Home Budget Cybersecurity market to be worth $248.26 billion by 2023: Report

Cybersecurity market to be worth $248.26 billion by 2023: Report

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PRNEWSWIRE: According to a new market research report “Cybersecurity Market by Solution (IAM, Encryption, UTM, Antivirus/Antimalware, Firewall, IDS/IPS, Disaster Recovery, and DDOS Mitigation), Service, Security Type, Deployment Mode, Organization Size, Industry Vertical, and Region – Global Forecast to 2023”, published by MarketsandMarkets, the market is expected to grow from $152.71 billion in 2018 to $248.26 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.2% during 2018-2023.

The major forces driving the Cybersecurity Market growth are strict data protection directives and rising cyber terrorism. The Cybersecurity Market is growing rapidly because of the rising need for cloud-based cybersecurity solutions among Small and Medium-sized Enterprises (SMEs).

The encryption solutions segment is expected to grow at the highest CAGR from 2018 to 2023

Cybersecurity solutions are used to secure the network infrastructure and the devices connected to it. The Cybersecurity Market is segmented by solution into Identity and Access Management (IAM), risk and compliance management, encryption, Data Loss Prevention (DLP), Unified Threat Management (UTM), firewall, antivirus/antimalware, Intrusion Detection System/Intrusion Prevention System (IDS/IPS), security and vulnerability management, disaster recovery, Distributed Denial of Service (DDoS) mitigation, web filtering, and others (application whitelisting and patch management). The encryption solutions segment is expected to register the highest CAGR in the global Cybersecurity Market during 2018-2023. Encryption solutions offer consistent protection to sensitive data across all critical points in the entire lifecycle. These solutions enable enterprises to hide their critical data from unauthorized bad actors.

The healthcare industry vertical is expected to grow at the highest CAGR from 2018 to 2023

The Cybersecurity Market is segmented into various industry verticals. Out of these, the healthcare industry vertical is expected to grow at the highest CAGR from 2018 to 2023, as the medical data and digital medical devices used in this industry vertical are prone to advanced threats. The government is expected to have largest market size in 2018, due to the increased adoption of cybersecurity solutions in this industry vertical. The Banking, Financial Services, and Insurance (BFSI); and Information Technology (IT) and telecom industry verticals are also expected to gain traction during the forecast period.

North America is estimated to dominate the Cybersecurity Market in 2018

North America is estimated to hold the largest share of the Cybersecurity Market in 2018, due to technological advancements and the early adoption of cybersecurity in the region. The market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2018 and 2023. The primary forces driving this growth are increasing technology adoption, huge opportunities across industry verticals, and strict directives for data privacy in APAC countries, especially India and China.

The report encompasses the different strategies, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments, adopted by the major players to increase their market share.

The report is available here: https://www.marketsandmarkets.com/Market-Reports/cyber-security-market-505.html

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