MarketsandMarkets has released a new report that predicts the aviation cybersecurity market will grow to $61.85 billion by 2020, buoyed by increasing cyber threats on aerospace and defense organizations.
The report expects on-cloud deployment to rise in demand over the next five years as the rate of cyber attacks across the world continues to increase, MarketsandMarkets said Thursday.
MarketsandMarkets also pins the highest compound annual growth rate during the forecast period on the Latin American region, where there is an increase in the usage of Internet service that MarketsandMarkets finds will result in more cyber incidents.
The recent passage of cybercrime laws in Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru and Venezuela will drive the demand for cybersecurity services, the report says.
MarketsandMarkets profiles the following companies as tier-one market players:
- Northrop Grumman
- BAE Systems