MarketsandMarkets forecasts the Cybersecurity market size to grow from USD 217.9 billion in 2021 to USD 345.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 9.7% from 2021 to 2026. With large number of interconnections with IP-enabled devices that have operating systems and firmware create vulnerabilities and configuration issues from enterprises and the requirement to automate various security features in business processes are some of the factors that are driving the market growth.
As countries worldwide started implementing lockdowns and restrictions to slow the spread of Covid-19 in April 2020, it is estimated that 71% of security professionals reported an increase in security threats and attacks since the start of the coronavirus outbreak. The leading threat cited was phishing attempts (cited by 55% of respondents), followed by malicious websites claiming to offer information or advice about the pandemic (32%), followed by increases in malware (28%) and ransomware (19%).
What is Cybersecurity?
Cybersecurity is the practice of protecting critical systems and sensitive information from digital attacks. These cyberattacks are usually aimed at accessing, changing, or destroying sensitive information; extorting money from users; or interrupting normal business process.
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Competitive overview:
The Cybersecurity market is highly competitive due to numerous players operating in different parts of the entire ecosystem. The market is led by some of the globally established players such as IBM (US), Cisco (US), Check Point (Israel), FireEye (US), Trend Micro (Japan), NortonLifeLock (US), Rapid7 (US), Micro Focus (UK), Microsoft (US), Amazon Web Services (US), Oracle (US), Fortinet (US), Palo Alto Networks (US), Accenture (Ireland), McAfee (US), RSA Security (US), Forcepoint (US), Sophos PLC (UK), Imperva (US), Proofpoint (US), Juniper Network (US), Splunk (US), SonicWall (US), CyberArk (US), F-secure (Finland), Qualys (US), F5 (US), AlgoSec (US), SentinelOne (US), DataVisor (US), RevBits (US), Wi-Jungle (India), BluVector (US), Aristi Labs (India) and Securden (US).These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions and product developments to increase their market presence.
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IBM (US) has been acknowledged as one of the leading vendors of cybersecurity solutions. The company has broad range of solutions that provides security across network, endpoint, and cloud. Its next-generation IBM Security Guardium platform consists of 3 major elements - Offensive Security Services, Threat Management Services, Identity Access Management Services and Infrastructure and Endpoint Services.
SonicWall is a security software company that designs and develops firewall, enterprise-class, cloud security, and performance appliances. It sells a range of internet appliances primarily directed toward content control and network security. These appliances include devices providing services for network firewalls, Unified Threat Management (UTM), Virtual Private Networks (VPNs), and anti-spams for emails. The company also markets information subscription services related to its products
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