An increasing number of security breaches across industries and government, the growing adoption of mobile devices at workplace and cloud computing, and the rising demand for connected devices in the growing Internet of Things (IoT) market are all expected to increase the demand for cyber security services, according to a new report.
The report from research firm TechSci Research pegs the cyber security market growing to more than $137 billion by 2021, with much of the growth coming from increased government spending.
“In 2015, North America accounted for the largest market share in global cyber security market on the back of increasing government spending on cyber security, growing risk of data loss due to security breach in large as well as small and medium enterprises, rising number of cyber-attacks in financial sector, etc.,” the report reads. “To overcome such problems, few of the major cyber security solutions available across the globe are identity and access management, risk and compliance management, encryption and data loss prevention.
New cyber security solutions are emerging to help address new vulnerabilities, including new ways of tackling network security, end point security, content security wireless security, application security and cloud security. The report points to security solution providers like Symantec, BAE Systems, IBM Intel and Cisco as leading the way.
Karan Chechi, research director with TechSci Research, said the growing threat of cyber terrorism and cyber warfare is also pushing stock exchanges to focus on strengthening network security, and cyber threats to critical infrastructure (electrical grids, telecom, power plants, etc.) has resulted in major investments in advanced cyber security solutions.
“Rising incidences of data breach across end use industries primarily due to external sources, followed by intentional insider sources has driven cyber security spending by the enterprises across countries in the world,” Chechi said. “Rising R&D over technological advancements in cyber security solutions, such as encryption services, intrusion detection system/intrusion prevention system solutions, etc. is expected to drive the cyber security market in the near coming years.”