Zion Market Research report says the global cyber security market will experience a CAGR of 9.5% between 2016 and 2021.
The research outfit says the sector was worth $105.45 billion in 2015 and is expects it to reach $181.77 billion by the end of the forecast period.
Zion says the cyber security market is one of the highest growth markets in the information technology domain and as such yields large economic opportunities.
Growing risks such as computer hacking, software piracy, and virus deployment are increasing the demand for cyber securities services.
It also cites that governments of various countries are increasing their investment in cyber security owing to development in computer interconnectivity and remarkable growth in computing power of government networks.
The major drivers for the market include stringent government regulation on data privacy and increasing cyber threats, the report says.
However, lack of awareness and availability of pirated security software are expected to hamper the cyber security market in the forecast period.
Zion warns that providing cyber security solutions to ever-increasing government IT domain is fast becoming an expensive challenge for the government authorities.
