Cyber Security Market to Reach $120.1 Billion by 2017

By CIOReview | Thursday, February 27, 2014
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FREMONT, CA: The Cyber security market is expected to reach $120.1 billion by 2017 at a CAGR of 11.3 percent from 2012 to 2017, reports MarketsandMarkets, Cyber security market a market research and consulting company.

The report, “Cyber Security Market (Identity & Access Management, Data Leakage Prevention Solution, Unified Threat Management, Firewall) Worth, $120.1 Billion by 2017,” states that because of the adoption of cloud computing, networks, data centers, and wireless communication devices, cyber security will be one among the fastest growing segments of the IT sector in the next 3 to 5 years. There are significant potential investments from companies to secure their computing environment. The cyber security providers avail systematic methods, guaranteeing vulnerabilities and threats that are blocked at each layer through application of industry compliant security products and services.

The global cyber security market is expected to grow from $63.7 billion in 2011 to $120.1 billion by 2017, at an estimated CAGR of 11.3 percent. The report provides detailed market data for different industry verticals across geography. By 2017, in the overall market, public sector and utilities vertical is estimated to contribute 30.4 percent, the maximum market share, followed by BFSI at around 22.7 percent; manufacturing 15.3 percent; IT and telecommunication 10.6 percent, while, the retail & wholesale distribution, healthcare and life-sciences, and others verticals are forecasted to be at around 7.9 percent, 7.3 percent, and 5.82 percent respectively.

Some key market players include companies like Cisco Systems; Check Point Software Technologies; Kaspersky Lab; Fortinet; IBM; CA Technologies; McAfee and Symantec Corporation.