The impact of COVID-19 on the global cybersecurity market size is expected to grow from USD 183.2 billion in 2019 to USD 230.0 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 12.0%
NEW YORK, April 30, 2020 /PRNewswire/ —
Increase in realization for endpoint and VPN security measures drives the cybersecurity market during the COVID-19 crisis
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The impact of COVID-19 on the global cybersecurity market size is expected to grow from USD 183.2 billion in 2019 to USD 230.0 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 12.0% during the forecast period. COVID-19 crisis has transformed the thought process of a company’s management and board toward cybersecurity. Especially, SMBs, startups, and large enterprises, except technology giants, were considering cybersecurity budgets as unavoidable Capital Expenditure (CAPEX) due to regulatory and compliance measures. Several digital agencies are yet to have a cybersecurity policy in place. This crisis has exposed companies to scenarios where their IPs are at the mercy and conduct of their employees, working remotely either on office laptops with zero firewall protection or personal laptops with/without free antivirus packages.
Endpoint security segment to show the highest growth rate during the forecast period in the cybersecurity market
Endpoint security solutions are a combination of both Endpoint Protection Platform (EPP) and Endpoint Detection and Response (EDR) solutions.Together these solutions secure endpoints and remote devices used in organizations from viruses, Trojans, and malware, as well as advanced threats, such as zero-day malware and advanced persistent threats.
EDR solutions enable continuous detection of and response to advanced cybersecurity threats and considerably improve threat detection, security monitoring, and incident response proficiencies for enterprises across verticals.
Healthcare segment to record higher investment and growth in 2020
COVID-19 poses an occupational health risk to healthcare workers, where COVID-19 has infected thousands of healthcare workers worldwide.Hence, preventing intra-hospital transmission of this communicable disease is a key priority for healthcare institutions and administrative bodies.
As the remote and teleworking modes are adopted in the healthcare industry, the possibility of using personal devices and the home internet connections that do not have the enterprise-grade security would result in remote users vulnerable to malicious cyberattacks.In February 2020, WHO warned of fraudulent emails that have been sent by criminals posing as WHO.
Cybercriminals have also been impersonating the US CDC by creating domain names similar to the CDC’s web address to request passwords and even Bitcoin donations to fund a fake vaccine.
North America to record the largest market share in the global cybersecurity market impacted by COVID-19 crisis
North America is expected to hold the largest share in the global cybersecurity industry, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period.The high growth rate in APAC can be attributed to organizations in the region, grabbing opportunities to go beyond ensuring their regulations and compliances, and applying technology to curtail threats on enterprise devices.
Additionally, the region has the highest adoption of mobile devices and connected devices that are highly vulnerable to endpoint attacks.
North America is the most significant revenue contributor to the cybersecurity market.The region is witnessing significant developments, especially in the endpoint security segment.
In North America, the high penetration of this technology can be attributed to the increasing use of the automation and behavioral analysis for threat detection, growing amount of data across verticals, and rising investments by companies in real-time security solutions.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the cybersecurity market.
• By Company Type: Tier 1 – 55%, Tier 2 – 20%, and Tier 3 – 25%
• By Designation: C-level – 60%, Directors – 25%, and Others – 15%
• By Region: North America – 35%, Europe – 25%, APAC – 20%, MEA – 10%, Latin America – 10%
Key market players profiled in this report include Acunetix (Malta), ABB (Switzerland), Airbus (France), Belden (US), Baker Hughes (US), Microsoft (US), CrowdStrike (US), Symantec (US), TrendMicro (Japan), Sophos (UK), McAfee (US), Kaspersky (Russia), K7 Computing (India), ESET (Slovakia), Cisco (US), FireEye (US), F-Secure (Finland), Palo Alto Networks (US), Check Point Software (Israel), Fortinet (US), CyberArk (US), Cyberbit (Israel), Checkmarx (Israel), Rockwell Automation (US), CloudFlare (US), Vercaode (US), Pradeo (France), Rapid7 (US), Synopsys (US), Trustwave (US), WhiteHat Security (US), ImmuniWeb (High-Tech Bridge SA) (Switzerland), Contrast Security (US), Qualys (US), SiteLock (US), Sophos (UK), IBM (US), Imperva (US), CipherCloud Inc. (US), Avanan Inc. (US), Oracle (US), Thales (France), Micro Focus (UK), Fortinet (US), Imperva (US), Citrix (US), Juniper Networks (US), Akamai (US), Avaya (US), DXC Technology (US), Nokia (Finland), and Zscaler (US). These players have adopted various growth strategies, such as partnerships and new service launches, to expand their presence further in the impact of COVID-19 on the cybersecurity market and broaden their customer base.
Research coverage
The market study covers the impact of COVID-19 on the cybersecurity market across different segments.It aims at estimating the market size and the growth potential of this market across by technology segments (network security, application security, endpoint security, cloud security, database security, web security, and ICS security) and vertical (banking, financial services and insurance, healthcare, manufacturing, IT/ITeS, telecom, utilities, and public sector), and region.
The study also includes an in-depth analysis of the key market players, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall impact of COVID-19 on the cybersecurity market and its segments.This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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