Allied Market Research has published a new report that suggests that the cybersecurity market will double in the next few years. The report specifically predicts that the market will be worth $304.91 billion in 2027, based on a 2019 valuation of $149.67 billion and a CAGR of 9.4 percent.
The firm credited that growth to a number of different factors. Most notably, the rapid expansion of the Internet of Things has created a need for cloud-based security solutions that can protect a wider array of devices from a rising number of malware and phishing threats. That will be especially true at the corporate level as more workplaces implement Bring-Your-Own-Device policies at the office.
In that regard, AMR noted that cyberattacks increased during the COVID-19 pandemic, as more people started to work from home and no longer enjoyed the benefits of on-premises security. Medical data was a particularly popular target, while many of the actual attacks were related to COVID-19 in some capacity. AMR still expects the on-premises segment to be the largest segment of the market despite those trends, though the firm does believe that the cloud segment will display a higher CAGR (11.2 percent) throughout the forecast period.
According to AMR, cloud solutions will be appealing because they have lower technology and maintenance costs than the comparable on-premises offerings. The firm indicated that budget limitations and technological complexities could hinder the growth of the market, but stressed that the need for strong authentication options will create a lucrative opportunity for cybersecurity providers.
The solutions segment will account for most of the revenue in the cybersecurity market, though the services segment will grow at a faster rate. The need to protect corporate assets will make North America the biggest audience for those solutions, but the Asia-Pacific region will exhibit more growth as mobile adoption accelerates and governments put new security policies into place.
AMR listed Accenture, Capgemini, IBM, Infosys, and Wipro as some of the key players in the cybersecurity space. As it relates to remote work, the firm has also released a separate report that predicts that the market for virtual meeting software will reach $57.23 billion by 2027.
April 19, 2021 – by Eric Weiss