Cybersecurity Market Predicted to Hit 248.26 Billion Dollars by 2023
By Surangama Guha Roy

The cybersecurity market is expected, according to a ResearchandMarkets.com report, to expand globally from 152.71 billion American dollars in 2018 to 248.26 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.2%. Evolving technologies and government standards will be likely to drive the growth rate of the market, since with newer technology comes newer forms of cyber challenges.

Between 2018 and 2023, the network security segment is predicted to hold sway, while North America would be dominating the cybersecurity market. APAC regions are supposed to be offering potential growth opportunities, investing substantially in cybersecurity compliance. However, the small and medium sized businesses and enterprises would be held back due to limited funds for cybersecurity which might have detrimental effects of the market as a whole.

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