Cybersecurity market growing billions each year

The rising number of data breaches and cyberattacks globally, as well as the increasing awareness of the state-sponsored cyberattacks, have led to an increased demand for cybersecurity software solutions.

According to data gathered by PreciseSecurity.com, the overall cybersecurity software revenue is expected to reach US$25.1 billion in revenue this year, growing 4.8% year-on-year.

The rising trend is set to continue in the following years, with the entire market reaching US$27 billion worth by 2023.

Cybersecurity has become one of the biggest concerns for both citizens and businesses all around the world.

The growing demand for eCommerce platforms, technology developments including AI and IoT, and the rising number of connected devices have led to the massive adoption of cybersecurity solutions.

The cybersecurity software market refers to all software solutions aiming to protect individual computing devices, networks, or any other computing-enabled device.

It includes antivirus software, password managers, data protection and security against intrusions, and any other system-level security risks, both in local installation and cloud service.

In 2012, the global cybersecurity software market reached US$17.5 billion.

In the next seven years, the market revenue grew by nearly 40% and reached a US$23.9 billion value in 2019.

The statistics indicate that the entire market is expected to grow at a CAGR of 2.5% in the next three years.

In global comparison, the United States is the leading cybersecurity software market in the world.

The statistics indicate the entire US market is set to reach US$10.1 billion value this year.

With $1.5 billion value or 6.5 times less than the US market, the United Kingdom ranked as the second-biggest market globally.

The 2020 data show Germany is expected to reach $1.1 bn market value this year, followed by France and Canada as other leading markets.