Report: Blockchain-driven global cybersecurity market value will exceed $ 280 billion by 2027

According to a report by Fortune Business Insights, the global cybersecurity market value was US $ 112.01 billion in 2019, and is expected to reach US $ 281.74 billion by 2027, with a CAGR of 12.6% during the forecast period from 2020 to 2027. The report states that as the number of cybersecurity threats and attack tools grows, the demand for advanced cybersecurity solutions to address such attacks is growing exponentially. Traditional network security solutions have not done enough to protect organizations from threats such as cloud, network, and endpoint security. Network security solution providers need huge algorithms to develop technologically advanced solutions. In addition, the high costs associated with cybersecurity solutions and services limit adoption by small and medium-sized businesses. The growth of the network security market is driven by the increasing popularity of online e-commerce platforms and the emergence of disruptive technologies such as artificial intelligence, the Internet of Things, and blockchain. In addition, with the increase in investment from India, Italy, Spain, Canada, Oman, South Korea, Qatar and other countries, the adoption of network security solutions is expected to increase. The growing demand for corporate security solutions in banking, financial services and insurance (BFSI), manufacturing, and aerospace, defense, and medical industries is expected to expand the market in the coming years.