North America is expected to hold the largest share of the cybersecurity market in 2016 due to the technological advancements and early adoption of preventive measures.

SEATTLE – The cybersecurity market is forecast to grow from $122.5 billion in 2016 to $202.4 billion by 2021 at a compound annual growth rate (CAGR) of 10.6%, according to a new report published by research firm MarketsandMarkets.

The major forces driving the cybersecurity market are a rise in security breaches targeting enterprises and need for stringent compliance and regulatory requirements. The cybersecurity market is growing rapidly due to the growing security needs of Internet of Things (IoT) and Bring Your Own Device (BYOD) trends, as well as increased deployment of cloud-based business applications.

Organizations are rapidly deploying cybersecurity solutions either on-premises or via the cloud. The demand for cloud-based solutions is increasing due to cost-effective and time-efficient features of the cloud; its growth is specifically high in enterprises, where low-cost solutions are much required.

North America Paces Global Growth

North America is expected to hold the largest share of the cybersecurity market in 2016 due to the technological advancements and early adoption of preventive measures in the region. The Asia-Pacific Region (APAC ) market is expected to grow at the highest CAGR between 2016 and 2021. The primary driving forces for this growth are increasing technological adoption and huge opportunities across industry verticals in APAC countries, especially India and China.

The cybersecurity market is also segmented by various industry verticals, out of which the adoption of security solutions is expected to be the highest in the aerospace and defense markets due to advanced threats. Moreover, government and public utilities; banking, financial services and insurance; IT; and telecom verticals are expected to gain traction during the forecast period.