Rising levels of cyber criminal activity and brisk adoption of cloud services are among the factors driving growth in the global cyber security market. It is forecast to expand at a compound annual rate of 10.3% between 2014 and 2019, which means that its value will rise from $95.6 billion to $155.7 billion over the next five years.
This is according to a new report from research company MarketsandMarkets, which lists aerospace, defence and intelligence as the sector with biggest investments in cyber security solutions. North America is expected to maintain its position as the top contributor to global revenues but the growth rate will be strongest in the Asia-Pacific, the Middle East and Africa.
The publication explores the cyber security market in depth, segmenting it by types, solutions, industries and regions. Solutions is by far the most populous category, featuring identity & access management, risk & compliance management, encryption, data loss protection, unified threat management, IDS/IPS, SIEM, disaster recovery and DDoS mitigation, to list just some. With regard to types, MarketsandMarkets covers network, endpoint, application, content, wireless and cloud security. The analysis by industry encompasses all major verticals, among them banking, insurance, retail, government, telecommunications and healthcare.
In addition to cloud service adoption and rising threat levels, the cyber security market is also getting a boost from the spread of wireless communication and stricter regulations. The explosion in malicious attacks will also spur adoption in verticals such as oil & gas and education, where market participants are becoming increasingly concerned about intellectual property theft and loss of financial assets.
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