across Asia-Pacific is projected to manifest the highest CAGR during the forecast period. However, the market across North America is estimated to hold the largest share during the forecast period.
Portland, OR, Feb. 15, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global cyber security market is projected to reach $304.91 billion by 2027, registering a CAGR of 9.4% from 2020 to 2027. The report highlights market characteristics, market potential, and growth by segmentation, and competitive landscape.
Makarand Sinnarkar, Research Analyst, ICT at Allied Market Research, stated, “Increase in malware and phishing threats among enterprises, rise in demand for cloud-based cyber security solutions, and surge in adoption of IoT and BYOD trends drive the growth of the global cyber security market. However, budget constraints among organizations and complexities of device security hamper the market growth. On the contrary, need for strong authentication methods, increase in adoption of mobile device applications and platforms, and transformation in traditional antivirus software industry are expected to open lucrative opportunities for the market players in the future.”
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The global cyber security market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is projected to manifest the highest CAGR during the forecast period. However, the market across North America is estimated to hold the largest share during the forecast period.
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The global cyber security market is segmented on the basis of component, solutions/offering, deployment type, user type, and industry vertical.
Based on component, the services segment is expected to showcase the highest CAGR from 2020 to 2027. However, the solutions segment is anticipated to maintain its dominance in terms of revenue gathered during the forecast period.
On the basis of solutions/ offering, the data security & privacy services offering segment is expected to hold the highest share during the forecast period. The report includes an in-depth analysis of other segments such as identity & access management, infrastructure security, governance, risk & compliance, unified vulnerability management service offering, and others.
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The global cyber security market report includes an in-depth analysis of the major market players such as Accenture, Cognizant, Capgemini, FireEye Inc., F5 Networks Inc., IBM Corporation, HCL Technologies Limited, L&T Technology Services Limited, Infosys Limited, Tata Consultancy Services, PwC International Limited Broadcom Inc., Wipro Limited, and Tech Mahindra Limited.
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