LONDON, Nov. 05, 2020 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the cybersecurity services market, North America has the largest region in the global cybersecurity services market, accounting for 36.1% of the total in 2019. USA is the largest cybersecurity services market among the major countries covered in the report with the US cyber security market size being worth $21.14 billion in 2019. The market accounted for 0.10% of the country’s GDP. In terms of per capita consumption, the market accounted for $64, $55.2 higher than the global average. The cybersecurity services market in North America is mainly supported by high level of disposable income of the American population and presence of big players in the cybersecurity services industry such as Cisco Systems, IBM Corporation and Microsoft in the region. It is expected to be supported further by government initiatives to strengthen cybersecurity in the regional countries.
The global cybersecurity services market size 2019 reached a value of nearly $66.86 billion, having increased at a compound annual growth rate (CAGR) of 9.4% since 2015. The market is expected to increase from $66.86 billion in 2019 to $91.09 billion in 2023 at a rate of 8.0%. The market is expected to grow at a CAGR of 10.4% to nearly $110.99 billion by 2025, and then to $182.32 billion by 2030.
The Business Research Company’s report titled Cybersecurity Services Market Global Report 2020-30: COVID-19 Growth and Change covers major cybersecurity services companies, cybersecurity services market share by company, cybersecurity services manufacturers, cybersecurity services infrastructure market size, and cybersecurity services market forecasts. The report also covers the global cybersecurity services market and its segments.
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The cyber security industry overview shows that cloud-based cybersecurity solutions have been gaining acceptance from companies across all industries for cost effective solutions. The use of a cloud-based cybersecurity strategy for businesses offers substantially more benefits than traditional security strategies, especially if the network is cloud-based as well. Cloud is a software delivery method where a vendor hosts a software application in a remote server and customers can access it through the internet. Cloud-based cybersecurity is a cybersecurity approach that uses cloud protection software and applications to keep a network infrastructure, as well as all end-user devices, secure. This service is provided by a third-party supplier who is responsible for ensuring that all network-connected devices and network infrastructure are kept protected. For their use of cloud-based cybersecurity services, businesses usually have to pay a periodic fee to the third-party provider. When using a cloud-based cybersecurity approach, malware and viruses are detected more easily, ensuring that the network is continually equipped with the latest security updates and improvements. For instance, McAfee provides cloud-based cybersecurity services for both consumers as well as businesses. It serves industries such as healthcare, financial services and the public sector. Leveraging Artificial Intelligence (AI), machine learning and blockchain technologies for cyber defense is a key trend in the cybersecurity services market as well. Cybersecurity service providers integrate AI and machine learning principles into their solutions to tackle crucial hyper-connected workplace risks, with quicker identification, prevention and responsive capabilities.
Extensive digitization across enterprises is prone to cyber threats and information breaches; thus, established enterprises are investing heavily in cyber security solutions. While the primary motives behind cybercrimes include political competition, negative credibility, foreign competition and radical involvement of religious groups, most cyber-attacks are for financial gain. Therefore, the increasing incidence of massive cyber-attacks compels companies to integrate cybersecurity in their systems and functionality to prevent crashes, thereby driving the growth for cybersecurity services market.
Cybersecurity Services Market Global Report 2020-30: COVID-19 Growth and Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, cybersecurity services market segments and cybersecurity services market geographies, cybersecurity services market trends, cybersecurity services market drivers, cybersecurity services market restraints, cybersecurity services market-leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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