Global Cyber Security Market is set to grow from its current market value of more than $120 billion to over $300 billion by 2024; according to a new research report by Global Market Insights, Inc.

The cyber security market is propelled by the increasing need among enterprises to minimize security risks. As enterprises are rapidly embracing cloud platforms and other networking technologies, they are becoming more vulnerable to various cyber-attacks. The average expenditure on cybercrime has increased significantly.

In 2017, the average spending by organizations on cybersecurity solutions increased by over 23% accounting for over USD 11.7 million. This rise in budgetary allocations in cybersecurity solutions is driving the growth of the cybersecurity market.

Global Cyber Security Market

The rising penetration of various mobile & wireless devices is fostering the growth of the cyber security market.