Global cybersecurity software revenue to hit $27bn in 2023https://securityitsummit.co.uk/wp-content/uploads/2019/03/Nuance.jpg 960 640 Stuart O'Brien Stuart O'Brien https://secure.gravatar.com/avatar/81af0597d5c9bfe2231f1397b411745a?s=96&d=mm&r=g
The overall cybersecurity software revenue is expected to reach $25.1bn in revenue this year, growing 4.8% year-on-year, with the entire market reaching $27bn in the next three years.
That’s according to data gathered by PreciseSecurity.com, which says 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.
The report asserts that 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.
For the purposes of the report, 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, management of access, 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 $17.5bn in revenue. In the following seven years, the market revenue grew by nearly 40% to reach $23.9bn 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, with the report indicating the entire US market is set to reach $10.1bn value this year.
With $1.5bn 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 $1.1bn market value this year, followed by France and Canada as other leading markets.