The global cyber security market is expected to reach USD 366.10 billion by 2028, growing at a CAGR of 12.0 percent during the forecast period. The market is predicted to increase because to the increasing number of e-commerce platforms and the growing integration of machine learning, Internet of Things (IoT), and cloud. This information was presented in a report by Fortune Business Insights, titled, “Cyber Security Market, 2021-2028”. In 2020, the market was worth USD 153.16 billion, and in 2021, it is expected to reach USD 165.78 billion.
The United Kingdom government invested about USD 2.30 billion in internet and network security projects for defense and research in 2020, according to a report by the European Cybersecurity Organization. As a result, market growth is expected to be aided by rising government investments in internet security solutions to protect their personal data and information.
Cisco Systems, IBM Corporation, Fortinet, Proofpoint, Microsoft Corporation, Palo Alto Networks, Broadcom, F5 Networks, Sophos, Oracle Corporation, Cybersecurity Services, are the key players in the Global Cybersecurity Market.
Impact of COVID-19 Pandemic
The global pandemic has had a significant impact on the global economic structure, stagnated the growth of a number of businesses and marketplaces. The market’s expansion has been hampered by disruptions in supply chain networks, lack of resources, job crunches, and the temporary shutdown of production plants. The humanitarian crisis has had the most profound impact on startups and small companies. However, in the manufacturing, government, and healthcare sectors, demand for internet security solutions has skyrocketed, boosting the market’s growth. In the following years, the market is predicted to rise rapidly.