NEW YORK – Global marketdemand for cyber security products and services will grow to $205.8 billion over the next eight years -- a 169.4 percent increase from 2016 levels of $76.4 billion, predict analysts at market researcher Persistence Market Research (PMR) in New York.
This rate of increase represents a 12-percent combined annual growth rate (CAGR) during the period, analysts say.
Driving the global cyber security market are the increasing application of cloud-based services in data backups, e-mail services, ERP, CRM, and collaboration services, analysts say.
The PMR report, titled "Cyber Security Market: Global Industry Analysis and Forecast 2017-2025," says the arrival of several cutting-edge security services for the Internet of Things (IoT), coupled with the escalating demand for next generation security solutions, is bringing lucrative business propositions for market players.
IBM Corp., Microsoft Corp., Lockheed Martin Corp., Intel Corp., Secureworks, Symantec Corp., Verizon Communication Inc., Sophos, Check point software technologies, and Trend Micro rank among the top companies in the globe having expertise in cyber security solutions, analysts say.
Related: Cyber security to reach $167.7 billion by 2022
Managed security is one of the most preferred cyber security technologies, and is growing rapidly to ease operations and management in banking, telecommunications, and health care. Cyber security services will continue to have a higher preference than cyber security software and hardware throughout the assessment period, analysts say.
Regionally, the cyber security market in North America will retain its top spot over the assessment period. By 2025, the North American cyber security market will surpass $67.1 billion.
Meanwhile, adoption of cyber security technologies in Asia Pacific remains strong, hence, the market in the region is anticipated to witness the highest growth rate during the forecast period. The Middle East and Africa cyber security market also will see an impressive growth rate despite having a significantly smaller market size.
For more information contact Persistence Market Research online at www.persistencemarketresearch.com.
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