Mobile devices’ increasing usage, rising cyber-attack incidence, and stringent government regulations for data privacy are driving the cyber security market. In 2016, it valued $81.4 billion, and it is projected to grow at a 10.7% CAGR during the forecast period (2017–2023). Cyber security is the amalgamation of comprehensive technologies, practices, and processes that offer security to computers, IT networks, software, programs, and data from any kind of attack, unauthorized access, or damage.

The cyber security market is observing a trend of the bring-your-own-device (BYOD) culture in organizations, as it is being linked with employee satisfaction and increased productivity. The increasing use of personal devices, such as laptops and personal digital assistants, is being encouraged by organizations to enhance productivity. However, their rising adoption is posing a major challenge as it is putting the corporate data at a high risk of cyber-attacks. This, in turn, is adding to the demand for cyber security products and services as the IT departments are not be able to evaluate each device individually.

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The major driving factor for the cyber security market is the increasing number of mobile devices. With technological advancements, mobile devices are now equipped with GPS navigation, email, and internet, which a personal computer has. However, the security measures for mobile devices are outdated, making them vulnerable to cyber-attacks. This puts sensitive information, such as contact details, passwords, and location, at a high theft risk. Equipment makers, telecom firms, and application and operating system providers are increasingly investing in cyber security programs and services to stay ahead of cyber criminals.

Another contributing factor to the market growth is the implementation of strict rules and regulations for data privacy. Various governments worldwide are bringing strict cyber laws and amending the existing ones to encourage robust web-based security. One of these laws is the mandatory implementation of cyber security solutions by companies to avoid financial and other losses due to cyberattacks. For instance, the California state government recently passed a notice regarding security breach, which says that during a security breach, any company maintaining the records of Californians must disclose the event details.

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The classifications of the cyber security market based on security type are wireless, application, cloud, network, endpoint, and others. Due to the rising demand for protecting enterprise data and solutions from devious cyber-attacks, the market for the applications is expected to perform the best during the forecast period. Further, the deployment segment is categorized into cloud and on premises, and in 2016, both the categories saw nearly equal deployment.

However, the cloud category is experiencing faster growth, and its market is predicted to be double of the on-premises category. Therefore, as more professionals are allowed to bring their own devices and the usage of smartphones grow, the sale of cyber security solutions and services are also expected to rise further.