The global cybersecurity market is expected to grow from $63.7 billion in 2011 to $120.1 billion by 2017, at an estimated compound annual growth rate of 11.3% from 2012 to 2017, according to the report.
Key market players, according to the report, include Cisco Systems (US), Check Point Software Technologies (Israel), Kaspersky Lab (Russia), Fortinet (the Netherlands), IBM (US), CA Technologies (US), McAfee (US), and Symantec (US).
Fueling the cybersecurity demand is the explosion of IT devices and hackers in cyberspace.
“Cyberspace today is powered by a gamut of devices and applications that have made it vulnerable to threats from all kinds of users or miscreants such as students, spies, hackers, propagandists, and terrorists. Cyberspace is being used for all kinds of activities be it to gather information, raise funds, communications, or public relations, all of which have been digitized in the current globalized economy”, according to a release about the report.
“As a result, every kind of political and military conflict now has a cyber dimension, the size and outcome of which are complex to forecast, hence making battles fought in cyberspace as imperative as battles occurring on the ground. As hacking is booming and garnering ever-increasing media attention, attempts to target vital international defense installations can neither be ruled out nor mitigated successfully without significant cybersecurity measures”, it added.