As per Statista, the cybersecurity market size is predicted to reach 345.4 billion U.S. dollars by 2026. With COVID-19 taking the world by a storm, the reliance on digital technology is higher than ever, which has followed a heightened need for cybersecurity.
As brick-and-mortar offices shut down, many organizations shifted to remote business models, which led to a rise in the demand for strengthened security protocols to prevent malware and cyber attacks.
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What’s Ahead For The Cybersecurity Market in 2022?
With the rising number of eCommerce platforms, cloud security, and the adoption of IoT and machine learning, the cybersecurity market shows no signs of stopping. A report published by the European Cybersecurity Organization estimated that the U.K. spent approximately USD 2.3 billion on the internet and network security initiatives for defense and research in 2020. Accordingly, the increase in government investments in security solutions to safeguard confidential data across all sectors is expected to drive market growth further.
COVID-19 Impact on Cybersecurity
In the aftermath of the global pandemic, several industries and markets have come to a standstill and have suffered serious effects. Instabilities in the supply chain, shortage in resources and raw materials, job losses, and the temporary closure of manufacturing plants have adversely affected the growth of the market. Various small and medium-scale enterprises across the globe had to face shutdowns cause of the unpredictable nature of the outbreak. This has led to a surge in the demand for internet security services in not just homes but the healthcare, industrial, and government sectors.
North America Sees Increased Use Of eCommerce Platforms
The global cyber security market share is expected to be dominated by North America. Cyberattacks and breaches are driving the adoption of security solutions, leading to growth in the market. Moreover, the increasing number of eCommerce platforms across Canada, and the United States should also contribute to market growth.
The increasing number of service providers in the Asia Pacific is expected to contribute to rapid growth. Also, governments are showing rising interest in implementing machine learning and big data in their enterprise security units which have further propelled the market growth.
Enterprises Investing More in the Internet of Things, Cloud Computing, and Machine Learning
Many key players in the market are integrating machine learning and cloud technology in their systems to support learning and identify underlying threats and suspicious activity. Earlier this year, SAP SE introduced a new cloud-based enterprise-level security solution that enables businesses to identify cyber threats and malware in real-time.
Currently, governments of nations like France, Germany, Brazil, India, and more are sparing no expense to invest in IT security solutions to secure vast volumes of confidential financial data. These investments are aiding in extensive research and development of advanced methodologies to help introduce new cybersecurity solutions in the market.
You can stay on top of emerging cybersecurity trends and learn how to mitigate threats by exploring our informative blogs at Security Forward.