According to a groundwork report “Cybersecurity Market with Covid-19 Impact Analysis by part (Software, Hardware, and Services), software package (IAM, Encryption, APT, Firewall), Security sort, preparation Mode, Organization Size, Vertical, and Region – world Forecast to 2026” printed by MarketsandMarkets, within the post-COVID-19 state of affairs, the worldwide cybersecurity market size is projected to grow from USD 217.9 Billion in 2021 to USD 345.4 Billion by 2026, recording a Compound Annual rate (CAGR) of nine.7% from 2021 to 2026. The market’s growth may be attributed to the increasing awareness and rising investments in cybersecurity infrastructure across world organizations in operation across verticals.
Analytics of the cybersecurity market predicts the worldwide cybersecurity market to grow from US$217.9 billion in 2021 to US$345.4 billion by 2026, recording a compound annual rate (CAGR) of nine.7% from 2021 to 2026. the expansion of the market may be attributed to the growing sophistication of cyberattacks. The frequency and intensity of cyber scams and crimes have augmented over the last decade, leading to large losses for businesses. As incidents of cybercrimes augmented considerably, businesses worldwide channeled their disbursal on advanced info security technologies to strengthen their in-house security infrastructure. what is more, the necessity to defend crucial infrastructure from Advanced Persistent Threats (APTs) has inspired governments across the world to reform their cyber security methods, making a pool of opportunities for business participants?
The increasing awareness and rising investments in cybersecurity infrastructure across world organizations in operation across verticals contribute to such growth of the market. apace increasing cybersecurity incidents and laws requiring their news area unit to drive the cybersecurity market.
The adoption of M2M/IoT connections demands strong cybersecurity in enterprises. this is often driving the market, because the rising business models and applications area unit let alone the reducing device prices, that are instrumental in driving the adoption of IoT, and consequently, the number of connected devices, like connected cars, machines, meters, wearables, and shopper physical science.
High reliance on ancient authentication ways and low state area units difficult for the market to grow. in a very market state of affairs wherever security professionals area unit recommending identity-management solutions, like automatic face recognition and biometric authentication, most of the businesses within the region (over 80%) still use usernames and passwords because the exclusive suggests that of work in.
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