According to a research report “Cybersecurity Mesh Market by Offering (Solutions, Services), Deployment Mode (Cloud, On-premises), Vertical (IT and ITeS, Healthcare, BFSI, Energy and Utilities), Organization Size (SMEs, Large Enterprises) and Region – Global Forecast to 2027″ published by MarketsandMarkets, the global cybersecurity mesh market is projected to grow from an estimated value of USD 0.9 billion in 2023 to USD 2.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 28.6% from 2022 to 2027.Rising cyberattacks faced by organizations in the recent years, is one of the factors driving market growth.
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By organization size, large enterprises to account for a largest market size during the forecast period
Large enterprises include firms with employee strength of more than 1,000. During the forecast period, the large enterprises segment is projected to account for a larger market size in the cybersecurity mesh. These enterprises are seeing a high adoption of cybersecurity mesh solutions. Large enterprises have enormous resources, meaning they can afford information security professionals and cutting-edge technology to defend themselves. Large enterprises possess the financial resources necessary to implement cybersecurity mesh solutions. They also have the workforce to install and work with the deployed systems. The IT administrators in large organizations dealing with highly sensitive information are witnessing high demand for zero-trust-based solutions to perform real-time security analytics of various security incidents. Zero trust-based solutions help IT security professionals in large enterprises to gain enhanced network visibility and effectively implement policies across different departments in remote locations. Large enterprises work with a large volume of data, which makes them attractive targets for cyberattacks. The increased usage of the internet and advanced technologies and strict regulatory compliances and laws implemented by governments across regions has led to large organizations increasingly adopting cybersecurity mesh solutions.
By vertical, IT & ITeS to account for the larger market size during the forecast period
The IT & ITeS vertical is an early adopter of innovative digital technological solutions. Companies in the IT vertical are constantly evolving in terms of technology. IT and ITeS industries store large volumes of critical business and employee data, such as names, addresses, and payment transaction information. Companies risk exposing themselves to malicious attacks without additional security layers such as endpoint security, two-factor authentication, or virtual firewalls. As more businesses adopted cloud-based technologies, the risk of such exposure worsened. With the surging adoption of BYOD and WFH trends, IT companies are rapidly prioritizing cybersecurity solutions and services. As enterprises increasingly adopted the work-from-home policy to curb the spread of COVID-19, IT and cloud professionals have become highly concerned about maintaining the security of their IT infrastructure. The upsurge in cloud computing, IoT, and BYOD trends has made it possible for cybercriminals to penetrate end-user systems with an easy access route. With such evolving landscape of cyber threats, IT organizations and ITeS service providers across regions are adopting cybersecurity mesh solutions to combat the cyberattacks.
By region, North America to account for the larger market size during the forecast period
North America is expected to have the largest market size in the cybersecurity mesh market. The region is witnessing growing digitalization in the recent years. There is increase in the use of advanced technologies, including digital payments, cloud-based applications, artificial intelligence, and IoT, that have added complexities for enterprises, making the region more vulnerable to risks and cyberattacks. The region is seeing a high concentration of vendors offering solutions and services in the cybersecurity mesh market. Additionally, several strict regulations govern the cybersecurity mesh market in the region. NIST is one such organization. It helps develop security standards, and guidelines, to meet the needs of the US industries and federal agencies. Regulations implemented, such as PCI-DSS and HIPAA, act as driving factors for the adoption of cybersecurity mesh solutions. The HIPAA Privacy Rule establishes the national standards to protect individual’s medical records, and other individually identifiable health information. The Rule sets limits and conditions on the use and disclosure of private health information. The increasing cyberattacks and the implementation of privacy laws have prompted organizations to adopt cybersecurity mesh solutions.
The major vendors in the cybersecurity mesh market are IBM (US), Palo Alto Networks (US), Check Point (Israel), Zscaler (US), Fortinet (US), GCA Technology (US), Forcepoint (US), SonicWall (US), Ivanti (US), Cato Networks (Israel), Aryaka Networks (US), SailPoint (US), appNovi (US), Appgate (US), Mesh Security (Israel), Primeter 81 (Israel), Naoris Protocol (Portugal), and Exium (US).
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