Cybersecurity Software Market 2023

Overview

The global cybersecurity software market is expected to grow at a CAGR of 14.6% during the forecast period 2019-2023 – SoftwareVerdict. This growth can be attributed to the increasing need for data protection in organizations and rising cyber attacks on systems due to the growing usage of mobile devices, connected devices, and the internet. Additionally, the growing trend of digitalization is also increasing the need for cybersecurity software solutions.

Key Drivers

The key drivers of the global cybersecurity software market are increased cyber threats due to rapid digitization, government regulations for data security, rising requirement for mobile device security, and increasing awareness about cyber attacks. The rapid growth in the number of connected devices and the use of mobile phones are also key factors driving the growth of the cybersecurity software market.

Market Segmentation

The global cybersecurity software market is segmented into solutions, services, deployment type, industry vertical, and geography. Solutions include identity access management (IAM), encryption & tokenization, content security & threat management, vulnerability assessment & risk management, and others. Services include professional services such as consulting, implementation & integration, and support & maintenance services among others. Deployment type segment is further divided into cloud-based deployment and on-premise deployment.

The industry verticals covered in the report are retail, BFSI, government & defense, healthcare, IT & telecom, education, manufacturing, and others. The geographical segmentation of the report covers North America (United States, Canada), Europe (UK, Germany, France), Asia-Pacific (China India Japan) Latin America (Brazil Mexico Colombia) and Middle East & Africa.

Competitive Landscape

The competitive landscape of the global cybersecurity software market is highly fragmented. Some of the key players in the market are Symantec Corporation, Trend Micro Incorporated, Dell Inc., IBM Corporation, McAfee LLC, Microsoft Corporation, Sophos Ltd., Intel Security Group, Cisco Systems Inc., and FireEye Inc. The major strategies adopted by these players are collaborations, partnerships, mergers & acquisitions, and product launches.

Conclusion

The global cybersecurity software market is expected to witness significant growth over the forecast period due to the increasing number of cyber threats and the need for data protection in organizations. Furthermore, government regulations for data security are also propelling the growth of this market. Companies in the market are adopting various strategies such as collaborations, partnerships, mergers & acquisitions, and product launches to remain competitive. Thus, the global cybersecurity software market is expected to experience substantial growth over the forecast period 2019-2023.