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Microsoft, Symantec Named Among Leading Cybersecurity Vendors

May 19, 2017 - News

Cloud solutions are driving cybersecurity demand.

A report by Persistence Market Research predicts a growth in demand for cybersecurity products and solutions.

According to the report, the market was worth $76,400 million last year and is expected to be $205,810 million by 2025. That’s an annual growth rate of 12 percent.

The study says cloud-based services such as email, CRM and collaboration are driving the growth of the market. Many companies are adopting cybersecurity offerings in order to “secure their workloads on the cloud."

“The cost of cloud-based services is comparatively cheaper, as these services require a very minimum IT infrastructure setup. However, cloud deployment increases vulnerabilities in software and often makes it easy to access," the report wrote. “…In addition, robust digitization across the globe continue to create the possibility of new cyber threats, hence, compelling enterprises to opt for cybersecurity solutions in order to tackle unethical hacking and malignant cybercrimes."

The study named IBM, Microsoft, Symantec and Verizon among the list of vendors that will lead in the security market.

The study predicted that North America will still be the top market for cybersecurity in 2025. Asia-Pacific is expected to be the fastest growing market over the next eight years. “Cutting-edge" IoT security services are expected to come around in that time period as well.

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