Worldwide cybersecurity market continues its upward trend

The worldwide cybersecurity market continues to grow and grow as defined by market sizing estimates that range from $75 billion in 2015 to $170 billion by 2020.

The data comes from consolidated estimates by IT industry research and analyst firms, including these figures:

• A report by Visiongain, a business intelligence firm in London, indicates that the global cyber security market is set to be worth $75.4 billion in 2015, as high-demand continues for information security solutions.
• Research firm Gartner projects that the world will spend $101 billion on information security in 2018.
• The cyber security market is estimated to grow to $170 billion (USD) by 2020, at a Compound Annual Growth Rate (CAGR) of 9.8% from 2015 to 2020, according to a report from Markets and Markets. The aerospace, defense, and intelligence vertical continues to be the largest contributor to cybersecurity solutions.
• North America and Europe are the leading cybersecurity revenue contributors, according to a report from TechSci Research in Burnaby, Canada. Asia-Pacific is rapidly emerging as a potential market for cyber security solution providers, driven by emerging economies such as China, India and South-East Asian countries, wherein, rising cyber espionage by foreign countries is inducing the need for safeguarding cyber space.
• Million dollar plus cybersecurity deals (vendors selling to end-users) are on the rise. In a recent research note, analysts at FBR & Co., an investment banking and M&A advisory firm, indicate that the number of seven-figure (cybersecurity) deals have increased by 40% year-over-year.
• According to IDC, the hot areas for growth are security analytics (SIEM) (10%); threat intelligence (10%+); mobile security (18%); and cloud security (50%).

What explains the continual growth on cybersecurity spending? Cybercrime.  According to Lloyd’s of London, cybercrime is costing businesses up to $400 billion annually. As cybercrime rises, corporations and governments increase spending to defend and protect their digital networks and assets.

Cybercrime is also fueling demand for cyber insurance, a market that is growing alongside cybersecurity products and services.  Last year, the insurance industry generated about $2.5 billion in premiums on policies to protect companies from losses as a result of cyber-attacks. That was up from around $2 billion a year before, and less than $1 billion two years before that.

By region

The cybersecurity market continues to grow in international regions, as evidenced by the figures below – which are published by MicroMarketMonitor:

• The Europe Cyber Security Market is expected to grow to $35.53 billion by 2019, with an expected CAGR of 7.2% for the period 2013-2019. This market contributes 26.95% of the global market and will slightly fall down to 22.81% by 2019.
• The Middle East and Africa Cyber Security Market is expected to grow to $13.43 billion by 2019, with an expected CAGR of 13.7% for the period 2013-2019. This market contributes 7.19% of the global market and will slightly grow to 8.62% by 2019.
• The Asia Pacific Cyber Security Market is expected to grow to $32.95 billion by 2019, with an expected CAGR of 14.1% for the period 2013-2019. This market contributes 17.21% of the global market and will slightly grow to 21.16% by 2019.
• The Latin America Cyber Security Market is expected to grow to $11.91 billion by 2019, with an expected CAGR of 17.6% for the period 2013-2019. This market contributes 5.18% of the global market and will slightly grow to 7.65% by 2019.

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