New research indicates the global cyber security market will reach $181.77 billion by 2021, equivalent to a CAGR of 9.5% from 2015 to 2021.
The data, from Zion Market Research, naturally cites increasing stringency of government regulations and growing cyber threats as key reasons for the growth.
Furthermore, rising severity of cyber-crimes, the popularity of cloud security, rapid adoption of cloud computing, data center, and wireless communication are expected to boost the cyber security market in the near future.
Zion segments global cyber security market into network security, cloud security, wireless security and others. Network security is the leading segment of the global cyber market, accounting for more than 40% of revenue in 2015.
On the basis of solution, cyber security market is classified by Zion into identity and access management (IAM), encryption, risk and compliance management, data loss prevention, antivirus and antimalware, firewall and others.
Based on vertical, the market is segmented into categories such as aerospace, government, financial services, telecommunication, healthcare, and others.
North America was the largest market for cyber security in the world last year due to the stringency of government regulations and growing cyber threats.
Zion says North America and Europe, meanwhile, are both tending towards maturation phase in cyber security market owing to technological development and high awareness among the population.
Moreover, the cyber security providers have a huge opportunity in the emerging markets of Asia Pacific.