Cybersecurity services market is poised to reach USD 100 billion by 2026 globally

USA is the largest market for cybersecurity software with 71.4% of total global spending. Major growth contributors to the cybersecurity market would be cloud security, endpoint security, identity and access management, network security and professional services. USA will remain an important market due to the sheer volume of connectivity infrastructure, endpoints and data centers. India remainds the fastest growing cybersecurity market in APAC. Within security services, the managed security services (MSS) market will grow faster than professional security services. 

Highlights

• Cost of a data breach has risen to $4.4Mn per breach in 2022, due to the increasing complexity and frequency of attacks carried out by well-funded and technologically sophisticated threat actors.
• Growing number of connected devices has significantly increased the surface area for potential attacks – By 2030, 75% of devices used worldwide will be IoT based.
• Hybrid working model has led to increased exposure to attack vectors like malware-laced phishing and Distributed Denial of Services.
• Introduction of stringent regulations, such as, GDPR, CCPA, DPDP, and NCSS have made data breaches a costly affair for organizations.