Global Cybersecurity Market to Register an Impressive CAGR of 10.6% Till 2026, Says Fortune Business Insights

Cybersecurity refers to the protection of virtually or digitally stored data and information from external attacks in the form of hacking and phishing. With the exponential increase in use of connected devices, rising smartphone and internet penetration, and growing electronic transactions, there is a pressing need for cybersecurity solutions all over the world. This need has gotten accentuated with the fast-developing AI and IoT technologies. IoT, for instance, is increasingly being viewed as making critical information vulnerable to cyberattacks and can bring down vital infrastructure such as telecommunications and power. The 2016 Mirai Bot attack exposed the fragility of IoT technology as the malware has been specifically designed to breach the security walls of IoT connected devices. This will aid the expansion of the global cybersecurity in the forecast period.


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According to the report by Fortune Business Insights, titled “Cybersecurity Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By End-User (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others) and Regional Forecast, 2019-2026”, the global cybersecurity market value is expected to reach USD 289.8 billion by 2026, from its current standing at USD 131.3 billion. The report also contains an in-depth analysis of the various factors and dynamics that will shape the market during the forecast period.


PUNE, India, Sept. 24, 2019 /PRNewswire/ — Rapidly rising e-commerce activities will be the key driver for the global Cybersecurity Market growth during the forecast period. E-commerce giants such as Amazon are fast diversifying their businesses and product offerings and ecosystem of connected devices is getting wider and bigger. For example, in 2017, Amazon reportedly shipped more than 5 billion products globally. According to the OECD’s Creditor Reporting System, funds to the tune of USD 6.6 billion were disbursed to promote cross-border electronic connectivity between 2006 and 2016. Thus, as more people shop and transact online, the global cybersecurity market revenue is set to get fueled in the forecast period.


Key Companies Covered in the Cybersecurity Market Research Report are Microsoft, IBM, Palo Alto Networks, Inc., Forcepoint, Check Point Software Technologies Ltd., RSA Security LLC., Cisco, McAfee, LLC, other key market players