2015 Cybersecurity market to reach $75B, will continue to grow
Dec 28, 2015 08:32 AM EST
The global cybersecurity market continues to grow in massive proportions, and is expected to go on an upward slope even further.
Forbes released the follow up of the October report of The Business of Cybersecurity: 2015 Market Size, Cyber Crime, Employment, and Industry Statistics. It shows that according to Gartner, Inc. the global spending on cyber security is expected to reach $75 billion this year up 4.7 percent from 2014. It will continue to grow for the next five years to $170 billion by 2020.
The global information security is projected to grow at a compound annual growth rate (CAGR) of 9.8 percent for the next five years until 2020.
PYMNTS reported that there are many factors that led to the skyrocketing of the cyber security industry. Some of these driving factors are high-profile data breaches, the initiatives from the government and law enforcement agencies, and increased legislation.
According to Gartner research analyst Elizabeth Kim, "Interest in security technologies is increasingly driven by elements of digital business, particularly cloud, mobile computing and now also the Internet of Things, as well as by the sophisticated and high-impact nature of advanced targeted attacks."
Meanwhile, The Intercept wrote that the final provision of the Cybersecurity Information Sharing Act (CISA) was passed Friday. It is a bill that helps companies share important information with the government to prevent cyber attacks.
Meanwhile, Forbes indicated that the major areas of growth are in security analytics SIEM, which is expected to grow by 10 percent. Another is the threat intelligence at more than 10 percent.
The mobile security is also a hot are for growth as it is expected to grow 18 percent. The clod security will increase the most at 50 percent.
The Allied Market Research (AMR) expects the global managed security services market to reach almost $30 billion in the next five years. It will also have a CAGR of 15.8 percent until 2020. Meanwhile, the global enterprise governance, risk and compliance (GRC) is projected to increase to $11.5 billion by 2019, up from 2014's $5.8 billion and will also have a CAGR of 14.6 percent from 2014 to 2019.