By Pankaj Singh
The global cybersecurity market has established itself as a tremendously lucrative investment avenue in recent years due to the increasing demand for security solutions across several enterprises throughout the world. Several industries and firms spread across the globe are adopting cybersecurity solutions to safeguard their online financial transactions as well as highly sensitive data from cyberattacks, unauthorized access, and other vulnerabilities.
According to a research report by Global Market Insights Inc., the global cybersecurity market is slated to surpass a valuation of $400 billion through 2026.
Briefly overviewed below are 3 major trends that are likely to characterize the global cybersecurity market outlook over 2020-2026
- Growing demand from the banking sector in Europe
The enterprises working in the European banking sector are increasingly implementing advanced cybersecurity solutions, which is a major factor augmenting Europe’s cybersecurity market size. Numerous private corporate and government entities have witnessed growing instances of cyberattacks, which has prompted both these sectors to work together to eliminate such vulnerabilities.
Taking February 2020 for instance, European Central Bank partnered with the Euro Cyber Resilience Board members. Together, both of these organizations unveiled the Cyber Information and Intelligence Sharing Initiative. This initiative aims at identifying and further averting cyberattacks and enhances cybersecurity throughout financial institutions. Considering these growth factors, the European cybersecurity market is slated to grow at a CAGR of more than 15% through the forthcoming timeframe.
- Increasing implementation of cybersecurity solutions in SMEs
With regards to the organization segment, the rising number of cyber-attacks on SMEs and subsequently growing monetary losses are slated to be the key factors for fueling the adoption of cybersecurity solutions in small and medium organizations.
Additionally, as companies are increasingly implementing BYOD policies, in efforts to cut their capital costs and also augment employee productivity, they are becoming more vulnerable to cyberattacks and data breaches, which is a primary determinant behind SMEs spending a significant amount of money on advanced cybersecurity solutions to safeguard their data.
Based on these growth factors, the implementation of cybersecurity solutions throughout small and medium companies is estimated to grow at a CAGR of more than 15% over 2020 and 2026.
- Tremendous demand from the IT and telecom sector for data protection purposes
The IT and telecommunication industry segment is projected to play a pivotal role in the growth of the cybersecurity market as it uses a significant amount of cybersecurity services and products in order to secure personal sensitive data.
The growing adoption of cybersecurity solutions in efforts to protect data centers, servers, and virtual information systems by these companies is further fueling an upsurge in the market size.
Cybersecurity helps enterprises to detect vulnerabilities at a very early stage, mitigate cyber risks, and secure the data from live attacks. Additionally, the introduction of strict government regulations would positively impact the industry share.
The competitive landscape of the global cybersecurity market is inclusive of players such as Google LLC, Oracle Corporation, Nokia Networks, Microsoft Corporation, IBM Corporation, and Amazon Web Services among others.
About Pankaj Singh
With a commendable experience of content creation under his belt, Pankaj Singh, a qualified Post-Graduate in Management, boasts of having worked as a freelance writer and an insurance underwriter. Additionally, Pankaj has also enriched his qualification portfolio with a course in Digital Marketing. He currently pens down valuable insights on articles pertaining to business, technology, and trade, and finance.