The global cyber security market will grow at a CAGR of almost 13 per cent during 2017-2021, according to a new report from Technavio.

The study covers the present scenario and growth prospects of the global cyber security market across the forecast period.

Clearly, with the increase in the number of attacks and threats from hackers, the need for advanced security solutions is growing rapidly.

But Technavio says the major reason for its high growth forecast is the introduction of cyber detection technology, which is an advanced form of cyber security that has the capability to identify and mitigate an attack from its inception through four stages: network level, application level, data level, and endpoint level.

Specifically, Technavio analysts highlighted the following three factors that are contributing to the growth of the global cyber security market:

• Increase in use of mobile devices
• Implementing firewall as a disruptive deception capability
• Increasing IT security budget

Amrita Choudhury, a lead IT security research analyst at Technavio, said: “With companies expanding across regions, there is an increased need for the exchange of global data and information. The global expansion of business has given a significant rise to employees traveling worldwide. This has resulted in an increase in services offering security and access to secure networks from mobile devices.”