The cyber security market has been forecast a gradual growth rate over the next eight years, with the industry set to increase at a compound annual growth rate (CAGR) of 21% through to 2020, reaching a market value of $120 billion by 2017.
The increased adoption of cloud computing, data centres and wireless communication devices are primary growth drivers for the cyber security market. Organisations are also increasingly looking at services, such as managed security and consulting, to protect sensitive systems and networks.
With concerns over hacktivism and terrorism, cyber defence is increasingly playing a pivotal role in national security. Every political and military conflict now has a cyber dimension, and defenders have to focus on building up capabilities just as they would prepare for physical warfare.
China's concerns over the safety of its power infrastructure will result in astronomical security spending over the next decade. China's cyber security market will expand remarkably in the coming years, from a valuation of $1.8 billion in 2011 to $50 billion by 2020, representing a dramatic CAGR increase of 44.7%.
The Asian giant has a strained relationship with a number of nations in relation to cyber security, with the US in particular often accusing Chinese hackers of attempting to breach their power systems, although this has never been confirmed by Chinese government. Such accusations may have fostered an environment of mistrust in which the Chinese authorities expect retaliatory cyber-attacks on their own power infrastructure.
For more information on the cyber security market, see the latest research: Cyber Security Market
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