Global Cybersecurity Services Market To Reach Value Of About $91 Billion In 2020
The global cybersecurity services market is expected to decline from $66.87 billion in 2019 to $65.46 billion in 2020 at a compound annual growth rate (CAGR) of -2.1%. The decline 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 has led to a slowdown in the economy. This impacted the bottom line of companies, restricting them from investing in cybersecurity services. The market is then expected to recover and reach $91.1 billion in 2023 at a CAGR of 11.64%. Increasing instances of massive cyber-attacks compel companies to integrate cybersecurity in their systems and functionality to prevent crashing, which drives the growth of the cybersecurity services market.
The cybersecurity services market consists of sales of cybersecurity services that are used in IT and telecommunications and other industries. Cybersecurity refers to the collection of technologies, processes and practices designed to secure networks, computers, software and data against online attacks, destruction or data theft. Cybersecurity can also be identified as the security of information technology.
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The global cybersecurity services market is further segmented based on type and geography.
By Security Type: Network Security, Endpoint Security, Application Security, Cloud Security, Others
By User Type: Large Enterprises, Small & Medium Enterprises
By Industry Verticals Into Aerospace And Defense, BFSI, Public Sector, Retail, Healthcare, IT And Telecom, Energy And Utilities, Manufacturing, Others.
By Geography: The global cybersecurity services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American cybersecurity services market accounts for the largest share in the global cybersecurity services market.
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Trends In The Cybersecurity Services Market
Leveraging AI, machine learning and blockchain technologies for cyber defense is a key trend in the cybersecurity services market. Cybersecurity vendors integrate artificial intelligence (AI) and machine learning principles into their solutions to tackle crucial hyper-connected workplace risks, with quicker identification, prevention and responsiveness capabilities, the advances in technology, such as AI and machine learning, turn the tables against cybercrime.
Cybersecurity Services Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides cybersecurity services market overviews, analyzes and forecasts cybersecurity services market size and growth for the global cybersecurity services market, cybersecurity services market share, cybersecurity services market players, cybersecurity services market size, cybersecurity services market segments and geographies, cybersecurity services market trends, cybersecurity services market drivers and cybersecurity services market restraints, cybersecurity services market’s leading competitors’ revenues, profiles and market shares. The cybersecurity services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.