August 10, 2016 by Canadian Underwriter
The global cybersecurity market is set to grow from US$122.45 billion in 2016 to US$202.36 billion by 2021 at a compound annual growth rate (CAGR) of 10.6%, according to a recent report from Research and Markets.
The Cyber Security Market – Global Forecast to 2021 report from the Dublin, Ireland-based global market research store reveals that the cybersecurity market is growing rapidly because of the increase in adoption of cybersecurity solutions, “due to the increase in security breaches targeting enterprises.”
Cybersecurity solutions have been deployed across various industry verticals, including banking, financial services and insurance (BFSI); aerospace & defence; government & public utilities; IT & telecom; healthcare; retail; manufacturing; and others. The BFSI vertical is expected to witness the highest CAGR – 11.6% – during the forecast period “because of the increasing adoption of web and mobile applications, which are prone to advanced cyberattacks,” Research and Markets explained in a press release on Tuesday.
Meanwhile, the aerospace and defence sector is expected to dominate the market with the largest market share during the forecast period, while North America is expected to hold the largest share of the cybersecurity market from 2016 to 2021 due to the presence of a large number of cybersecurity vendors.
Network security is estimated to have the largest market size in 2016 because of the need for stringent compliance and regulatory requirements, the release said. The growth in network security is associated with the rise in security breaches targeting enterprise networks, where hackers try to gain access to sensitive data. Furthermore, application security will grow at the highest CAGR during the forecast period, due to the rise in Internet of Things and Bring Your Own Device trend.
With regard to emerging economies, the report notes that parts of the Asia-Pacific region, such as India and China, are rapidly deploying cybersecurity solutions, mainly due to the digitization of businesses and adoption of cloud services by small, medium, and large enterprises in the region.
“Cyber threats are growing rapidly with adversaries becoming more professional and expert in breaking the barriers established via traditional security measures,” the report’s executive summary said. “Cyberattacks have grown in sophistication and advanced persistent threats, zero-day malwares, dynamic Trojans have evolved. The industry is seeing a rapid increase in cyber espionage and sophisticated cybercrime. The advanced next-generation cybersecurity solutions are supporting the need for protecting the public and private infrastructure and are estimated to save trillions of dollars affected by cybercrimes globally in the coming years,” the executive summary concluded.