Cybersecurity market expected to reach $478.68 billion

Portland, OR, Feb. 03 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the cybersecurity market was estimated to reach $197.36 billion in 2020 and is projected to reach $478.68 billion by 2030, registering a CAGR of 9.5% from 2021 to 2030. The report provides an in-depth analysis of the main pockets of investment, winning strategies, drivers and opportunities, market size and estimates, competitive scenario and varying market trends.

Rise in malware and phishing threats among enterprises, rise in adoption of IoT and BYOD trends, and rise in demand for cloud-based cybersecurity solutions are driving the growth of the global cybersecurity market. On the other hand, budget constraints between organizations are holding back growth to some extent. However, the growth in the adoption of applications and platforms for mobile devices
and an increase in the need for strong authentication methods is expected to create lucrative opportunities in the industry.

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Covid-19 scenario-

  • The culture of remote work has given way to a surge in demand for strong authentication methods, which has had a positive impact on the global cybersecurity market.
  • This trend is also expected to continue after the pandemic.

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The global cybersecurity market is analyzed across components, solutions, deployment model, industry vertical, company size, and region.

On the basis of components, the solutions segment accounted for about two-thirds of the total market share in 2020 and is expected to reign the roost by 2030. The services segment, on the other hand, would gain the fastest CAGR of 11 .0% throughout the forecast period.

Based on the solution, the data segment contributed more than a quarter of total market revenue each in 2020 and is expected to lead the way by 2030. The unified segment alone, however, would show the CAGR the faster by 11.1% over the forecast period.

By region, the North American market held the largest share in 2020, attracting almost a third of the global market. The Asia-Pacific region, however, would show the fastest CAGR of 11.0% throughout the forecast period.

Major market players analyzed in the global cybersecurity market report include HCL Technologies Limited, Broadcom Inc., Capgemini, Cognizant, F5 Networks Inc., FireEye Inc., IBM Corporation, Infosys Limited, L&T Technology Services Limited, PwC International Limited Broadcom Inc., Tata Consultancy Services, Tech Mahindra Limited, Wipro Limited , and Accenture. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures and others to prove their flair in the industry.

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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

Pawan Kumar, CEO of Allied Market Research, directs the organization towards the provision of high quality data and information. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.


        

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