A new study projects the cybersecurity market to be worth $232 billion by 2022.
MarketsandMarkets has published a study of the industry, which the researcher says currently is valued at $138 billion. That’s an annual growth rate of 11 percent.
The study concludes that more and more companies are demanding application security solutions, due in part to the increasing number of endpoints. The growing number of devices stems from IoT and bring-your-own-device policies.
MarketsandMarkets also attributes organizations’ demands to be compliant in their various industries.
“The major forces driving the cybersecurity market are strict data-protection directives and cyber terrorism. The cybersecurity market is growing rapidly because of the growing security needs of Internet of Things and BYOD trends, and increased deployment of web and cloud-based business applications,” the report said.
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Per usual, America is the largest market while Asia Pacific is the fastest growing.
The study lists numerous vendors that are considered leaders in the cybersecurity industry: IBM, HPE, McAfee, Trend Micro, Symantec, Check Point, Cisco, Palo Alto, Juniper, Fortinet, FireEye, Sophos, Rapid7, EMC RSA, LogRhythm, Optiv Security, Webroot, CyberArk Software, Qualys, F-Secure, Trustwave, Proofpoint, Splunk, Kaspersky Laband and Imperva.
Plenty of market research companies have projected what the cybersecurity industry will be worth in upcoming years. Persistant Market Research says it will be $206 billion in 2025, and Allied Market Research predicts $198 billion by 2022. That puts MarketsandMarkets’ projection as significantly higher, although its forecasted annual growth rate was slightly lower than that of the others’.