The rising cyber threats to digital businesses is making a big impact on the cybersecurity industry, which is poised to become a $27bn market by 2023.
Data from PreciseSecurity.com claims the overall revenue from cybersecurity software is expected to reach $25.1bn this year, a 4.8% year-on-year growth.
The cybersecurity software market refers to all software solutions aiming to protect individual computing devices, networks or other computing device. This includes anti-virus software, management of access, data protection, security against intrusions and more.
In 2012, the cybersecurity market was worth $17.5bn and it has grown by around 40% to reach a value of $23.9bn in 2019. Furthermore, the market is expected to grow by a CAGR of 2.5% in the next three years.
It’s the US market which is leading the charge, with the country’s cybersecurity software market expected to reach $10.1bn in 2020.
The UK market is the second largest market, despite the fact it is valued at $1.5bn making it 6.5 times smaller than the US’. Germany Is expected to reach a market value of $1.1bn in 2020 and will be followed by France and Canada.
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