Cybersecurity software revenue to hit $27 billion by 2023
 

Humanity is an insecure species

Number crunchers at PreciseSecurity.com have been flipping their abacuses and reached the conclusion that cybersecurity software revenue is expected to reach $25.1 billion in revenue this year.

Due to the rising number of data breaches and cyberattacks globally, as well as the increasing awareness of the state-sponsored cyberattacks, has led to an increased demand for cybersecurity software solutions.
The trend is set to continue in the following years, with the entire market reaching $27 billion in the next three years.

The cybersecurity software market covers to all software solutions aiming to protect individual computing devices, networks, or any other computing-enabled device. It includes antivirus software, management of access, data protection and security against intrusions, and any other system-level security risks, both in local installation and cloud service.

In 2012, the global cybersecurity software market reached $17.5 billion worth. In the next seven years, the market revenue grew by nearly 40 per cent and reached a $23.9 billion value in 2019. The statistics indicate that the entire market is expected to grow at a CAGR of 2.5 per cent in the next three years. the report said.

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