Study: Cybersecurity Market To Double In Next Five YearsStudy: Cybersecurity Market To Double In Next Five Years

The cybersecurity market will nearly double over the next five years, according to a new report issued this week.

According to a cybersecurity market report issued this week by the research firm MarketsandMarkets, the global cybersecurity market is expected to grow from $63.7 billion in 2011 to $120.1 billion by 2017, at an estimated compound annual growth rate of 11.3 percent from 2012 to 2017.

"Cybersecurity has rapidly evolved from a technical regulation stage to well-planned conception," the study says. "Every kind of political and military conflict now has a cyber dimension, the size and outcome of which are complex to forecast, hence making battles fought in cyberspace as imperative as battles occurring on the ground.

"The security market is on the rise due to increased adoption of cloud computing, networks, data centers, and wireless communication devices," the report states. "In all countries, the private sector accounts for most of the cyber security spending, with an exception of the U.S., where government spending is about equivalent to that of the private sector."

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