MarketsandMarkets.com says the cyber security market will be worth US$155.74 billion by 2019. The major forces driving this market are the rapid adoption of cloud-based services, wireless communication along with strict government mandates and increasing cyber crimes in public utilities industries, according tro the research group.
The ratification for cyber security solutions is increasing to combat the advanced and sophisticated threats created by professional adversaries. Also, cloud service providers and verticals such as energy, oil and gas, and education are expected to adopt solutions for cyber security more readily because of growing cyber crimes which may cause the loss of intellectual and financial assets and may tarnish the national infrastructure and economy.
In the current scenario, aerospace, defense, and intelligence vertical continues to be the largest contributor to cyber security solutions. In terms of regions, NA is expected to be the biggest market in terms of revenue contribution, while the APAC and MEA regions are expected to experience increased market traction in due course, according to MarketsandMarkets.