The rising number of data breaches and cyber attacks globally, as well as the increasing awareness of the state-sponsored cyber attacks, have led to an increased demand for cyber security software solutions. According to data gathered by PreciseSecurity.com, the overall cyber security software revenue is expected to reach $25.1bn in revenue this year, growing 4.8% year-on-year.
The rising trend is set to continue in the following years, with the entire market reaching $27 bn worth in the next three years.
Cyber security as a global concern
Cyber security 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 cyber security solutions.
The cyber security 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 cyber security software market reached $17.5bn worth. In the next seven years, the market revenue grew by nearly 40% and reached a $23.9bn value in 2019. The statistics indicate that the entire market is expected to grow at a CAGR of 2.5% in the next three years.
US leads cyber security software market
In global comparison, the United States is the leading cyber security software market in the world. The statistics indicate 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.