The report “Covid-19 Impact On Cybersecurity Market by Technology (Network Security, Application Security, Endpoint Security, Cloud Security, Database Security, Web Security, ICS Security), Vertical, Region – Global Forecast to 2021“, published by MarketsandMarkets, the market size is expected to grow from USD 183.2 billion in 2019 to USD 230.0 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 12.0% during the forecast period.
The market growth can be attributed to increasing focus on cybersecurity-driven business continuity plans to provide optimized security to customer data and operations that are being handled by the companies. Increasing focus on cybersecurity as a critical business imperative and not just as a support function is expected to further drive the market with a higher wallet share for security policies and infrastructure.
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Network security to secure major wallet share of the cybersecurity market during the forecast period
Organizations are facing an increase in attacks on corporate emails, with attackers posing as legitimate agencies, trying to trick people into sharing their account access credentials or opening malicious email attachments. A major factor in the rise of these scams is fake COVID-19 websites, which may promise a cure or treatment in exchange for personal information.
The security company, RiskIQ, has tracked COVID-19 keywords to determine that over 300,000 suspicious COVID-19 websites have been created between March 9th and March 23rd. These malicious websites can potentially infect endpoint devices with malware. This could be detrimental for businesses when such devices connect to enterprise networks, especially with employees working remotely from their homes. Hence, a well-bound combination of network firewalls, email security, and best practices among the workforce is essential to avoid compromising the enterprise networks.
Manufacturing vertical to see less growth during the forecast period in the cybersecurity market
As the COVID-19 crisis continues to expand, manufacturers would likely face challenges on numerous fronts. Manufacturing companies would be looking for immediate measures to keep their workforces safe and their businesses solvent. Manufacturers would also need to look beyond their economic viability. As the COVID-19 pandemic intensifies, manufacturers would likely face continued downward pressure on demand, production, and revenues. They would also face cash-flow liquidity challenges and difficulties in managing debt obligations.
China is the manufacturing hub for almost all raw material requirements across the globe; the COVID-19 pandemic has affected the global economy and disrupted supply chains. The impact would be felt across a range of industries dependent on the supply of inputs from China, including electrical components, non-electric machinery and machine tools, metallic and non-metallic products, organic and inorganic chemicals, and pharmaceutical ingredients. This pandemic is already facing various challenges to industrial manufacturers, especially those that depend on workers whose jobs cannot be carried out remotely
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Europe to witness the high impact of COVID-19 during the forecast period in the cybersecurity market
European countries, including Italy, Spain, France, and Germany, have reported rapidly growing cases of COVID-19 with Italy being affected with 115,200+ cases as on 09th April 2020, the highest number of cases. WHO has declared Europe as the new center for the virus after China as there have been 50,000+ deaths. With a lot of companies adopting goodwill services as their strategy for this crisis to retain and acquire customer base, they are primarily providing protection solutions and services against phishing attacks that primarily target Italian email addresses that contain malicious Microsoft Office documents with Trickbot, and a banking trojan used to steal victims’ confidential information.
Major vendors in the global cybersecurity market include Acunetix (Malta), ABB (Switzerland), Airbus (France), Belden (US), Baker Hughes (US), Microsoft (US), CrowdStrike (US), Symantec (US), TrendMicro (Japan), Sophos (UK), McAfee (US), Kaspersky (Russia), K7 Computing (India), ESET (Slovakia), Cisco (US), FireEye (US), F-Secure (Finland), Palo Alto Networks (US), Check Point Software (Israel), Fortinet (US), CyberArk (US), Cyberbit (Israel), Checkmarx (Israel), Rockwell Automation (US), CloudFlare (US), Vercaode (US), Pradeo (France), Rapid7 (US), Synopsys (US), Trustwave (US), WhiteHat Security (US), ImmuniWeb (High-Tech Bridge SA) (Switzerland), Contrast Security (US), Qualys (US), SiteLock (US), Sophos (UK), IBM (US), Imperva (US), CipherCloud Inc. (US), ZScaler Inc. (US), Avanan Inc. (US), Oracle (US), Thales (France), Micro Focus (UK), Fortinet (US), Imperva (US), Citrix (US), Juniper Networks (US), Akamai (US), Avaya (US), DXC Technology (US), Nokia (Finland), and Zscaler (US).
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