The global cyber-security market is expected to reach $18.5bn in value by 2026, marking a compound annual growth rate (CAGR) of 4.51%, according to a report by Strategic Defence Intelligence (SDI).
Titled ‘The Global Cyber Security Market 2016-2026’, the report offers insights into key market trends and investment patterns, as well as challenges faced by the industry.
Cyber-security systems are majorly categorised into network security, data security, identity and access, and cloud security segments.
The network security segment is anticipated to attract major spending, accounting for 43% of the market share, while the data security, identity and access, and cloud security segments are expected to account for 25%, 17% and 15% of the global market, respectively.
North America region is expected to command the market with a 57% share during the forecast period, followed by Asia Pacific and Europe with 20% and 12%, respectively.
The demand for cyber-security systems is expected to be driven by investment from major markets, including the US and countries in the Asia-Pacific and Europe, says the report.
Growing terrorist attacks, initiatives by a number of developing nations, and a high reliance on surveillance systems, such as CCTV cameras and biometric installations, are expected to stimulate the demand for cyber-security systems.
The report also claims that the cyber-security industry faces numerous challenges, such as high production and implementation costs, lack of skilled work force, and inadequate training sessions.