The rise in security breaches targeting enterprise has led to an increased adoption of cyber security solutions hence rapid growth of the cyber security market, which is reported to grow from USD 122.45 billion in 2016 to USD 202.36 billion by 2021, at a CAGR of 10.6% as per Research and Markets.
Network security is estimated to have the largest market size in 2016 because of the need for stringent compliance and regulatory requirements. The growth in the network security is associated with the rise in security breaches targeting enterprise networks, where hackers try to gain access to sensitive data.
Furthermore, application security will grow at the highest CAGR during the forecast period, due to the rise in Internet of Things (IoT) and Bring Your Own Device (BYOD) trend.
Cyber security solutions have been deployed across various industry verticals, including aerospace & defense, government & public utilities, Banking, Financial Services, and Insurance (BFSI), IT & telecom, healthcare, retail, manufacturing, and others. The BFSI vertical is expected to witness the highest CAGR during the forecast period because of the increasing adoption of web and mobile applications, which are prone to advanced cyber-attacks.
APAC includes emerging economies, such as India and China, which are rapidly deploying cyber security solutions. This is mainly due to the digitization of businesses and adoption of cloud services by small, medium, and large enterprises in the region.