The Business Research Company’s Cybersecurity Global Market Report 2021: COVID-19 Growth And Change to 2030

Avast, a UK-listed cybersecurity firm, is seemingly discussing a merger with NortonLifeLock. Norton has time until around the mid of August to decide on this. The deal, which may value Avast at around $8 billion, underscores the demand for consolidation in the extremely competitive cybersecurity market.

The global cybersecurity market has also attracted the interest of leading tech giants. Microsoft has recently agreed to acquire RiskIQ, a security software company, as it strives to expand its offerings in cyberspace amid a surge of global cybersecurity attacks, including the Colonial Pipeline issue. Additionally, the recent incidents of alleged misuse of Pegasus software for infringement of data privacy and targeted surveillance by governments have created a further buzz around cybersecurity, contributing to the growth of the global cybersecurity market.

As per data on the Global Market Model, the cybersecurity market is expected grow from $150.06 billion in 2020 to $156.6 billion in 2021 at a compound annual growth rate (CAGR) of 4.4%. The market is then expected to reach $240.59 billion in 2025 at a CAGR of 11%. The forecasted growth in the market is a result of increased global spending on cybersecurity amidst the rising threats of cyberattacks in the tech and other industries as well as government agencies.

For instance, in March 2021, a mass ransomware attack exploited multiple vulnerabilities in the IT management software made by Kaseya Ltd. The suspected Chinese hackers used potential flaws in Microsoft Exchange’s code to break into several thousand organizations.

In December 2020, suspected Russian hackers compromised SolarWinds Corp’s software by inserting a malicious code into the software’s update. The rising scale of cyber threats is generating higher demand for cybersecurity solutions. According to Kaspersky, global cyber threats are developing rapidly with the mounting number of data breaches.

A few motives behind cybercrimes are usually political competition, financial gain, negative credibility, foreign competition, and the involvement of radical religious groups.

WannaCry, Petya, NotPetya, and BadRabbit are some of the main ransomware products that have targeted large-scale businesses and government organizations. According to cybersecurity experts, ransomware threats rose by 40% to 199.7 million attacks worldwide in Q3 of 2020. In Q3 2020, Ryuk ransomware threats rose to 67.3 million, which was 33.7% of all ransomware incidents in that year. The ransomware implications included inaccessibility to various municipal facilities, information leakage, and economic loss. Therefore, increasing instances of massive cyberattacks compel companies to integrate cybersecurity in their systems and functionality to prevent crashing, thereby driving the growth of the cybersecurity market.

As a solution for reducing the damage caused and avoiding and cybersecurity breaches, the major players in the industry are leveraging latest technologies such as AI, machine learning, and blockchain technologies for cyber defense as a key market trend. Cybersecurity vendors integrate artificial intelligence (AI) and machine learning principles into their solutions to tackle crucial hyper-connected workplace risks, with quicker identification, prevention, and responsiveness capabilities, the advances in technology, such as AI and machine learning, turn the tables against cybercrime. Vade Secure is one of the world’s largest e-mail security firms, leveraging artificial intelligence and machine learning to defend more than 600 million mailboxes in 76 countries from a range of attacks comprising spear-phishing, ransomware, and malware.

The Cybersecurity Global Market Report is one of a series of new reports from The Business Research Company that provides cybersecurity market overviews, analyzes and forecasts cybersecurity market size, share, cybersecurity market players, cybersecurity market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.

About The Author

Moïn has over a decade of experience in market research, analysis, and consulting. He has worked with some prominent market intelligence firms in India including Progressive Digital Media, Ovum, and GlobalData. At TBRC, he is involved in reporting insights on technology and media sectors, along with market data and trend analysis, and understanding competition dynamics. His project experience includes a market strategy study for an AI-based marketing software for telecom companies. He has worked for several clients including Amazon, Sony, Flytxt, Fujitsu, and several tech companies. He has a bachelor’s degree in Biotechnology and a postgraduate degree in management from IMI Belgium.

About The Global Market Model

The Global Market Model is the world’s most comprehensive database of integrated market information available. The ten-year forecasts in the Global Market Model are updated in real time to reflect the latest market realities, which is a huge advantage over static, report-based platforms.

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