The global cybersecurity market, worth US$152.51 billion in 2018, is expected to reach US$430.33 billion by 2027, according to a new report by Stratistics MRC. The market is expected to grow at a compound annual growth rate of 12.2% during that period.

Market growth is being driven largely by technological advancements, an increasing acceptance of the internet of things, and a high demand for cloud solutions. However, that growth is being restrained by an insufficient number of expert workers, according to Stratistics MRC.

The cloud segment is expected to grow with a significant market share, driven mainly by the low cost of maintenance, which attracts small and medium-sized businesses. Cloud products also don’t require purchase, installation and maintenance of software or hardware.

From a geographic standpoint, North America is expected to hold significant market share during the forecast period due to the presence of key market players in the region, Stratistics MRC said.