The global cybersecurity services market will be worth $192.7bn in seven years’ time, according to a new report by Grand View Research, Inc.
Researchers believe that the market size, valued at $91.15bn in 2020, will expand at a compound annual growth rate (CAGR) of 10.2% from 2021 to 2028.
Factors expected to drive the growth of the market size include the predicted continuance of cybersecurity breaches impacting enterprises and individuals and feeding the need to tackle vulnerabilities in networks, apps, and systems.
The proliferation of smartphones and the continued rollout of high-speed internet networks is also expected to boost the cybersecurity services market by triggering the adoption of mobile apps for everything from banking to health monitoring and socializing.
“All these applications have also emerged as potential targets for hackers, thereby prompting companies to opt for cybersecurity services to identify loopholes in the applications, plug the loopholes, and subsequently save users from potential losses,” noted researchers.
Other anticipated drivers of market growth flagged in the report include the need to meet various regulatory compliance acts and standards, such as HIPAA, FISMA, and PCI DSS.
Key predictions from the report are that the healthcare industry, which has lost $160m to ransomware attacks alone since 2016, will exhibit the highest CAGR of 11.4% over the forecast period.
“The increased instances of cyber-crimes in the recent past, and particularly during the outbreak of the COVID-19 pandemic, have prompted healthcare application developers to address the application vulnerabilities,” noted researchers.
They added: “Cyber-crimes targeting the healthcare industry are expected to intensify in line with the continued digitalization and the introduction of IoT-based medical devices.”
Asia Pacific is expected lead the way in regional growth as the fastest-growing area over the forecast period with a predicted CAGR of more than 16.3%.
Researchers wrote: “Asia Pacific is expected to offer numerous opportunities for adopting cyber security services, given the continued digitalization in India, Malaysia, Thailand, and Southeast Asian countries.”
Headquartered in San Francisco, Grand View Research is a California research and consulting company comprising over 425 analysts and consultants.