Cybersecurity Market to Surge at a 11.2% CAGR from 2019 to 2027; Increasing Concerns for Private Data Protection to Drive the Market
Meticulous Research- leading global market research company published a research report titled “Cybersecurity Market by Type (Network Security, Endpoint Security, Application Security, Cloud Security), Solution (Unified Threat Management, Antimalware, Firewall, Disaster Recovery, Web Filtering, DDS Management, Encryption) – Global Forecast to 2027”.
According to this latest publication from Meticulous Research�, the global cybersecurity market is expected to grow at a CAGR of 11.2% from 2019 to exceed $300 billion by 2027. Substantial growth in the cybersecurity market is mainly attributed to the need for strict compliances with regulatory requirements and increasing instances and complexity of security breaches due to inside and outside threats. Consistent proliferation of IoT devices, rise in malware and phishing threats, increasing cyber terrorism, emergence of disruptive digital technologies and BYOD trend among organizations are few of the major factors driving the overall cybersecurity market. However, budget constraints among organizations and complexity of device security can hamper consistent market growth.