In 2017 the global cyber security market was valued at approximately $136 billion (£107bn). From 2018 to 2025, it is forecast to grow at a rate of more than 10% per annum. The projections have been prepared by Indian research company Report Ocean.
This healthy projected rate of growth will be driven by increasing use of the mobile internet. In addition, the Bring Your Own Device (BYOD) movement is now well established in many industries. The several benefits of BYOD – in terms of cost, user convenience and seamless connectivity – seem to have outweighed initial concerns about cyber security breaches.
The major factors driving the growth – and the projected growth – of the Global Cyber Security Market are the rapidly increasing attacks on business applications in such industry sectors as Banking, Financial Services, and IT. Hacking, cracking and other forms of cyber crime have made personal, commercial, financial and other digital data more vulnerable, increasing cyber security requirements and boosting the growth of the market.
The report can be accessed via the link.