Cloud Security segment is projected to create high-value opportunities in the cybersecurity market
The global cybersecurity market is expected to reach USD 225.8 bn by 2027, growing at a CAGR of 11.2% during the forecast year (2021-2027). There has been a double growth in the adoption of cybersecurity across various industries, due to the adoption of automation, which is a result of the Industrial Revolution 4.0, machine-to-machine communication, and the emergence of smart cities. The Healthcare industry is expected to grow with a lucrative growth rate. As healthcare sector has become a target of significant interest amongst cybercriminals.
The cloud security segment was a significant contributor to the cybersecurity market and expected to grow with a CAGR of 21.9% during the forecast period (2021-2027). Major players operating in the market include Cisco, Rapid7, Check Point Software, Symantec, Palo Alto Networks, along with numerous start-ups that are offering enhanced cybersecurity software solutions & services to cater to the needs of customers. Such factors are expected to create immense opportunities across the globe.