Global Cyber Security Market Dynamics

Thursday 5 January 2017, Amsterdam

The global cyber security Market is projected to register a CAGR of 4.51% over the forecast period, growing from US$11.9 billion in 2016 to US$18.5 billion by 2026. Increased threats of terrorist attacks, the need to secure maritime and offshore installations, and the growing vulnerability of IT and communication networks to hacking are expected to drive expenditure.

Drivers:

• Accelerating risk of terrorist attacks
• Substantial funding for maritime infrastructure protection
• Growing reliance on IT leading to increased vulnerability  to cyber attacks

 Trends:

• Heightened focus on  securing industrial control systems
• Smart city development projects ensuring sustained investment
• Middle  East emerging as major market for network security
• Increased adoption of cloud computing technology
• Increased industry Consolidation

 Challenges:

• High cost in implementing Cyber Security methodologies
• Difficult to monitor use of wireless technology
• Deficient manpower and inadequate training sessions