Cyber Security Market 2021 : Global Key Players, Trends, Share, Industry Size, Segmentation, Opportunities, Forecast To 2027

The cybersecurity market is expected to witness significant growth by 2027 driven by the prevalent demand for secure IT infrastructure across the globe and rising incidences of cyberattacks.
Following the COVID-19 outbreak, work-from-home policies were imposed by organizations worldwide to prevent the transmission of the coronavirus. During this time, there was a surge in cyberattacks as hackers could easily target people who were using personal devices for virtually everything, particularly for remote work.
As a result, there was a soaring demand for data privacy and more robust IT security framework by organizations across the globe, which has positively impacted overall market dynamics. Additionally, rapid growth of the e-commerce sector has also increased the need for cybersecurity to protect users from various cyberthreats, which has further bolstered industry expansion.
The cybersecurity market has been bifurcated on the basis of product, organization type, end-user, and region.
In terms of product, the market has further been segregated into IAAM (identity access management and access management), security services (managed security services, implementation, hardware support, and consulting & training), network security (ISP equipment, UTM, VPN, and firewall), and infrastructure protection (email/web gateway, endpoint protection, DLP, SIEM, cloud security, and vulnerability assessment).
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The email/web gateway infrastructure protection segment is estimated to grow at a CAGR of over 13.2% through the assessment timeframe owing to increasing occurrences of phishing e-mails across the globe. The SIEM infrastructure protection segment is expected to witness notable growth at around 13.8% CAGR through the analysis period. SIEM provides real time event updates and threat alerts, which is speculated to fuel segmental demand in the future.
The vulnerability assessment segment held approximately 20.56% of the infrastructure protection market revenue in 2020 and is projected to see substantial growth through 2027. The vulnerability assessment process prioritizes and prevents any network or endpoint vulnerabilities, which Is expected to contribute to segmental growth in the coming years.
DLP is calculated to witness robust growth at a CAGR of above 15.7% through the projected timeline. The DLP software prevents the loss of valuable enterprise and personal data, which is expected to positively influence product demand across diverse end-use industries in the following years.
ISP equipment accounted for around 47.37% of the network security market in 2020 and is anticipated to observe considerable growth over 2021-2027. Mounting requirement of cybersecurity for securing IT infrastructure of ISPs is likely to support segmental expansion through the assessment timeframe.
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The VPN network security segment is projected to register sizable growth at a CAGR of about 18.6% over the forecast timeline owing to escalating emphasis on privacy and rising prevalence of work-from-home trends across the globe.
Driven by the robust threat management capabilities of UTM systems, the cybersecurity market from the UTM network security segment is set to grow at a notable CAGR of nearly 18.1% through the estimated period.
Firewall is calculated to garner around 19.39% share in the network security market by 2027. The surging use of firewalls for policy-based access is anticipated to boost segmental adoption over the analysis period.
The consulting & training security services segment is estimated to witness profitable growth at a CAGR of over 12.3% through the forecast timeframe. Rising deployment of consulting & training services by SMEs that do not have an in-house IT staff is likely to contribute to segmental demand in the future.
Hardware support accounted for around 20.49% of the security services market in 2020 and is set to progress at a considerable pace through 2021. Increasing complexities in cybersecurity-related hardware is estimated to propel product adoption over the following years.
From the perspective of end-user, the market has been segmented into banking, manufacturing, government, IT & telecom, transportation, securities, and insurance. The government sub-segment held about 23.94% of the end-user segment in 2020 and is expected to progress at a notable pace over 2021-2027 due to the proliferating incidences of financial frauds on government digital assets.
The transportation sub-segment is estimated to grow at a CAGR of approximately 10.5% over the assessment period. Escalating demand for IT security in connected vehicles is anticipated to support product adoption across key regions in the future.
The cybersecurity market from the insurance sub-segment is calculated to grow at a CAGR of nearly 13.4% through the forecast timeframe. Increasing cases of online identity theft and financial scams during insurance claims is likely to fuel segmental demand over the following years.
The securities sub-segment is projected to expand at around 12.7% CAGR through the analysis period. The demand for malware attack protection is surging in the segment, which is speculated to boost market adoption over the study timeline.
In the regional landscape, the Latin America cybersecurity market is estimated to see lucrative growth by 2027, progressing at over 18.9% CAGR through the projected period. Increasing incidences of spam and phishing attacks are anticipated to impel regional market growth over the forecast timeframe.
The cybersecurity market in MEA is also expected to substantial growth at a CAGR of approximately 14.5% through the assessment period. Escalating occurrences of cyberattacks against public sector establishments are boosting the demand for cybersecurity in the region, which is speculated to foster market outlook in the future.
Table of Contents
Chapter 1 Methodology & Scope
	
1.1 Scope & definitions
	
1.2 Methodology & forecast parameters
	
1.3 Region-wise COVID-19 impact analysis	
		
1.3.1 North America
		
1.3.2 Europe
		
1.3.3 Asia Pacific
		
1.3.4 Latin America
		
1.3.5 Middle East & Africa
	
	
	
1.4 Data Sources	
		
1.4.1 Secondary
		
1.4.2 Primary
	
	
Chapter 2 Executive Summary
	
2.1 Cybersecurity industry 360 degree synopsis, 2016 - 2027
	
2.2 Business trends
	
2.3 Regional trends
	
2.4 Product type trends	
		
2.4.1 Identity, Authentication and Access Management (IAAM) trends
		
2.4.2 Network trends
		
2.4.3 Infrastructure protection trends
		
2.4.4 Security services trends
	
	
	
2.5 Organization type trends
	
2.6 Industry trends
Chapter 3 Cybersecurity Industry Insights
	
3.1 Introduction
	
3.2 Industry segmentation
	
3.3 Impact of COVID-19 outbreak	
		
3.3.1 Global outlook
		
3.3.2 By region		
			
3.3.2.1 North America
			
3.3.2.2 Europe
			
3.3.2.3 Asia Pacific
			
3.3.2.4 Latin America
			
3.3.2.5 Middle East & Africa
		
		
		
3.3.3 Industry value chain		
			
3.3.3.1 Suppliers
			
3.3.3.2 Cybersecurity technology providers
			
3.3.3.3 Marketing & distribution channels
		
		
		
3.3.4 Competitive landscape		
			
3.3.4.1 Strategy
			
3.3.4.2 Distribution network
			
3.3.4.3 Business growth
		
		
	
	
	
3.4 Cybersecurity ecosystem analysis	
		
3.4.1 Cybersecurity hardware suppliers
		
3.4.2 Cybersecurity software developers
		
3.4.3 Cybersecurity service providers
		
3.4.4 Cloud service providers
		
3.4.5 System integrators
		
3.4.6 Third party managed service providers
		
3.4.7 Distribution channel
		
3.4.8 End users
		
3.4.9 Profit margin analysis
		
3.4.10 Vendor matrix
	
	
	
3.5 Cybersecurity evolution	
		
3.5.1 Evolution of cyber-attacks
	
	
	
3.6 Regulatory landscape	
		
3.6.1 ISO/IEC 270001
		
3.6.2 Gramm-Leach-Billey Act of 1999, U
		
3.6.3 Cybersecurity Law, China
		
3.6.4 Federal Information Security Management Act (FISMA)
		
3.6.5 Health Insurance Portability and Accountability Act (HIPAA)
		
3.6.6 The General Data Protection Regulation (GDPR) (EU)
		
3.6.7 Directive on Security of Network and Information Systems (NIS Directive) (EU)
		
3.6.8 The National Institute of Standards and Technology (NIST), U
		
3.6.9 Cyber Security Framework, Saudi Arabian Monetary Authority (SAMA)
	
	
	
3.7 Technology and innovation landscape	
		
3.7.1 Virtualized firewall
		
3.7.2 AI and machine learning
		
3.7.3 Blockchain
	
	
	
3.8 Patent analysis
	
3.9 Investment portfolio
	
3.10 Industry impact forces	
		
3.10.1 Growth drivers		
			
3.10.1.1 Increasing incidents of cyber-attacks
			
3.10.1.2 Growing need among organizations to minimize security risks
			
3.10.1.3 Increase in the number of IoT devices demanding network security solutions
			
3.10.1.4 Penetration of smartphones
			
3.10.1.5 Increasing demand for enterprise mobility
		
		
		
3.10.2 Industry pitfalls & challenges		
			
3.10.2.1 Lack of IT resources and in-house expertise
			
3.10.2.2 Lack of knowledge about IAM solutions
			
3.10.2.3 Limited security budget among SMEs
		
		
	
	
	
3.11 Cybersecurity statistics	
		
3.11.1 Security incidence by type of asset
		
3.11.2 Data breaches per industry vertical
		
3.11.3 Target device/network
		
3.11.4 Average cost of stolen data per industry vertical
	
	
	
3.12 Porter's analysis
	
3.13 PESTEL analysis
Chapter 4 Competitive Landscape
	
4.1 Introduction
	
4.2 Market share analysis, 2020
	
4.3 Competitive analysis of key market players, 2020	
		
4.3.1 Cisco Systems, Inc
		
4.3.2 DXC Technology
		
4.3.3 IBM Corporation
		
4.3.4 Intel Corporation
		
4.3.5 McAfee LLC
		
4.3.6 Microsoft Corporation
		
4.3.7 Palo Alto Networks, Inc
	
	
	
4.4 Competitive analysis of market innovators, 2020	
		
4.4.1 Dell Technologies
		
4.4.2 Fortinet, Inc
		
4.4.3 Lockheed Martin Corporation
		
4.4.4 Northrop Grumman Corporation
		
4.4.5 NortonLifeLock Inc (Symantec)
	
	
	
4.5 Vendor adoption matrix