As global usage of online platforms for critical communications, investments and financial transactions continue to surge on COVID-19 pandemic-triggered disruptions to the global economic system, new research findings sourced from StockApps.com have projected that global security software revenues may hit $45.5 billion this year.
The figures, which represent a 20% increase in two years, are hinged on growing number of data breaches and cyberattacks that had compelled online users, companies, and organizations to increase their spending on security software solutions.
According to the research projections, the global security software revenues are projected to rise to over $61 billion by 2025.
The research findings showed that recent years have witnessed a massive adoption of these solutions, driven by the surge of eCommerce, huge technology developments including AI and IoT, and the rising number of connected devices.
A survey conducted by Statista showed that in 2016, the entire market was worth $27 billion, rising by 40% to $38.1 billion within the next two years.
Over the past two years since the COVID-19 pandemic outbreak, the market has maintained a steady growth, with millions of people working and educating from home.
The TrustRadius 2020 survey of software buyers and users indicated that 41% of organizations increased their security software spending amid pandemic.
Available statistics on the market’s trend showed that the market revenue jumped by 7% year-on-year to $41 billion in 2020, a figure that is projected to rise by $4 billion this year.
A comparative analysis of the research findings on market-by-market basis showed that the United States (U.S) remained the leading security software market. The U.S is expected to generate $22.8 billion, or 50% of the revenues this year.
With $2.3 billion projected earnings, Germany ranked as the second-largest security software market globally. The United Kingdom, Japan, and China follow with $2.2 billion, $2.1 billion, and $1.9 billion in revenues respectively.
The global security software market includes all software solutions that aim to protect individuals and corporates’ computing devices, networks, or any other computing-enabled device.
The market 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 computing service.