The global marketplace for cybersecurity goods and services, driven by increasing corporate fear of hackers and spiraling compliance and regulatory demands, will grow more than 10 percent annually over the next five years, according to new research.
That explosive increase will take the total value of the market from its current size of $122.45 billion to $202.36 billion by 2021, predicts the latest report from Dublin-based Research and Markets.
The predicted 10.6 percent compound annual growth is a couple of points off from a similar forecast the firm produced at the beginning of the year. That study estimated global growth would be 12.3 percent compound from 2016 to 2020.
Network security — fueled by fears of enterprise data breaches and by “the need for stringent compliance and regulatory requirements” — is currently the largest market segment, the new report says.
Driven by the exponential growth of the Internet of Things and corporate “bring your own device” policies, application security will be the market segment experiencing the highest growth rate over the next five years.
The banking, financial services and insurance market vertical “is expected to witness the highest [growth] during the forecast period because of the increasing adoption of web and mobile applications, which are prone to advanced cyber-attacks,” the market researchers conclude.
Asia and the Pacific will be among the fastest growing regional markets, because of “emerging economies, such as India and China, which are rapidly deploying cyber security solutions.”