June 04, 2020
According to a recent study titled ‘Cyber Security Market Size By Product Type, By Organization, By Industry, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global cybersecurity market is expected to amass modest revenues by the year 2026.
Global cybersecurity market is primarily driven by increasing digitalization and burgeoning cases of cyberattacks. Cybersecurity involves the practice of safeguarding programs, systems, and networks from various digital attacks. Cyberattacks can destroy, access, steal, or change sensitive information, interrupt normal business processes, or generate money by fraud means from users, hence, cybersecurity solutions are witnessing an increased adoption to avoid these threats.
Based on product spectrum, infrastructure protection segment is further divided into endpoint protection, vulnerability assessment, DLP, SIEM, email/web gateway, and cloud security. SIEM segment is poised to expand with CAGR of over 15% through 2026, owing to the need for solutions that provide real time event updates and threat notifications. Email/web gateway segment is anticipated to witness a growth rate of 15% during the forecast period, due to escalating incidences of phishing e-mails. DLP segment is slated to witness 17% CAGR through 2026, due to high product demand for preventing loss of valuable personal and enterprise data.
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Meanwhile, network security segment is split into UTM, firewall, ISP equipment, and VPN, wherein ISP equipment segment held 50% market share in 2019 and is expected to see decent growth in the coming years, owing to growing need for securing IT infrastructure of ISPs. VPN segment is reckoned to foresee a CAGR of 20% over the analysis period, due to stressing concerns regarding privacy and recent trend of work from home. While, UTM segment is predicted to register a CAGR of 20% during 2020-2026, owing to high product adoption fueled by its robust threat management capabilities. Firewall segment will expand with the same growth rate as UTM segment, supported by widespread use of firewalls for policy-based access.
Security services segment is further categorized into managed security services, hardware support, implementation, and consulting & training. Consulting & training segment is projected to register a growth rate of 15% through 2026, as SMEs are opting for services over employing in-house IT staff. Hardware support segment garnered 20% market share in 2019 and is expected to see decent growth trend in the coming future, owing to growing complexities in cybersecurity related hardware.
With respect to industry verticals, government segment accounted for 20% market share in 2019 and will showcase modest growth in the coming years due to increasing financial frauds on government digital assets. Whereas, transportation segment is expected to register a 12% CAGR through 2026 owing to rising demand for IT security in connected vehicles.
Cybersecurity market share from insurance segment is poised to record a y-o-y growth rate of 15% over the forecast timeline due to increases cases of online identity theft and financial scams during insurance claims. Securities segment is likely to expand at 14% CAGR through 2026, owing to proliferating demand for malware attack protection.
Considering the regional outlook, Latin America cybersecurity market is estimated to witness a robust growth, expanding at 20% CAGR over 2020-2026, driven by increasing rate of spam and phishing attacks. On the other hand, Middle East & Africa market is anticipated to record a CAGR of 16% through 2026, owing to high frequency of cyberattacks on public sector establishments across the region.
Major players operating in global cybersecurity market are Check Point Software Technologies Ltd., BAE Systems, Cisco Systems, Inc., F-5 Secure, Inc., CyberArk Software Ltd., F5 Networks Inc., Fortinet, Inc., FireEye, Inc., Hewlett Packard Enterprise Development LP, Intel Corp., and IBM Corp. among others.