Cybersecurity Market Worth $248.26 Billion by 2023

CHICAGO, September 21, 2018 /PRNewswire/ --

According to a new market research report "Cybersecurity Market by Solution (IAM, Encryption, UTM, Antivirus/Antimalware, Firewall, IDS/IPS, Disaster Recovery, and DDOS Mitigation), Service, Security Type, Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets, the market is expected to grow from USD 152.71 billion in 2018 to USD 248.26 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.2% during 2018-2023.

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The major forces driving the Cybersecurity Market growth are strict data protection directives and rising cyber terrorism. The Cybersecurity Market is growing rapidly because of the rising need for cloud-based cybersecurity solutions among Small and Medium-sized Enterprises (SMEs).

Browse in-depth TOC on "Cybersecurity Market"
Tables - 99
Figures - 68
Pages - 244

https://www.marketsandmarkets.com/Market-Reports/cyber-security-market-505.html

The encryption solutions segment is expected to grow at the highest CAGR from 2018 to 2023 

Cybersecurity solutions are used to secure the network infrastructure and the devices connected to it. The Cybersecurity Market is segmented by solution into Identity and Access Management (IAM), risk and compliance management, encryption, Data Loss Prevention (DLP), Unified Threat Management (UTM), firewall, antivirus/antimalware, Intrusion Detection System/Intrusion Prevention System (IDS/IPS), security and vulnerability management, disaster recovery, Distributed Denial of Service (DDoS) mitigation, web filtering, and others (application whitelisting and patch management). The encryption solutions segment is expected to register the highest CAGR in the global Cybersecurity Market during 2018-2023. Encryption solutions offer consistent protection to sensitive data across all critical points in the entire lifecycle. These solutions enable enterprises to hide their critical data from unauthorized bad actors.