The cybersecurity market consists of sales of cybersecurity software and related services. Cybersecurity is a practice of protecting the network, computers, mobile devices, hardware, electronic systems and data from digital or malicious attacks. It is also known as electronic information security and information technology security.
The global cybersecurity market is expected to grow from $149.46 billion in 2019 to $152.21 billion in 2020 at a compound annual growth rate (CAGR) of 1.83%. The slow growth is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that led to decline in the bottom line. As a result, companies budget for cybersecurity software is expected to decline. The market is then expected to recover and reach $208.28 billion in 2023 at CAGR of 11.02%.