FREMONT, CA: Sophisticated cyber attacks have emerged as one of the top threats for organizations and governments. As IoT and BYOD are gaining traction securing data becomes high priority. To determine the cyber security market size, MarketsandMarkets has interviewed of various C-level executives and Directors across organizations worldwide.
The report, Cyber Security Market by Solutions (IAM, Encryption, DLP, UTM, Antivirus/Antimalware, Firewall, IDS/IPS, Disaster Recovery), Services, Security Type, Deployment Mode, Organization Size, Vertical & Region – Global Forecast to 2021, by MarketsandMarkets estimates the cyber security market to grow at a CAGR of 10.6% clocking $202.36Bn by 2021.
Factors like exigent compliance and regulatory needs are anticipated to be the driving factors behind network security to gain the largest market share in cyber security during 2016. The application security market will grow at the highest CAGR during the forecast period. Cyber security has solutions have been deployed across industry verticals including aerospace and defense, banking and financial sector, IT & telecom, healthcare, retail and manufacturing.
Technological advancements and faster adoption of cyber security in North America places the continent to hold the largest share in cyber security market in 2016. The report expects APAC to grow at the highest CAGR between 2016 and 2021. Digitization of businesses and adoption of cloud services by small, medium and large enterprises across APAC is anticipated to propel cyber security market.