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

Cybersecurity market to reach $248.26 billion by 2023: Report

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PRNEWSWIRE: MarketsandMarkets forecasts the cybersecurity market size to 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 is expected to be driven by the increasing government compliances and regulatory requirements; the emergence of disruptive digital technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and big data analytics; and the growing sophistication level of cyber-attacks. However, limited security budget among Small and Medium-sized Enterprises (SMEs) and the easy availability of free and pirated cybersecurity solutions may restrain the growth of the cybersecurity market.

Under solutions, the Identity and Access Management (IAM) segment is expected to hold the largest market size during the forecast period

The IAM solutions segment is estimated to hold the largest market share in 2018.IAM solutions play a critical role in managing enterprises’ electronic and digital identities.

These solutions help businesses improve their security posture by offering centralized visibility and control of users’ access. IAM solutions have registered tremendous adoption in recent years, as they can be quickly and cost-effectively integrated with IAM policies across on-premises and cloud environments.

Under security types, the network security segment is expected to hold the largest market size during the forecast period

The network security segment is expected to hold the largest market size during the forecast period, and this growth can be attributed to the rising number of network security breaches wherein hackers try to illegally gain access to sensitive data. As vulnerabilities have become more complex and sophisticated, the demand for network security products is expected to increase for countering threats.

North America is expected to hold the largest market share, whereas Asia Pacific (APAC) to grow at the highest CAGR during the forecast period

North America is estimated to hold the largest market size and dominate the global cybersecurity market in 2018, due to the presence of a large number of cybersecurity vendors.Increasing information security challenges, due to network complexities, along with the need to meet the strict compliance regulations and enhance employees’ productivity, are pushing organizations in North America to adopt cybersecurity solutions.

APAC is expected to offer significant growth opportunities to vendors in the cybersecurity market, as countries in this region are investing heavily in deploying cybersecurity and compliance management solutions. APAC offers potential growth opportunities due to the rising demand for cybersecurity solutions across SMEs, and the growth in mobile and web-based applications for business-critical operations.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.

The complete report is available at: https://www.reportlinker.com/p05009188

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