By Nilanjan Dey
A report by Globaldata.com, a data analytics and consulting company from London, gives insight into the cybersecurity market with details as to how much it will grow and what sectors it comprises.
There has been a surge in cyberattacks all across the spectrum which only seems to be increasing. According to Sophos, ransomware attacks spiked by 78% and among them, 90% of those hits said that the attack impacted their ability to operate, with 86% reporting a loss of business revenue. All this leads to increased measures to secure data whether that be public or private.
GlobalData valued the cyber security market at $220.6 billion in 2021. It forecasts that the market will increase to $334.6 billion in 2026, with a compound annual growth rate (CAGR) of 8.7%. The report observes increasing regulatory & government focus on data localization and enterprise IT data as growth drivers in the industry. The demand scenario also seems to be favourable for security solutions as there is an increase in hybrid working as well as work-from-model.
Coming to regions, the cyber security market in the Asia-Pacific led by China, India, and Japan captured a sizeable revenue share of the overall demand in 2021. The Indian cybersecurity market grew faster than those in China and Japan, with a CAGR of over 10%.
In terms of the need for cyber security, Europe came second. The growth of small- to medium-sized businesses and government spending on securing networks all contributed to the regional demand in 2021. From 2021 to 2026, the regional market is anticipated to expand at a CAGR of more than 5%.
Another trend that was observed in the report was the mergers & acquisitions of many cybersecurity players from the beginning of the pandemic. By the end of 2021, there were 40 M&A transactions involving cybersecurity firms each month. The report also forecasts that rising ransomware attacks and supply chain attacks will lead to a continued increase in such M&A deals.
The report also lists down major companies that are active in the cybersecurity industry. Let’s take a look at them:
