Cyber security has emerged as a top priority for organizations and consumers alike, especially following the spread of the COVID-19 pandemic, which led to new ways of living and working with a huge reliance on digital infrastructure that remains vulnerable to cyberattacks.
Against this backdrop, the global cyber security revenue is expected to register a compound annual growth rate (CAGR) of 8.7% from $220 billion in 2021 to $334 billion in 2026, forecasts GlobalData, a leading data and analytics company.
Enterprise cyber security will continue to dominate
The surge in the volume and sophistication of cyber-attacks across organizations is expected to favor the enterprise cyber security market revenue growth over the forecast period.
Madhumita Chaudhary, Practice Head at GlobalData told LondonLovesTech.com, “Despite the continued investments and growth in the cyber security space, the frequency of attacks and breaches have shown no signs of abatement. More than billions of records containing critical information were compromised since the pandemic.
“As such, enterprise cyber security will continue to dominate the overall cyber security demand in terms of market share, capturing a sizeable revenue share exceeding 90% in 2021.”
GlobalData’s latest report, “Cyber Security Market Size, Share and Trends Analysis Report by Type (Enterprise, Consumer), Product (Security Consulting, Managed Service Providers, Identity and Access Management), Vertical, Enterprise Size, Region, and Segment Forecasts, 2021-2026,” reveals that the consumer cyber security market too will register a healthy CAGR, exceeding 10% during 2021-2026.
Chaudhary explains, “The rapid emergence of connected devices and associated security risks with no baseline security upgrades will favor the segment growth over the forecast period.”
In addition to the rising frequency of attacks, ransomware is also gaining prominence, and has been used in several high-profile attacks. It is the most concerning type of cyberattack for business leaders.
Chaudhary continues: “Cyber security should be at the forefront of all digital transformation strategies. A lapse in focus could mean hefty repercussions in form of accelerated ransomware attacks.”
Asia-Pacific to lead cyber security growth
Asia-Pacific (APAC) is more vulnerable to cyber threats owing to the critical infrastructure and growing financial sector in the region. Furthermore, an increase in digital transformation initiatives, penetration of internet connectivity, and susceptibility stemming from IoT connectivity is likely to increase the adoption of cyber security solutions.
Chaudhary concluded, “Emerging countries in the APAC region like India, Singapore, Japan, Australia, the Philippines, Thailand, and Taiwan are facing increasing cyber-crimes in terms of ransomware, phishing, and network attacks, and are projected to witness strong demand for cyber security products & services.”