International. The increasing number of data breaches and cyberattacks globally, as well as the growing awareness of state-sponsored cyber attacks, have led to an increased demand for cybersecurity software solutions.
According to data collected by PreciseSecurity.com, total cybersecurity software revenue is expected to reach $25.1 billion in revenue this year, growing 4.8% year-over-year. The upward trend is expected to continue in the following years, with the entire market reaching $27 billion over the next three years.
Cybersecurity as a global concern
Cybersecurity has become one of the biggest concerns for citizens and businesses around the world. The growing demand for e-commerce platforms, technological developments including AI and IoT, and the growing number of connected devices have led to the mass adoption of cybersecurity solutions.
The cybersecurity software market refers to all software solutions intended to protect individual computing devices, networks, or any other computing-enabled devices. It includes antivirus software, access management, data protection and intrusion security, and any other system-level security risks, both on-premises and in the cloud service.
In 2012, the global cybersecurity software market reached a value of US$17.5 billion. Over the next seven years, market revenue grew by nearly 40% and reached a value of US$23.9 billion in 2019. Statistics indicate that the entire market is expected to grow at a CAGR of 2.5% over the next three years.
The United States is the leading market for cybersecurity software
In global comparison, the United States is the leading cybersecurity software market in the world. Statistics indicate that the entire U.S. market will reach a value of $10.1 billion this year.
Worth $1.5 billion or 6.5 times less than the U.S. market, the U.K. ranked as the second-largest market globally. Data from 2020 shows that Germany is expected to reach a market value of US$1.1 billion this year, followed by France and Canada as other leading markets.
