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The Global Cybersecurity Market 2013-2023

Global cybersecurity market: North America by far the largest region


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2014-01-30 17:43:02 - The Global Cybersecurity Market 2013-2023 - a new market research report on companiesandmarkets.com

The global cyber security market is dominated by North America, with the US being the largest defense spender in the world; overall, North America is set to spend US$93.6 billion on cyber security during the forecast period. Despite the scheduled budget cuts, Europe represents the second-largest market, with the total cyber security market valued at around US$24.7 billion, offering a potentially attractive investment opportunity for suppliers. Asia-Pacific is projected to spend an estimated US$23.2 billion on cyber security during the forecast period, followed by the Middle East and Latin America with US$22.8 billion and US$1.6 billion respectively.

Historically, most of the expenditure in this sector is generated by the private sector, yet government spending has witnessed a robust increase in the

 

 

recent past; the US´s private and public sector spending is almost the same, pegged at US$94 billion over the next 10 years. The UK has also made cyber security a tier one priority by allocating an additional US$800 million for various cyber security initiatives in its 2010 strategic defense and security review (SDSR); the government is expected to spend close to US$6 billion on cyber security over the next 10 years. Similarly countries in the Middle East, Asia Pacific and Latin America are also expected to ramp up spending on cyber security during the forecast period.

It is very important for cyber security providers to identify the source of malware so that similar patterns can be tracked and observed for flaws, and a proper response to the attack can be delivered without causing undue inconvenience to the entire cyberspace community. This challenge stems from the fact that the cyber security institutional eco-system which consists of a broad set of international, national, and private organizations has unclear and overlapping boundaries.

Cyber weapons are in their infancy and are expected to rapidly evolve over the next decade. Therefore, nations are currently dedicating increasing resources at the executive policy level as well as at the private sector level, in order to deal with complex cyber threats. These resources have been well utilized as is evident from the innovations in cyber defence technologies, but as these mechanisms become commercially available and their mode of operation is scrutinized, attackers will develop more advanced cyber weapon technologies to deal with advanced defenses.

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Mike King
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