Global Cyber Security Market to Surpass USD123 billion by 2020
Growing state sponsored cyber-attacks coupled with growing cloud adoption to drive cyber security market through 2020
According to a recently published TechSci Research report “Global Cyber Security Market Forecast and Opportunities, 2020”, global cyber security market is anticipated to surpass USD123 billion by 2020. Growth in the market is anticipated on account of increase in the number and frequency of cyber-attacks, rising expenditure on cyber security and growing confidence of venture capitalists in this sector. Increasing participation of major venture capitalists in global cyber security market is boosting technological advancementin cyber security products, primarily in North America and Europe.
Global cyber security market is highly fragmented and competitive. Rising sophistication of cyber-attacks is propelling various enterprises and governments to increase their expenditure towards safeguarding their cyber space. Increasing investments in cyber security solutions is luring new players into the market. New startups are sprouting across the globe offering innovative solutions at lower prices, thus capturingrevenue share of major players. Citing competition from new players, leading companies are on an acquisition spree, acquiring small players in the market, to boost innovation and obtain synergic benefits.
“Global cyber security market is dominated by North America, wherein, the US is the major contributor. Amid rising cyber-attacks on critical infrastructure of the country, the US government’s cyber security budget allocation has been continuously increasing for the last few years. Asia-Pacific is also rapidly emerging as a prominent market for cyber security product and service providers, due to rising concerns of governments toward safeguarding their respective cyber ecosystem.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Cyber Security Market Forecast and Opportunities, 2020” has evaluated the future growth potential of cyber security market across the globe, and provides statistics and information on market structure, industry behavior and trends. The report includes market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in global cyber security market.