Zion Market Research predicts that the global cyber security market will grow at a CAGR of 9.5% between 2016 and 2021.
That equivalent to a total market value of $181.77 billion by the end of the forecast period, up from $105.45 billion in 2015.
Zion says the major driving factor for the global cyber security market is increasing the stringency of government regulations and growing cyber threats, with demand for integrated cyber solutions another key factor anticipated to drive the market growth in the years to come.
Furthermore, rising severity of cyber-crimes, the popularity of cloud security, rapid adoption of cloud computing, data centre, and wireless communication are expected to boost the cyber security market in the near future.
Based on security types, Zion says network security was the leading segment of the market, accounting for more than 40% of overall revenue in 2015.
North America dominated the cyber security market in 2015, due mainly to the rapid adoption of cloud computing, strict rules put in place by government and emerging cyber threats.
Europe was the second player in 2015, owing to rising number of mobile workforces, adoption of cloud-based services and broad opportunity for cyber vendors in the market. Europe is expected to remain relatively stable over the forecast period.
Latin America expected to be the future market for the cyber security, showing huge development in the next five years. Brazil is seen as the business sector with the most potential for growth.
Finally, Asia Pacific is expected to show rapid growth, primarily due to increase in cyber crime and demand for cyber security solutions and products in emerging economies.