The digital transformation accelerated by the pandemic and the growing number of data breaches and cyberattacks has forced online users, companies, and organizations to increase their spending on security software solutions.
According to data presented by StockApps.com, global security software revenues are expected to hit $45.5bn in 2021, a 20% increase in two years.
For the purposes of the study, it says the security software market includes all software solutions that aim to protect individual computing devices, networks, or any other computing-enabled device. It includes antivirus software, management of access, data protection and security against intrusions, and any other system-level security risks, both in local installation and cloud service.
StockApps says recent years have witnessed a massive adoption of these solutions, driven by the surge of eCommerce, huge technology developments including AI and IoT, and the rising number of connected devices.
In 2016, the entire market was worth $27bn, revealed the Statista survey. In the next two years, revenues surged by more than 40% to $38.1bn.
The entire market maintained its steady growth amid the COVID-19 pandemic, with millions of people working and educating from home. The TrustRadius 2020 survey of software buyers and users revealed that 41% of organizations increased their security software spending amid pandemic.
Statistics show the market revenue jumped by 7% year-over-year to $41bn in 2020. This figure is expected to rise by $4bn in 2021. However, the following years are set to witness a surge in the adoption of software security solutions, with revenues jumping to more than $61bn by 2025.
In global comparison, the United States represents the leading security software market expected to generate $22.8bn, or 50% of revenues this year. Statista data indicate the US security software revenues jumped by 20% in the last two years, while the unified market is set to reach $30.5bn value by 2025.
With $2.3bn in revenue or almost ten times less than the leading United States, Germany ranked as the second-largest security software market globally. The United Kingdom, Japan, and China follow with $2.2bn, $2.1bn, and $1.9bn in revenue, respectively.