Markets and Markets have analyzed that the cybersecurity market size will grow from $152.71 billion in 2018 to $248.26 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.2 percent during the forecast period.
The market growth rate is anticipated to be driven by the escalating government compliances and regulatory requirements; the coming out of disruptive digital technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and big data analytics; and the rising sophistication level of cyber-attacks. On the other hand, limited security budget among Small and Medium-sized ventures (SMEs) and the easy access to free and pirated cybersecurity solutions may control the growth of the cybersecurity scope and market.
Under solutions, the Identity & Access Management (IAM) section is anticipated to control the most significant market size during the forecast period.
The segment of IAM solutions is predicted to hold the largest market share in 2018. IAM solutions play a critical role in running ventures’ electronic and digital identities.
These solutions assist businesses to revamp their security posture by offering centralized visibility and control of users’ access. IAM solutions have registered marvelous adoption from a few time back, as they can be rapidly and least-cost integrated with IAM policies across on-premises and cloud environments.
The network security section is anticipated to hold the largest market size during the forecast period, and this growth can be ascribed to the growing number of network security breaches wherein hacktivist try to illegally grab access to sensitive data. As vulnerabilities have turn out to be more complex and sophisticated, the call for network security products is anticipated to boost countering threats.
North America is anticipated to hold the significant market share, whereas Asia Pacific (APAC) to grow at the uppermost CAGR during the forecast period
North America is predicted to contain the most considerable market size and dominate the worldwide cybersecurity market in 2018, due to the existence of a large number of cybersecurity vendors.
Growing information security challenges, due to network entanglement, along with the necessity to meet the strict compliance regulations and improve employees’ productivity, are pushing organizations in North America to adopt cybersecurity solutions.
APAC is anticipated to present essential growth opportunities to vendors in the cybersecurity market, as nations in this region are investing extremely in deploying cybersecurity and compliance management solutions. APAC offers potential growth chances due to the increasing demand for cyber security solutions across SMEs, and the increment in mobile and web-based applications for business-critical operations.