Persistence Market Research (PMR) in its latest report on global cyber security market, titled “Cyber Security Market: Global Industry Analysis and Forecast 2017-2025” discusses the increase in adoption of cyber security products and solutions by enterprises worldwide to protect confidential data from security impeachment has lead to a greater momentum in expanding the market.
With the rise in cyber attacks, the cyber security has become an essential mechanism to raise the bar and protect the enterprises against any cyber threat. The global market for cyber security in 2016 stood at US$ 76.4 billion and is projected to touch US$ 205.81 billion by 2025, reflecting a CAGR of 12% during the forecast period.
The increasing application of cloud-based services in multiple workloads including data backups, Email services, ERP, CRM, and collaboration services is expected to drive the growth of global cyber security market in 2017 and beyond. The cost of cloud-based services is comparatively cheaper, as these services require a very minimum IT infrastructure setup. However, cloud deployment increases vulnerabilities in software and often makes it easy to access. Many companies are shifting towards the adoption of cyber security solutions to secure their workloads on the cloud. In addition, robust digitization across the globe continue to create the possibility of new cyber threats, hence, compelling enterprises to opt for cyber security solutions in order to tackle unethical hacking and malignant cybercrimes.
The report projects that the cyber security market in North America will retain its top spot over the assessment period. By 2025-end, the region’s cyber security market is expected to surpass a valuation of US$ 67.14 billion. Meanwhile, other regions in the world are also witnessing stronger growth. In terms of growth, cyber security market in the Middle East & Africa region is also expected to witness an impressive growth rate despite having a significantly smaller market size. Whereas, the adoption of cyber security technologies in Asia Pacific (APAC) remains strong, hence, the market in the region is anticipated to witness the highest growth rate during the forecast period.