From: RegTech Analyst
The global cybersecurity market is estimated to reach a value of $199.98bn by 2025, according to new research.
The report from Market Research Future estimated that the sector will grow at a 10.5% compound annual growth rate between 2019 and 2025.
The growing number of hack attacks around the world were identified as driving the growth of the sector.
Other factors include the rise of the internet of things, cloud computing and the ubiquity of digital devices.
“Regulations and laws passed by governments such as the General Data Protection Regulation (GDPR) and HIPAA are likely to be favourable for the industry as more enterprises and individuals opt for cybersecurity measures for protecting their confidential data,” the researchers said in a statement. “But pirated versions of cybersecurity software can impede the market growth.”
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