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Worldwide cybersecurity market continues its upward trend

Discussion in 'CSO' started by RSS, Jul 9, 2015.

  1. RSS

    RSS New Member Member

    The worldwide cybersecurity market continues to grow and grow as defined by market sizing estimates that range from $75 billion in 2015 to $170 billion by 2020.

    The data comes from consolidated estimates by IT industry research and analyst firms, including these figures:

    • A report by Visiongain, a business intelligence firm in London, indicates that the global cyber security market is set to be worth $75.4 billion in 2015, as high-demand continues for information security solutions.
    • Research firm Gartner projects that the world will spend $101 billion on information security in 2018.
    • The cyber security market is estimated to grow to $170 billion (USD) by 2020, at a Compound Annual Growth Rate (CAGR) of 9.8% from 2015 to 2020, according to a report from Markets and Markets. The aerospace, defense, and intelligence vertical continues to be the largest contributor to cybersecurity solutions.
    • North America and Europe are the leading cybersecurity revenue contributors, according to a report from TechSci Research in Burnaby, Canada. Asia-Pacific is rapidly emerging as a potential market for cyber security solution providers, driven by emerging economies such as China, India and South-East Asian countries, wherein, rising cyber espionage by foreign countries is inducing the need for safeguarding cyber space.
    • Million dollar plus cybersecurity deals (vendors selling to end-users) are on the rise. In a recent research note, analysts at FBR & Co., an investment banking and M&A advisory firm, indicate that the number of seven-figure (cybersecurity) deals have increased by 40% year-over-year.
    • According to IDC, the hot areas for growth are security analytics (SIEM) (10%); threat intelligence (10%+); mobile security (18%); and cloud security (50%).

    What explains the continual growth on cybersecurity spending? Cybercrime. According to Lloyd's of London, cybercrime is costing businesses up to $400 billion annually. As cybercrime rises, corporations and governments increase spending to defend and protect their digital networks and assets.

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