Global Cybersecurity Market Expected to Recover from COVID-19 Outbreak

Strategic Insights -

The global cybersecurity market has been severely impacted by the COVID-19 pandemic, with a compound annual growth rate (CAGR) of 1.83% in 2020. The market, valued at $149.46 billion in 2019, is expected to decline to $152.21 billion in 2020 due to restrictive containment measures and a decline in companies' budget for cybersecurity software. However, the market is expected to recover and reach $208.28 billion in 2023 at a CAGR of 11.02%.

Key Takeaways:

  • The global cybersecurity market is expected to grow from $149.46 billion in 2019 to $152.21 billion in 2020, despite a decline in companies' budget for cybersecurity software due to the COVID-19 outbreak.
  • The market is expected to recover and reach $208.28 billion in 2023 at a CAGR of 11.02%.
  • The cybersecurity market is segmented by solution into network security, cloud application security, end-point security, secure web gateway, internet security, and others.
  • The market is also segmented by enterprise size into small & medium enterprise, large enterprise, by deployment type into cloud, on premises, and by end-use into BFSI, IT & telecommunications, retail, healthcare, government, manufacturing, travel and transportation, energy and utilities, and others.
  • The increasing use of unlicensed or pirated software is a significant threat to the cybersecurity market, with 37% of software installed on personal computers being unlicensed during 2016 and 2017.
  • Increasing government investments in cybersecurity solutions, such as the UK government's multi-million investment project to protect businesses from cyberattacks, are a major trend shaping the growth of the cybersecurity industry.
  • The rising scale of cyber threats is generating higher demand for cybersecurity solutions, with Global spending on cybersecurity expected to grow in response to increasing threat of cyberattacks.
  • Major players in the cybersecurity market include AVG Technologies NV, Check Point Software Technologies, Cisco Systems, CyberArk, F5 Networks, FireEye, Forcepoint, Fortinet, F-Secure, and IBM Corporation.

Statistics:

  • The global cybersecurity market is expected to decline to $152.21 billion in 2020 due to the COVID-19 outbreak.
  • The market is expected to recover and reach $208.28 billion in 2023 at a CAGR of 11.02%.
  • The global cybersecurity market is expected to reach $208.28 billion in 2023.
  • 37% of software installed on personal computers were unlicensed during 2016 and 2017.
  • The global spending on cybersecurity is expected to grow in response to increasing threat of cyberattacks.
  • The UK government has announced a multi-million investment project to protect businesses from cyberattacks.

Sources:

  • "Global Cybersecurity Market Research Report 2020 Analysis and Forecast 2030" by WiseGuyReports.com.
  • "BSA Global Software Survey" published in June 2018.
  • "RiskBased Security" report on data breaches.
  • "Kaspersky" report on global cyber threats.
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