In the post-COVID-19 scenario, the global 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 Growth Rate (CAGR) of 9.7% from 2021 to 2026. The market’s growth can be attributed to the increasing awareness and rising investments in cybersecurity infrastructure across global organizations operating across verticals.
Based on software, the APT, IAM, and Encryption segment are estimated to lead the market in 2021.
APT protection solutions are responsible for covering threats that emerge from endpoints, emails, cloud platforms and services, and networks. Some of the most prominent vendors offering APT protection solutions are Forcepoint, Symantec, Fortinet, and Zscaler. IAM is an essential security solution for resource-driven environments, such as ICS/SCADA, smart homes, personal health monitoring, or the automotive verticals. To better guard control systems, automation, transmission, and distribution, companies are required to be able to control access to their network resources. Examples of network resources include ICS, equipment, buildings, and IT, all of which have unique challenges that may be technical or political. Encryption software provides a comprehensive way to mitigate the risk of accidental and intentional data breaches. A strong network architecture is also needed to secure, monitor, and control industrial processes in industries, such as oil and gas, and water plants.
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Based on Vertical, Aerospace and Defense is estimated to lead the market in 2021.
The Aerospace and defense is growing at an unprecedented rate in North America, Europe, and APAC. This vertical is targeted to extract highly confidential and sensitive data of critical sectors, including government, prime contractors, and suppliers. The existence of big data and increased digitalization in almost all the aspects of armed forces lead to high chances of attacks by cybercriminals.
Major players, namely, include IBM (US), Cisco (US), Check Point (Israel), FireEye (US), Trend Micro (Japan), NortonLifeLock (US), Rapid7 (US), Micro Focus (UK), Microsoft (US), Amazon Web Services (US), Oracle (US), Fortinet (US), Palo Alto Networks (US), Accenture (Ireland), McAfee (US), RSA Security (US), Forcepoint (US), Sophos PLC (UK), Imperva (US), Proofpoint (US), Juniper Network (US), Splunk (US), SonicWall (US), CyberArk (US), F-secure (Finland), Qualys (US), F5 (US), AlgoSec (US), SentinelOne (US), DataVisor (US), RevBits (US), Wi-Jungle (India), BluVector (US), Aristi Labs (India) and Securden (US). These players have adopted various growth strategies, such as partnerships, agreements & collaborations, new product launches & product enhancements, and acquisitions to expand their presence in the cybersecurity market. Partnerships, agreements & collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.
IBM (US) has been acknowledged as one of the leading vendors of cybersecurity solutions. The company’s broad range of solutions provides security across network, endpoint, and cloud. Its next-generation IBM Security Guardium platform consists of 3 major elements – Offensive Security Services, Threat Management Services, Identity Access Management Services and Infrastructure and Endpoint Services The company offers support and maintenance and professional services, which include planning, designing, and deploying effective security solutions. IBM delivers its solutions to SMEs and large enterprises across verticals, such as government, BFSI, healthcare, retail, electric utilities, oil and gas, and education.
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Oracle (US) was incorporated in 1977 and is headquartered in California, US. The company caters to a broad spectrum of products, solutions, and services designed to meet requirements of corporate IT environments, such as platforms, applications, and infrastructure. It is best known for its Oracle database software that is a relational database management system. It also caters to various customers across the globe. Oracle’s product portfolio comprises autonomous databases, developer tools, engineering systems, IT infrastructure, Java, and middleware. In February 2020, Oracle and Microsoft expanded their cloud collaboration with a new cloud interconnect location in Amsterdam, Netherlands. The new interconnect location would enable these businesses to share data across applications running in Microsoft Azure and Oracle Cloud.
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