Cybersecurity Market Size Worth $220.6 Billion in 2021 with the Highest Contribution from the BFSI Vertical – GlobalData Plc
Research Reports
Mar 14, 2023
The cybersecurity market size was valued at $220.6 billion in 2021, per the latest research report by GlobalData Plc. The report forecasts the cybersecurity market to garner a CAGR of 8.7% from 2021 to 2026. The surge in cases of cyber security threats against critical national infrastructure (CNI) and cloud misconfiguration for favoring cloud security demand have been influential in driving the cybersecurity market growth. Furthermore, the rising popularity of Ransomware as a service (RaaS) and extended detection response (XDR) as an emerging cybersecurity model is likely to boost the cybersecurity market size. However, certain challenges, including the proliferation of unlicensed products might hinder the market growth during the projected period.
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Cybersecurity Market FAQs
- What was the cybersecurity market size in 2021?
The cybersecurity market size was $220.6 billion in 2021. - What is the cybersecurity market growth rate during 2021-2026?
The cybersecurity market will witness a CAGR growth of 8.7% during 2021-2026. - What are the key segments of the cybersecurity market?
The key cybersecurity market is segmented by type, product/solutions, vertical, enterprise size, and region. - Which region accounted for the highest in cybersecurity market growth?
Europe accounted for the highest cybersecurity market share in 2021 and is expected to continue doing so during the forecast period. - Which are the key players in the cybersecurity market?
Microsoft Corp., IBM Corp., CISCO, Accenture PLC, BAE Systems Plc, Thales SA, Palo Alto Networks, Inc., Akamai Technologies, Fortinet Inc., NortonLifeLock Inc., Splunk Inc., F5 Networks Inc., Trend Micro Inc., Palantir Technologies Inc., and CrowdStrike Inc. are the key players in the cybersecurity market.
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Cybersecurity Market Segment Highlights
- The enterprise cybersecurity segment dominated the market in 2021. Factors such as the rising trend of mobility, an increase in the number of connected devices, traction in IoT and remote workforce, and growing implementation of compliance management are driving the growth in enterprise security.
- The software IT infrastructure segment accounted for the highest share in 2021. While in terms of enterprise size, very large (5000+) organizations dominated the cybersecurity market size.
- In terms of regional opportunities, Europe will continue to contribute the largest share of the total cybersecurity market during 2021-2026. Awareness of cyber security risks is growing not only in large enterprises but also in SMBs. Overwhelmed by the volume of threat information and with limited skilled security personnel, there is a need for cyber security services in the public and private sectors, especially in the SMB segment.
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Cybersecurity Market Trend Analysis
The report covers the following
- Industry Value Chain
- PORTER’s Analysis
- Market Variables & Impact Analysis
- Mergers & Acquisitions (M&A)
- Patent Analysis
- Job Analysis
- Venture Financing Analysis
- Social Media Analysis
- COVID-19 Impact
- Russia-Ukraine Conflict
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Cybersecurity Market Competitive Scenario
The cybersecurity market has been witnessing many mergers and acquisitions (M&A) spurred by the widespread move to remote work since the start of the COVID pandemic in early 2020. Towards the end of 2021, the number of M&A deals involving cybersecurity companies reached 40 a month. Moreover, with increasing numbers of ransomware and supply chain attacks, there is every likelihood that the number of cybersecurity M&A deals will continue to rise.
Top Cybersecurity Market Players
- Microsoft Corp.
- IBM Corp.
- CISCO
- Accenture PLC
- BAE Systems Plc
- Thales SA
- Palo Alto Networks, Inc.
- Akamai Technologies
- Fortinet Inc.
- NortonLifeLock Inc.
- Splunk Inc.
- F5 Networks Inc.
- Trend Micro Inc.
- Palantir Technologies Inc.
- CrowdStrike Inc.
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About GlobalData
GlobalData is a leading provider of data, analytics, and insights on the world’s largest industries. As a leading information services company, thousands of clients rely on GlobalData for trusted, timely, and actionable intelligence. Our mission is to help our clientele ranging from professionals within corporations, financial institutions, professional services, and government agencies to decode the future and profit from faster, more informed decisions. Continuously enriching 50+ terabytes of unique data and leveraging the collective expertise of over 2,000 in-house industry analysts, data scientists, and journalists, as well as a global community of industry professionals, we aim to provide decision-makers with timely, actionable insights.
Media Contacts
Mark Jephcott
Head of PR EMEA
mark.jephcott@globaldata.com
cc: pr@globaldata.com
+44 (0)207 936 6400
Contact Information:
Media Contacts GlobalData Mark Jephcott Head of PR EMEA mark.jephcott@globaldata.com cc: pr@globaldata.com +44 (0)207 936 6400
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