Covid-19 Impact On Cybersecurity Market by Technology (Network Security, Application Security, Endpoint Security, Cloud Security, Database Security, Web Security, ICS Security), Vertical, Region - Global Forecast to 2021
[94 Pages Report] The COVID-19 impact on the global cybersecurity market size is expected to grow from USD 183.2 billion in 2019 to USD 230.0 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 12.0% during the forecast period. The market growth can be attributed to increasing focus on securing remote infrastructure and IP of enterprises due to work from home and remote services programs. Increasing focus on cybersecurity as a key business imperative and not just as a support function is expected to drive the market with a higher wallet share for security policies and infrastructure.
Endpoint security segment to show the highest growth rate during the forecast period
Endpoint security solutions are a combination of both Endpoint Protection Platform (EPP) and Endpoint Detection and Response (EDR) solutions. Together these solutions secure endpoints and remote devices used in organizations from viruses, Trojans, and malware, as well as advanced threats, such as zero-day malware and advanced persistent threats. EDR solutions enable continuous detection and response to advanced cybersecurity threats and considerably improve threat detection, security monitoring, and incident response proficiencies for enterprises across verticals.
Healthcare segment to show the highest growth rate during the forecast period in the cybersecurity market
COVID-19 poses an occupational health risk to healthcare workers, where COVID-19 has infected thousands of healthcare workers worldwide. Hence, preventing intra-hospital transmission of this communicable disease is a key priority for healthcare institutions and administrative bodies. As the remote and teleworking modes are adopted in the healthcare industry, the possibility of using personal devices and the home internet connections that do not have the enterprise-grade security would result in remote users vulnerable to malicious cyberattacks. In February 2020, WHO issued a warning of fraudulent emails that have been sent by criminals posing as WHO. Cybercriminals have also been impersonating the US CDC by creating domain names similar to the CDC’s web address to request passwords and even Bitcoin donations to fund a fake vaccine.
North America to hold the largest market share during the forecast period
North America is expected to maintain the largest share in the global cybersecurity market, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The high growth rate in APAC can be attributed to organizations in the region, grabbing opportunities to go beyond ensuring their regulations and compliances, and applying technology to curtail threats on enterprise devices. Additionally, the region has the highest adoption of mobile devices and connected devices that are highly vulnerable to endpoint attacks.
North America is the most significant revenue contributor to the global cybersecurity market. The region is witnessing significant developments, especially in the endpoint security segment. In North America, the high penetration of this technology can be attributed to the increasing use of the automation and behavioral analysis for threat detection, growing amount of data across verticals, and rising investments by companies in real-time security solutions.
Key Market Players
Major vendors in the global cybersecurity market include Acunetix (Malta), ABB (Switzerland), Airbus (France), Belden (US), Baker Hughes (US), Microsoft (US), CrowdStrike (US), Symantec (US), TrendMicro (Japan), Sophos (UK), McAfee (US), Kaspersky (Russia), K7 Computing (India), ESET (Slovakia), Cisco (US), FireEye (US), F-Secure (Finland), Palo Alto Networks (US), Check Point Software (Israel), Fortinet (US), CyberArk (US), Cyberbit (Israel), Checkmarx (Israel), Rockwell Automation (US), CloudFlare (US), Vercaode (US), Pradeo (France), Rapid7 (US), Synopsys (US), Trustwave (US), WhiteHat Security (US), ImmuniWeb (High-Tech Bridge SA) (Switzerland), Contrast Security (US), Qualys (US), SiteLock (US), Sophos (UK), IBM (US), Imperva (US), CipherCloud Inc. (US), ZScalar Inc. (US), Avanan Inc. (US), Oracle (US), Thales (France), Micro Focus (UK), Fortinet (US), Imperva (US), Citrix (US), Juniper Networks (US), Akamai (US), Avaya (US), DXC Technology (US), Nokia (Finland), and Zscaler (US).
These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to strengthen their presence in the cybersecurity market.
Microsoft donated USD one million to Puget Sound’s COVID-19 Response Fund. Microsoft is working with various healthcare organizations to safeguard them from evolving ransomware threats during the COVID-19 crisis. The company has launched a Healthcare Bot service. Microsoft continues to work with its customers, partners, and the research community to track human-operated ransomware and other cyber threats, which the attackers are using to take advantage of this ongoing pandemic situation. The healthcare bot service by Microsoft helps screen people to find out for any potential infection and provide medical care for the same. This also fields one million messages to the members about the pandemic. This, in turn, would minimize the spread of the infection and save hospital infrastructure as well.
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Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
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- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
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Report Metric |
Details |
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Market size available for years |
2019–2021 |
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Base year considered |
2019 |
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Forecast period |
2019–2021 |
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Forecast units |
USD Billion |
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Segments covered |
Technology type (network security, application security, endpoint security, cloud security, database security, web security, and ICS security) and vertical (banking financial services and insurance, healthcare, manufacturing, IT/ITeS, telecom, utilities, and public sector) |
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Geographies covered |
North America, APAC, Europe, MEA, and Latin America |
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Companies covered |
Acunetix (Malta), ABB (Switzerland), Airbus (France), Belden (US), Baker Hughes (US), Microsoft (US), CrowdStrike (US), Symantec (US), TrendMicro (Japan), Sophos (UK), McAfee (US), Kaspersky (Russia), K7 Computing (India), ESET (Slovakia), Cisco (US), FireEye (US), F-Secure (Finland), Palo Alto Networks (US), Check Point Software (Israel), Fortinet (US), CyberArk (US), Cyberbit (Israel), Checkmarx (Israel), Rockwell Automation (US), CloudFlare (US), Vercaode (US), Pradeo (France), Rapid7 (US), Synopsys (US), Trustwave (US), WhiteHat Security (US), ImmuniWeb (High-Tech Bridge SA) (Switzerland), Contrast Security (US), Qualys (US), SiteLock (US), Sophos (UK), IBM (US), Imperva (US), CipherCloud Inc. (US), Avanan Inc. (US), Oracle (US), Thales (France), Micro Focus (UK), Fortinet (US), Imperva (US), Citrix (US), Juniper Networks (US), Akamai (US), Avaya (US), DXC Technology (US), Nokia (Finland), and Zscaler (US) |
The research report categorizes the Impact of COVID-19 on the cybersecurity market based on the technology type, vertical, and region.
By Technology Type
- Network Security
- Application Security
- Endpoint Security
- Cloud Security
- Database Security
- Web Security
- ICS Security
By Vertical
- Banking financial services and insurance
- Healthcare
- Manufacturing
- IT/ITeS
- Telecom
- Utilities
- Public Sector
By region:
- North America
- Europe
- APAC
- MEA
- Latin America
Recent Developments
- In April 2020, Patchwork.Health partnered with Truu, a digital passports provider, to enable the rapid deployment of workers across NHS Trusts during the COVID-19 outbreak. Truu’s digital staff passports allow healthcare workers to accumulate credentials issued from their home hospitals, which are then shared securely with new hospitals. Patchwork.Health has already made its platform free for NHS Trusts across the UK for the duration of the crisis.
- In January 2020, Cisco launched comprehensive security architecture for IIoT, which includes securing the industrial network environment and data governance from edge to multi-cloud.
- In January 2020, Rockwell Automation acquired Avnet to deliver IT/OT cybersecurity services globally. Rockwell Automation provides a comprehensive set of services and solutions to help its customers in developing, maintaining, and evolving proactive cybersecurity strategies.
Key questions addressed by the report
- What are the COVID-19 crisis-driven growth opportunities in the cybersecurity market?
- Which technology segments are impacted the most due to the COVID-19 crisis?
- How are key vendors responding to the crisis and devising their short-term strategies?
- What are the COVID-19 driven dynamics impacting the cybersecurity market?
- Which verticals are deploying cybersecurity solutions at scale to address COVID-19 specific use cases?
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TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 11)
1.1 COVID-19 HEALTH ASSESSMENT
1.2 COVID-19 ECONOMIC ASSESSMENT
1.2.1 COVID-19 IMPACT ON THE ECONOMY—SCENARIO ASSESSMENT
2 RESEARCH METHODOLOGY (Page No. - 17)
2.1 RESEARCH SCOPE
2.1.1 OBJECTIVES OF THE STUDY
2.1.2 MARKET DEFINITION
2.1.3 INCLUSION/EXCLUSION
2.2 ASSUMPTIONS
2.3 DATA TRIANGULATION
2.3.1 PRIMARY BREAKDOWN
2.4 STAKEHOLDERS
3 EXECUTIVE SUMMARY (Page No. - 22)
4 IMPACT ON THE ECOSYSTEM AND EXTENDED ECOSYSTEM (Page No. - 23)
4.1 CYBERSECURITY ECOSYSTEM ANALYSIS, BY STAKEHOLDER
4.1.1 TECHNOLOGY PROVIDER
4.1.2 SOLUTION DESIGNER AND DEVELOPER/CONSULTANT
4.1.3 SYSTEM INTEGRATOR
4.1.4 RESELLER
4.1.5 MANAGED SERVICE PROVIDER
4.2 COVID-19 PANDEMIC-DRIVEN MARKET DYNAMICS AND FACTOR ANALYSIS
4.2.1 DRIVERS AND OPPORTUNITIES
4.2.2 RESTRAINTS AND CHALLENGES
4.2.3 CUMULATIVE GROWTH ANALYSIS
5 BUSINESS IMPLICATIONS OF COVID-19 ON THE CYBERSECURITY MARKET (Page No. - 31)
5.1 IMPLICATION ON TECHNOLOGY SEGMENTS (PESSIMISTIC, AS-IS, AND OPTIMISTIC SCENARIOS)
5.1.1 NETWORK SECURITY FORECAST (2019–2021)
5.1.1.1 Forecast 2019–2021 (optimistic/as-is/pessimistic)
5.1.2 APPLICATION SECURITY FORECAST (2019–2021)
5.1.2.1 Forecast 2019–2021 (optimistic/as-is/pessimistic)
5.1.3 ENDPOINT SECURITY FORECAST (2019–2021)
5.1.3.1 Forecast 2019–2021 (optimistic/as-is/pessimistic)
5.1.4 CLOUD SECURITY FORECAST (2019–2021)
5.1.4.1 Forecast 2019–2021 (optimistic/as-is/pessimistic)
5.1.5 DATABASE SECURITY FORECAST (2019–2021)
5.1.5.1 Forecast 2019–2021 (optimistic/as-is/pessimistic)
5.1.6 WEB SECURITY FORECAST (2019–2021)
5.1.6.1 Forecast 2019–2021 (optimistic/as-is/pessimistic)
5.1.7 INDUSTRIAL CONTROL SYSTEMS SECURITY FORECAST (2019–2021)
5.1.7.1 Forecast 2019–2021 (optimistic/as-is/pessimistic)
6 COVID-19 IMPACT ON MAJOR VERTICALS WITH USE CASES AND HOW CLIENTS ARE RESPONDING TO CURRENT SITUATION (Page No. - 44)
6.1 BANKING, FINANCIAL SERVICES AND INSURANCE
6.1.1 FORECAST 2019–2021 (OPTIMISTIC/AS-IS/PESSIMISTIC)
6.1.2 KEY USE CASES
6.1.3 MNM VIEWPOINT (VERTICAL’S RESPONSE TO COVID-19)
6.2 HEALTHCARE
6.2.1 FORECAST 2019–2021 (OPTIMISTIC/AS-IS/PESSIMISTIC)
6.2.2 KEY USE CASES
6.2.3 MNM VIEWPOINT (VERTICAL’S RESPONSE TO COVID-19)
6.3 MANUFACTURING
6.3.1 FORECAST 2019–2021 (OPTIMISTIC/AS-IS/PESSIMISTIC)
6.3.2 KEY USE CASES
6.3.3 MNM VIEWPOINT (VERTICAL’S RESPONSE TO COVID-19)
6.4 INFORMATION TECHNOLOGY/INFORMATION TECHNOLOGY-ENABLED SERVICES
6.4.1 FORECAST 2019–2021 (OPTIMISTIC/AS-IS/PESSIMISTIC)
6.4.2 KEY USE CASES
6.4.3 MNM VIEWPOINT (VERTICAL’S RESPONSE TO COVID-19)
6.5 TELECOM
6.5.1 FORECAST 2019–2021 (OPTIMISTIC/AS-IS/PESSIMISTIC)
6.5.2 KEY USE CASES
6.5.3 MNM VIEWPOINT (VERTICAL’S RESPONSE TO COVID-19)
6.6 UTILITIES
6.6.1 FORECAST 2019–2021 (OPTIMISTIC/AS-IS/PESSIMISTIC)
6.6.2 KEY USE CASES
6.6.3 MNM VIEWPOINT (VERTICAL’S RESPONSE TO COVID-19)
6.7 PUBLIC SECTOR
6.7.1 FORECAST 2019–2021 (OPTIMISTIC/AS-IS/PESSIMISTIC)
6.7.2 KEY USE CASES
6.7.3 MNM VIEWPOINT (VERTICAL’S RESPONSE TO COVID-19)
6.8 OTHERS
6.8.1 FORECAST 2019–2021 (OPTIMISTIC/AS-IS/PESSIMISTIC)
6.8.2 MNM VIEWPOINT (VERTICAL’S RESPONSE TO COVID-19)
7 COVID-19 IMPACT ON REGIONS (Page No. - 58)
7.1 INTRODUCTION
7.2 NORTH AMERICA
7.2.1 FORECAST 2019–2021 (OPTIMISTIC/AS-IS/PESSIMISTIC)
7.3 EUROPE
7.3.1 FORECAST 2019–2021 (OPTIMISTIC/AS-IS/PESSIMISTIC)
7.4 ASIA PACIFIC
7.4.1 FORECAST 2019–2021 (OPTIMISTIC/AS-IS/PESSIMISTIC)
7.5 MIDDLE EAST AND AFRICA
7.5.1 FORECAST 2019–2021 (OPTIMISTIC/AS-IS/PESSIMISTIC)
7.6 LATIN AMERICA
7.6.1 FORECAST 2019–2021 (OPTIMISTIC/AS-IS/PESSIMISTIC)
8 COVID-19 FOCUSED PROFILES OF KEY VENDORS (Page No. - 67)
8.1 INTRODUCTION
8.2 COMPANY PROFILES
8.2.1 NETWORK SECURITY
8.2.2 APPLICATION SECURITY
8.2.3 ENDPOINT SECURITY
8.2.4 CLOUD SECURITY
8.2.5 DATABASE SECURITY
8.2.6 WEB SECURITY
8.2.7 ICS SECURITY
9 APPENDIX (Page No. - 92)
9.1 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
9.2 AUTHOR DETAILS
LIST OF TABLES (14 TABLES)
TABLE 1 COVID-19-RELATED BANKING, FINANCIAL SERVICES AND INSURANCE USE CASES
TABLE 2 COVID-19-RELATED HEALTHCARE USE CASES
TABLE 3 COVID-19-RELATED MANUFACTURING USE CASES
TABLE 4 COVID-19-RELATED INFORMATION TECHNOLOGY/INFORMATION TECHNOLOGY-ENABLED SERVICES USE CASES
TABLE 5 COVID-19-RELATED TELECOM USE CASES
TABLE 6 COVID-19-RELATED UTILITIES USE CASES
TABLE 7 COVID-19-RELATED PUBLIC SECTOR USE CASES
TABLE 8 COVID-19 ORIENTED PROFILES OF KEY NETWORK SECURITY VENDORS
TABLE 9 COVID-19 ORIENTED PROFILES OF KEY APPLICATION SECURITY VENDORS
TABLE 10 COVID-19 ORIENTED PROFILES OF KEY ENDPOINT SECURITY VENDORS
TABLE 11 COVID-19 ORIENTED PROFILES OF KEY CLOUD SECURITY VENDORS
TABLE 12 COVID-19 ORIENTED PROFILES OF KEY DATABASE SECURITY VENDORS
TABLE 13 COVID-19 ORIENTED PROFILES OF KEY WEB SECURITY VENDORS
TABLE 14 COVID-19 ORIENTED PROFILES OF KEY ICS SECURITY VENDORS
LIST OF FIGURES (30 FIGURES)
FIGURE 1 COVID-19 THE GLOBAL PROPAGATION
FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES
FIGURE 3 COUNTRIES BEGIN WITH SIMILAR TRAJECTORIES BUT CURVES DEVIATE BASED ON MEASURES TAKEN
FIGURE 4 REVISED GDP FORECASTS FOR SELECT G20 COUNTRIES IN 2020
FIGURE 5 CRITERIA IMPACTING THE GLOBAL ECONOMY
FIGURE 6 SCENARIOS IN TERMS OF RECOVERY OF THE GLOBAL ECONOMY
FIGURE 7 BREAKUP OF PRIMARY RESPONDENT PROFILES
FIGURE 8 GLOBAL CYBERSECURITY MARKET GROWTH RATE 2019–2021 (USD BILLION)
FIGURE 9 NETWORK SECURITY MARKET GROWTH RATE 2019–2021 (USD BILLION)
FIGURE 10 APPLICATION SECURITY MARKET GROWTH RATE 2019–2021 (USD BILLION)
FIGURE 11 ENDPOINT SECURITY MARKET GROWTH RATE 2019–2021 (USD BILLION)
FIGURE 12 CLOUD SECURITY MARKET GROWTH RATE 2019–2021 (USD BILLION)
FIGURE 13 DATABASE SECURITY MARKET GROWTH RATE 2019–2021 (USD BILLION)
FIGURE 14 WEB SECURITY MARKET GROWTH RATE 2019–2021 (USD BILLION)
FIGURE 15 INDUSTRIAL CONTROL SYSTEMS SECURITY MARKET GROWTH RATE 2019–2021 (USD BILLION)
FIGURE 16 BANKING, FINANCIAL SERVICES AND INSURANCE: CYBERSECURITY MARKET GROWTH RATE, 2019–2021 (USD BILLION)
FIGURE 17 HEALTHCARE: CYBERSECURITY MARKET GROWTH RATE, 2019–2021 (USD BILLION)
FIGURE 18 SYSTEMS ENGINEERING INITIATIVE FOR PATIENT SAFETY
FIGURE 19 MANUFACTURING: CYBERSECURITY MARKET GROWTH RATE, 2019–2021 (USD BILLION)
FIGURE 20 INFORMATION TECHNOLOGY/INFORMATION TECHNOLOGY-ENABLED SERVICES: CYBERSECURITY MARKET GROWTH RATE, 2019–2021 (USD BILLION)
FIGURE 21 TELECOM: CYBERSECURITY MARKET GROWTH RATE, 2019–2021 (USD BILLION)
FIGURE 22 CHINA TELECOM REVENUE – YOY GROWTH (FEB 2019 – FEB 2020)
FIGURE 23 UTILITIES: CYBERSECURITY MARKET GROWTH RATE, 2019–2021 (USD BILLION)
FIGURE 24 PUBLIC SECTOR: CYBERSECURITY MARKET GROWTH RATE, 2019–2021 (USD BILLION)
FIGURE 25 OTHERS: CYBERSECURITY MARKET GROWTH RATE, 2019–2021 (USD BILLION)
FIGURE 26 NORTH AMERICA: CYBERSECURITY MARKET GROWTH RATE, 2019–2021 (USD BILLION)
FIGURE 27 EUROPE: CYBERSECURITY MARKET GROWTH RATE, 2019–2021 (USD BILLION)
FIGURE 28 ASIA PACIFIC: CYBERSECURITY MARKET GROWTH RATE, 2019–2021 (USD BILLION)
FIGURE 29 MIDDLE EAST AND AFRICA: CYBERSECURITY MARKET GROWTH RATE, 2019–2021 (USD BILLION)
FIGURE 30 LATIN AMERICA: CYBERSECURITY MARKET GROWTH RATE, 2019–2021 (USD BILLION)
The study involved four major steps to estimate the current market size for the impact of COVID-19 on the cybersecurity market. An exhaustive secondary research was done to collect information on the market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakup and data triangulation methods were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources, such as Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet, have been referred to, to identify and collect information for the study. The secondary sources included annual reports, press releases, and investor presentations of companies; white papers, technology journals, and certified publications; and articles from recognized authors, directories, and databases.
Primary Research
The impact of COVID-19 on cybersecurity market comprises several stakeholders, such as cybersecurity software/solution vendors, system integrators, professional and managed service providers, independent consultants/professors, resellers, distributors, and key opinion leaders. The extensive primary research was conducted to gather information, and verify and validate the critical numbers arrived at. Primary research was further conducted to identify the segmentation types; industry trends; key players; the competitive landscape of different market players; and key market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key strategies. Following is the breakup of the primary respondents:
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the overall size of the market. These methods were used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- Key players in the industry and markets have been identified through extensive secondary research.
- The impact of COVID-19 on cybersecurity market expenditure across regions, along with the geographic split in various segments, have been considered to arrive at the overall market size.
- All percentage shares, splits, and breakups have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size, using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakup procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand side and supply side in the impact of COVID-19 on cybersecurity market.
Report Objectives:
- To analyze the impact of COVID-19 on the cybersecurity market by technology type, vertical, and region
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the trends in the cybersecurity market
- To analyze the impact of prolonged work from home, a new norm, which is expected to expose companies to increased levels of cyber threats
- To study the impact of the COVID-19 on key industries that are severely impacted due to this health and economic pandemic
- To analyze the shift in the spends of critical industries, such as healthcare, BFSI, and utilities on the cybersecurity market
- To examine the shift in revenue patterns of cybersecurity vendors in 2020 and their capabilities to address emerging cyber threats during the global lockdown due to COVID-19 outbreak
- To analyze the change in short-term strategies of companies, such as goodwill offerings to instill relevance and confidence among their customers
- To track key developments, such as new product launches; partnerships and agreements; and collaborations in context to the COVID-19 in the global cybersecurity market
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the cybersecurity market report:
Geographic Analysis
- Further breakup of additional countries in the APAC market
- Further breakup of additional countries in the MEA market
- Further breakup of additional countries in the European market
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Covid-19 Impact On Cybersecurity Market