According to UnivDatos report Global cybersecurity market is expected to register a CAGR of around 11% over the period of 2021-2027. This is due to the increasing number of people and devices connected to the internet that can be hacked and the rise in malware and phishing threats among people. Hackers don’t just target computers, websites, and servers; any device based on programming offers an opportunity for them. From the most complex to the simplest network, if they are connected to the internet, they are highly prone to cyber-attacks. Moreover, there are several types of cyber threats present that can breach the security and steal the data such as malware, backdoors, formjacking, cryptojacking, distributed denial-of-service (DDoS) attacks, and domain name system (DNS) poisoning attacks.

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Based on type, the cybersecurity market is bifurcated into solutions and services. The service segment grabbed a significant amount of market share in 2020 and is expected to be the prominent shareholder during the forecast period. The growth of this segment can be attributed to the increasing demand for consulting services and upgrade services from SMEs. Small and medium enterprises have a limited budget and small teams, due to which these enterprises depend on consultations before implementing any solutions.

On the basis of deployment, the cybersecurity market is segmented into cloud and on-premises. The on-premises deployment held a considerable market share in 2020 and is expected to grow at a robust growth rate during the forecast period. This is because several large organizations prefer to have complete control of the solutions and on-premises deployment provides complete customization and upgradation options to the enterprises. On-premises deployment reduces dependency on third-party organizations providing more protection from cyber-attacks.

For a better understanding of the market adoption of cybersecurity, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America), Europe (Germany, France, Spain, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea Rest of APAC), Rest of the World. North America acquired a considerable market share in the cybersecurity market and is expected to grow at an extensive rate mainly owing to the rising number of high-security data breaches and an increasing number of e-commerce platforms in the region.

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Some of the major players operating in the cybersecurity market are Cisco Systems Inc., Check Point Software Technologies Ltd., Palo Alto Networks Inc., Fortinet Inc., International Business Machines Corporation, Sophos Ltd., Oracle Corporation, McAfee LLC, RSA Security LLC, NortonLifeLock Inc.

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