The global cyber security market is expected to grow more than 12 percent annually through 2020, according to a newly released report. While that number is slower than previously projected, vulnerable wireless networks and increased mobile Internet usage continues to create need for increased security measures that provide revenue to the industry.
Additionally, the report noted that some cyber security segments are expected to grow faster than the industry as a whole. Of note, the global managed security services market has a projected annual growth rate of 15.8 percent by the end of the decade. Such a growth rate would indicate that the global managed security services market would reach 29.9 billion dollars by 2020.
Another segment on a faster ascent is the global industrial cyber security market, which is expected to increase 14.17 percent each year over by 2019, according to a previously released study. While both the industrial cyber security market, and the global managed security services segment experienced lower than expected growth last year, the report indicates that this will not be the trend going forward.
Significant hacking attacks were responsible for a sales boost in the global cyber security market in 2015, and while those numbers can not be expected to repeat themselves, the report reasons that given the unpredictable nature of cyber security and attacks, threat responses can reasonably be projected to boost industry projections in the years ahead.