Cyber cost expanding

Cyber Security Market Size and Share Spending Predicted To Exceed USD 181.77 Billion by 2021

According to the report, global cyber security market was valued at USD 105.45 billion in 2015, is expected to reach USD 181.77 billion in 2021 and is anticipated to grow at a CAGR of 9.5% between 2016 and 2021.

Zion Market Research has published a new report titled “Cyber Security Market (Network Security, Cloud Security, Wireless Security, and Others), By Solution (Identity and Access Management (IAM), Encryption, Risk and Compliance Management, Data Loss Prevention, Antivirus And Antimalware, Firewall And Others), By Vertical (Aerospace, Government, Financial Services, Telecommunication, Healthcare And Others): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”.

According to the report, global cyber security market was valued at USD 105.45 billion in 2015, is expected to reach USD 181.77 billion in 2021 and is anticipated to grow at a CAGR of 9.5% between 2016 and 2021.

Cyber security is associated with information technology security, which focuses on protecting computers and confidential data stored in it from cyber criminals. Cyber security market offers several advantages including enhanced security of cyberspaces, expanded digital safeguard and quicker reaction time to national crises.

Internet security or cyber security is a branch of computer security specifically related to internet. The Internet has given rise to new opportunities almost in every field such as business, sports, education or entertainment and many others.  However, the internet has its own drawbacks like cyber-crime, where the computer used for various types of thefts and crime. Various types of cyber-crimes include hacking, software piracy, denial of service attack, and cyber terrorism. The purpose of cyber security is to establish rules and measures to use against cyber-crimes over the internet.

Cyber security referred to the processes and technologies designed to safeguard, computers and data from cyber-crime. Governments, military, financial organisations, hospitals and several other industries gather and store or transmit a large amount of confidential data on computers. In order to protect this information or data cyber security becomes essential.

Middle East is witnessing significant growth in cyber security market due to growing market opportunities in industries such as financial, healthcare, and banking. With the speedy economic growth and increasing risk of cyber-crimes, many industries in the Middle East countries have started to recognise the need for cyber security system. This develops healthy demand for cyber security systems among the organisations in this region.

Some of the key players involved in global cyber security market include Symantec, IBM, McAfee, Northrop Grumman, and Booz Allen Hamilton, CSC among others.

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