MarketsandMarkets forecasts the cybersecurity market size to grow from $152.71 billion in 2018 to $248.26 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.2 percent during the forecast period. The driving factors behind this growth are strict data protection directives and rising cyber terrorism. The cybersecurity market is growing rapidly because of the rising need for cloud-based cybersecurity solutions among Small and Medium-sized Enterprises (SMEs).
The encryption solutions segment is expected to register the highest growth in the global cybersecurity market during the same period. Encryption solutions offer consistent protection to sensitive data across all critical points in the entire lifecycle. These solutions enable enterprises to hide their critical data from unauthorized bad actors.
Out of all the industry verticals, the healthcare industry vertical is expected to grow at the highest rate from 2018 to 2023, as the medical data and digital medical devices used in this industry vertical are prone to advanced threats. The government is expected to have largest market size in 2018, due to the increased adoption of cybersecurity solutions in this industry vertical. The Banking, Financial Services, and Insurance (BFSI); and Information Technology (IT) and telecom industry verticals are also expected to gain traction during the forecast period.
Region wise, North America is estimated to hold the largest share of the cybersecurity market in 2018, due to technological advancements and the early adoption of cybersecurity in the region. The market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2018 and 2023. The primary forces driving this growth are increasing technology adoption, huge opportunities across industry verticals, and strict directives for data privacy in APAC countries, especially India and China.
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