MarketsandMarkets forecasts the cyber security market to grow from $106.32 billion in 2015 to $170.21 billion by 2020, at a Compound Annual Growth Rate of 9.8 percent.
The report identified IBM corporations, Intel Corporation, Booz Allen Hamilton, CSC, Lockheed Martin, Northrop Grumman, Sophos, Symantec, and Trend Micro as the major vendors in the cyber security market.
It noted that major driving factors for the cyber security market are increasing strictness of government regulations and evolving cyber threats. These factors are forcing organizations to focus more on cyber security.
Also, increasing mobile data usage, cloud usage, and digitization contribute to increasing cyber security awareness. Increasing scope of BOYD at workplace is also said to be driving the market on long-term basis.
MarketsandMarkets suggests using solutions such as data center as a processing and storage powerhouse, data loss protection, data recovery management, leaks and hacking threats can be reduced up to a very large extent.
Furthermore, the advancements in virtual machine isolation, client authentication, and secure opportunistic computing are expected to facilitate the adoption of cloud computing, wireless security, and data center, which in turn will boost the demand for advanced security solutions in the coming years.
However, lack of talented security professionals in organizations is one of the major problems that have to be tackled, the research firm said.