Cybersecurity Market Size Worth $220.6 Billion in 2021 with the Highest Contribution from the BFSI Vertical – GlobalData Plc>
Business Sun – iCrowd Newswire
The cybersecurity market size was valued at $220.6 billion in 2021, per the latest research report by GlobalData Plc. The report forecasts the cybersecurity market to garner a CAGR of 8.7% from 2021 to 2026. The surge in cases of cyber security threats against critical national infrastructure (CNI) and cloud misconfiguration for favoring cloud security demand have been influential in driving the cybersecurity market growth. Furthermore, the rising popularity of Ransomware as a service (RaaS) and extended detection response (XDR) as an emerging cybersecurity model is likely to boost the cybersecurity market size. However, certain challenges, including the proliferation of unlicensed products might hinder the market growth during the projected period.

Europe accounted for the highest cybersecurity market share in 2021 and is expected to continue doing so during the forecast period. The enterprise cybersecurity segment dominated the market in 2021. Factors such as the rising trend of mobility, an increase in the number of connected devices, traction in IoT and remote workforce, and growing implementation of compliance management are driving the growth in enterprise security. The software IT infrastructure segment accounted for the highest share in 2021. While in terms of enterprise size, very large (5000+) organizations dominated the cybersecurity market size. In terms of regional opportunities, Europe will continue to contribute the largest share of the total cybersecurity market during 2021-2026.
Link: https://www.businesssun.com/news/273627875/cybersecurity-market-size-worth-2206-billion-in-2021-with-the-highest-contribution-from-the-bfsi-vertical—globaldata-plc