A new report from Allied Market Research projects the global Internet security market to be worth $42.8 billion by 2020 due to what the firm sees as increasing use Internet-based applications, particularly for online financial transactions.
The firm said Thursday the market value for Internet security will climb at a compound annual growth rate of 8.1 percent over the next six years as incidents of cyber crime continue.
The market will also see a shift toward software and cloud-based security services, as managed services grow at 28 percent CAGR through 2020, Allied Market Research said.
The “Global Internet Security Market – Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 – 2020” report also identified education, retail, government and banking and financial services and institutions as the biggest market sectors.
According to the report, the Asia-Pacific region will also be the biggest and fastest-growing market for Internet security services at 10.9 percent CAGR and $12.2 billion in market value by the end of the forecast period.
Market players the firm identified include:
- Kaspersky Lab