The latest research from MarketResearch.com forecasts the global cybersecurity market to jump from $106.32 billion in 2015 to $170.21 billion by 2020.
In North America alone, the market intelligence products and services provider predicts the cybersecurity market will increase at a compound annual growth rate (CAGR) of 7.32 percent over the period of 2014–2019
“With last week’s news on the Ashley Madison and Established Men hack, it’s not surprising that companies are nervous about the potential dangers of cyber hackers. And it’s not just online companies that face these dangers. Big names such as JP Morgan, Target, Zappos, and even White Lodging Services have all experienced data security breaches,” the research firm said in a press release.
The growing complexities and sophistication of cyberattacks and threats have prompted government agencies, financial, retail, telecom, and manufacturing sectors to invest in enhancing their cybersecurity efforts in order to protect critical information and assets.
Among the major security technologies, antivirus and anti-malware solutions are expected to gain the highest market share through 2020, MarketResearch.com confirmed. But companies are also seeking solutions to address monitoring, detecting, reporting and mitigating cyber threats, in hopes of protecting the sensitive nature of IT systems and consumer data.
The Cyber Security Market in North America 2015-2019 report was prepared based on market analysis as well as input from industry experts. The report examines the cybersecurity market landscape and its growth prospects over the coming years.
The onslaught of cyberattacks, hitting victims of various sizes across all industries, has also resulted in the emergence of more technology companies eager to meet the demand for cybersecurity solutions.
Firms seeking to stop the looming and expanding hacking issue have collectively raised over $1 billion in venture funding to lock those hackers out.
Researcher CB Insights found that the first half of 2015 saw investors putting $1.2 billion into cybersecurity startups, which is a drastic increase from 2013’s first half, when $771 million was invested in the cybersecurity-related companies.
The number isn’t too surprising considering the stakes are high when it comes to data breaches.
According to a report issued earlier this year by security research firm Ponemon Institute and authentication tech provider Duo Security, recovery from a data breach takes an average of 45 days at a cost of $35,414 per day, with the expense split among direct labor (26 percent), cash outlay (22 percent), productivity loss (21 percent), overhead (15 percent) and indirect labor (14 percent).