A new TechSci Research report predicts that the global market for cybersecurity will be worth more than $123 billion in the next five years driven by the rising number of cyber attacks and a surge in spending on technologies that seek to address such threats.
TechSci Research said Tuesday its Global Cyber Security Market Forecast & Opportunities, 2020 report shows that government agencies and businesses are increasing their spending on cybersecurity systems as cyber attacks become more sophisticated.
Startups that focus on cybersecurity technology development are drawing interest from venture capitalists and large market players, according to the report.
“Global cybersecurity market is dominated by North America, wherein, the U.S. is the major contributor,” said Karan Chechi, research director at TechSci Research.
“Amid rising cyber attacks on critical infrastructure of the country, the U.S. government’s cybersecurity budget allocation has been continuously increasing for the last few years.”
Chechi also noted that Asia Pacific emerges as a leading market for “cybersecurity product and service providers, due to rising concerns of governments toward safeguarding their respective cyber ecosystem.”