Cybersecurity market to reach $170.21 billion by 2020, says

market research 112On August 24, released a report that forecasts the growth of the North American cyber security market 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.

In reaction to this trend more and more tech companies are emerging to meet the demands for cyber security solutions that work to monitor, detect, report and counter cyber threats to maintain the confidentiality of IT systems.

According to another report, the global cyber security market is expected to grow from $106.32 in 2015 to $170.21 billion by 2020. Out of all major technologies, antivirus and antimalware solution is expected to acquire the highest market share through 2020.

Industry leaders in this market include:

  • Booz Allen Hamilton
  • Cisco
  • CSC
  • IBM
  • Intel Security
  • Microsoft

The report is available here.