Analytics Insight predicts the global cybersecurity market to grow from US$217.9 billion in 2021 to US$345.4 billion by 2026, recording a compound annual growth rate (CAGR) of 9.7% from 2021 to 2026. The growth of the market can be attributed to the growing sophistication of cyberattacks. The frequency and intensity of cyber scams and crimes have increased over the last decade, resulting in huge losses for businesses. As incidents of cybercrimes increased significantly, businesses worldwide channeled their spending on advanced information security technologies to strengthen their in-house security infrastructure. Furthermore, the need to defend critical infrastructure from Advanced Persistent Threats (APTs) has encouraged governments across the globe to reform their cyber security strategies, creating a pool of opportunities for industry participants.
The increasing awareness and rising investments in cybersecurity infrastructure across global organizations operating across verticals contribute to such growth of the market. Rapidly increasing cybersecurity incidents and regulations requiring their reporting are driving the cybersecurity market.
The adoption of M2M/IoT connections demands strengthened cybersecurity in enterprises. This is driving the market, as the emerging business models and applications are coupled with the reducing device costs, which have been instrumental in driving the adoption of IoT, and consequently, the number of connected devices, such as connected cars, machines, meters, wearables, and consumer electronics.
High reliance on traditional authentication methods and low preparedness are challenging the market to grow. In a market scenario where security professionals are recommending identity-management solutions, such as facial recognition and biometric identification, most of the companies in the region (over 80%) still use usernames and passwords as the exclusive means of logging in.
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