Global Cybersecurity Industry Report - Growth, Trends, Forecasts, and Company Analysis

Global Cybersecurity Industry Report - Growth, Trends, Forecasts, and Company Analysis

This report examines the cybersecurity industry, including its leading companies. The report aims to give a general picture of the current environment as well as global and regional affairs that influence the development of the various segments of the industry, using available data. A number of trends are examined, namely: malwares, ransomwares, data breaches, and funding.

The market for cybersecurity products and services could reach $174.7 billion in 2024, representing a CAGR 8.1% during 2020- 2024. From a geographical perspective, US is estimated to be the largest market, followed by China and the UK.

Cybersecurity is focused on safeguarding computers, networks, programs, and data from unauthorized access and attacks. With the surge in digital data, organizations and individuals are increasingly vulnerable to data breaches, which have become more common. Notably, cyberthreats are now recognized as a top global risk, with organizations prioritizing cybersecurity budgets to prevent breaches that could severely impact revenue.

Cyberthreats originate from number of sources including hostile governments, terrorist groups, malicious intruders and insiders, among others. In the past few years, there has been an increase in cyberattacks of unprecedented sophistication. The attacks are growing in sophistication. Malware, spam and phishing remain the most frequent method of attack.

The growth of Internet of Things (IoT) has raised the threat of cyberattack to a whole new level. The total installed base of IoT devices is projected to reach 27 billion by 2025, implying more than 3 IoT devices per person.

Enterprises across the world are recognizing cybersecurity as a key area of investment and are allocating greater budget towards the same. Despite the higher spending by corporations on cybersecurity solutions, many still remain underinvested and underprepared. They are under constant attack from increasingly sophisticated criminals.