Global Cybersecurity Market Size Worth US$ 346 Bn by the end of 2027| CAGR :13.40% | Astute Analytica>
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NEW DELHI, Jan. 12, 2022 /PRNewswire/ — As per the study of Astute Analytica, the Global Cybersecurity Market is anticipated to grow at a CAGR of 13.40% during the forecast period of 2021 to 2027. The market marked a revenue of US$ 162.9 Bn in the year 2021 and is estimated to reach US$ 346 Bn by the end of the year 2027, with around 2.4 times of growth over the study period.

As per the study of Astute Analytica Report, in the year 2021, North America cybersecurity market was holding the highest market share of around 35%, supported by market key players of the region are delivering advanced solutions worldwide. The North America cybersecurity market growth is followed by Europe and Asia Pacific, holding around 51% of the cumulative market share in 2021. As per the researchers, compounded annual growth rate of Asia Pacific cybersecurity industry is estimated around 16.9% during the forecast period.

As per the analysis, the restrictions imposed by the government across the globe to prevent spread of COVID – 19 had changed working pattern from office or on-site to work from home. This change in working pattern increased the scope of cyber-attacks at individual and organizational levels. During February-May 2020, more than half a million people globally were affected by breaches in which the personal data of video conferencing users was stolen. As per the sources, the average cost of a data breach resulting from remote working can be as much as US$ 137,000.

Based on enterprise size, large organizations hold the highest market share of nearly 60% in 2021. As large enterprises majorly adopt cybersecurity to safeguard network, endpoints, data centers, devices, users and applications from unauthorized usage and malicious ransomware attacks. However, small & medium sized enterprises (SMEs) are anticipated to augment at a CAGR of 14.8% due to increasing number of cyberattacks on SMEs. As per the research, almost 77% of small and medium sized firms lack the capability and expertise to resist a cybersecurity attack.
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