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Global cyber security market is projected to reach a size of $165.2 billion by 2023LONDON, Jan. 23, 2018 /PRNewswire/ -- Global cyber security market is projected to reach a size of $165.2 billion by 2023, growing at a CAGR of 10.7% Disaster recovery had a comparatively smaller market size in 2016 among the solution types, and is expected to witness the highest growth of over 19%, during the forecast period. Rising incidence of cyber-attacks escalating the growth of the market Increasing number of smart phone users, growing bring your own device (BYOD) trend, and enterprise mobility requirements are some of the factors bolstering the growth of the cyber security industry. The growing need to combat malicious attacks in large, small, and mid-sized organizations through advanced solutions, is anticipated to drive the growth of the cyber security market in future. The growing awareness of security breaches and their impact have led to increased IT spending in 95% of the organizations. In an inter-connected business ecosystem, where business interacts with multiple systems across regions, there are high chances that organizations' digital landscape may get compromised during global interaction. The need to protect organization systems from cyber threats is leading to the adoption of cyber security. Asia-Pacific to have the fastest adoption rate of cyber security Geographically, the cyber security market is expected to witness the fastest growth in Asia-Pacific, during the forecast period. High value targets in a less secure environment, have made this region a potential target for cyber-criminals. China accounted for the largest share of 31.4% of the APAC cyber security market in 2016. This is mainly attributed to the increased wired and wireless internet usage, rapid computerization, growth of e-commerce, and the rise in the adoption of cloud computing in the country. Market heading towards consolidation The cyber security market is fragmented, and has been witnessing several partnerships and acquisitions among key players. Some of the major players in the cyber security industry are BAE Systems, Plc, RSA Security LLC, IBM Corporation, Symantec Corporation, Palo Alto Networks, Inc., Fortinet, Inc., FireEye, Inc., Check Point Software Technologies Ltd, Cisco Systems Inc., and Juniper Networks, Inc. Download the full report: https://www.reportbuyer.com/product/5289039 About Reportbuyer Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers For more information: Sarah Smith Research Advisor at Reportbuyer.com Email: [email protected] Tel: +1 (718) 213 4904 Website: www.reportbuyer.com
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