Global Cybersecurity Market to Eclipse $300B by 2024
As enterprises are rapidly embracing Cloud platforms and other networking technologies, they are becoming more vulnerable to various cyber-attacks.
SELBYVILLE, De. — The global cybersecurity market is set to grow from its current market value of more than $120 billion to over $300 billion by 2024, according to a new research report by Global Market Insights.
The cybersecurity market is propelled by the increasing need among enterprises to minimize security risks. As enterprises are rapidly embracing Cloud platforms and other networking technologies, they are becoming more vulnerable to various cyber-attacks.
The average expenditure on cybercrime has increased significantly. In 2017, the average spending by organizations on cybersecurity solutions increased by over 23% accounting for over $11.7 million. This rise in budgetary allocations in cybersecurity solutions is driving the growth of the cybersecurity market.
Mobile Device Attacks Rising
The rising penetration of various mobile and wireless devices is fostering the growth of the cybersecurity market. The falling prices of mobile devices and advancements in the connectivity infrastructure across the globe are propelling the adoption of smart devices across enterprises and consumers. This has caused a simultaneous increase in the number of cyber-attacks on mobile devices.
In 2017, cyberattacks on mobile devices increased by over 40% with an average of over 1.2 million attacks per month. Hence, end-users and organizations are embracing cybersecurity solutions leading to the growth of the market.
The identity and access management (IAM) market will grow at a compound annual growth rate (CAGR) of over 17% over the forecast timespan. The increasing spending by large enterprises and government organizations is driving the growth of the market. Additionally, the emergence of stringent regulatory compliances due to security concerns is expected to increase, impacting positively on market growth.
The infrastructure protection market is also expected to grow at a significant pace over the projected frame due to the growing adoption of IoT devices and the increasing use of email and web-based applications.
In 2017, the large enterprises market accounted for a market share of over 60% in the global cybersecurity market. The increasing risk of cyber-attacks is driving the adoption of cybersecurity solutions among large enterprises. In 2017, the large organizations lost an average of over $10 million due to cybersecurity breaches.
The average cost of cyber-attacks rose by 11% in 2017. This has encouraged large enterprises to adopt security solutions to mitigate the risk of cyber-attacks. The SME market is anticipated to witness a high growth rate due to the extensive adoption of BYOD policies to improve employee productivity.
The transportation market is expected to grow at a CAGR of over 15% over the projected timespan. The use of smart logistics, industrial Internet of Things (IIoT), and other reconstruction initiatives have further increased the risk by creating a wider attack surface from enormous systems.
Any disruption in the operations of transportation and logistics companies can cause substantial downtime and loss of revenue. This is leading transportation companies to implement cybersecurity solutions. The IT & telecom sector is also predicted to grow at a high pace as it deals with sensitive customer data used for providing unified communication services.
In 2017, Europe accounted for a share of over 20% in the global cybersecurity industry. The regional market is expected to grow exponentially due to a rise in the number of government investments and public-private partnerships to enhance the cybersecurity infrastructure.
In addition, there is an introduction of supportive government policies and compliance regulations mandating companies to adopt security measures.
The Asia Pacific cyber security market is predicted to grow at a CAGR of 20% over the forecast timespan. Extensive digitalization across multiple industry verticals and the rising number of smartphone users are factors driving the growth of the in the region.
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