According to TechSci Research report “Global Cyber Security Market By Security Type, By Solutions, By End Use Industry, By Region, Competition Forecast and Opportunities, 2011-2021”, global market for cyber security is projected to surpass US$ 137 billion by 2021.
1. M a r k e t I n t e l l i g e n c e . C o n s u l t i n g
Global Cyber Security Market By Security
Type, By Solution, By End Use Industry, By
Region, Competition Forecast and
Opportunities, 2011-2021
10. I n d u s t r y B r i e f
10
Cyber Security Market to Surpass $137 Bn by 2021
Growing incidences of online thefts and hacking along with increasing government spending on infrastructure security to drive
market for cyber security through 2021
According to TechSci Research report, “Global Cyber Security Market By Security Type, By Solutions, By End Use Industry, By
Region, Competition Forecast and Opportunities, 2011-2021”, the global cyber security market is anticipated to surpass $
137 billion by 2021 on account of increasing incidence of security breaches in various sectors such as government, defense,
healthcare etc. Growing adoption of mobile devices at workplace and cloud computing along with implementation of policies
such as Bring Your Own Device (BYOD), are few other factors driving growth in the cyber security market, globally. Further,
rising demand for connected devices across verticals such as connected cars, connected home appliances, web-connected
smart wearable devices along with growing market for Internet of Things (IoT), is expected to propel the number of
connected devices at a CAGR of 14.04% during 2016-2021, in turn fueling growth in market for cyber security across the
globe.
In 2015, North America accounted for the largest market share in global cyber security market on the back of increasing
government spending on cyber security, growing risk of data loss due to security breach in large as well as Small & Medium
Enterprises (SMEs), rising number of cyber-attacks in financial sector, etc. To overcome such problems, few of the major
cyber security solutions available across the globe are Identity and Access Management (IAM), Risk and Compliance
Management (RCM), Encryption and Data Loss Prevention (DLP).
“BFSI industry is rapidly deploying cyber security solutions to mitigate the financial losses caused due to cyber-attacks.
Growing threat of cyber terrorism and cyber warfare is also pushing stock exchanges to focus on strengthening network
security. Further, cyber threats over country’s critical infrastructure including electrical grids, oil & gas industry, telecom,
manufacturing, nuclear power plants, etc. has propelled investment in advanced cyber security solutions along with growth
in demand for Industrial Control Systems (ICS) security. Rising incidences of data breach across end use industries primarily
due to external sources, followed by intentional insider sources has driven cyber security spending by the enterprises across
countries in the world. Rising R&D over technological advancements in cyber security solutions, such as encryption services,
intrusion Detection System/Intrusion Prevention System solutions, etc. is expected to drive the cyber security market in the
near coming years,’ said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management
consulting firm.
12. R e p o r t O r d e r i n g
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Report Name: Global Cyber Security Market By Security Type, By Solution, By End
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