The global cyber security market is expected to grow to US$120.1 billion by 2017, up from US$63.7 billion last year, according to a new report.
It is expected to have a healthy compound annual growth rate (CAGR) of 11.3% from 2012 to 2017, according to a report by MarketsandMarkets. The North America, Western Europe, and Asia-Pacific regions are emerging markets, whereas the Latin America, Middle East & Africa, and Eastern Europe regions are considered as high growth markets.
In 2011, North America accounted for about 40.1% of global cyber security revenue, and is expected to grow at a CAGR of 9.2% from 2012 to 2017. Western Europe and APAC are estimated to contribute US$28.1 billion and US$25.9 billion, respectively, by 2017; at a CAGR of 10.1% and 13.4%, from 2012 to 2017.
Cyber Security is projected to be among the fastest growing segments of the Information Technology (IT) sector in the next 3 to 5 years, with significant potential investments from companies to secure their computing environment, the report stated.
The Cyber Security Market report focuses on a wide array of technology & solutions specifically used for different applications in the cyber security scenario, depending on their features and performance. The security types market is on the rise due to increased adoption of cloud computing, networks, data centres, and wireless communication devices. The service side is driven by the need to service cyber security installations with security operations, managed security services, and consulting services. In all countries, the private sector accounts for most of the cyber security spending, with an exception of the U.S., where government spending is about equivalent to that of the private sector.