The global cyber security market is projected to surpass $ 137 billion by 2021 due to increasing incidence of security breaches in various sectors such as government, defense, healthcare, banking and more, according to a report by research firm, TechSci Research.

 Growing adoption of mobile devices at workplace and cloud computing along with implementation of policies such as Bring Your Own Device (BYOD), are few other factors driving growth in the cyber security market, globally.

 Rising demand for connected devices across verticals such as connected cars, connected home appliances, web-connected smart wearable devices along with growing market for Internet of Things (IoT), is expected to propel the number of connected devices at a CAGR of 14.04% during 2016-2021, in turn fueling growth in market for cyber security across the globe.

In 2015, North America accounted for the largest market share in global cyber security market on the back of increasing government spending on cyber security, growing risk of data loss due to security breach in large as well as Small & Medium Enterprises (SMEs), rising number of cyber-attacks in financial sector, etc., according to the report.

 To overcome such problems, few of the major cyber security solutions available across the globe are Identity and Access Management (IAM), Risk and Compliance Management (RCM), Encryption and Data Loss Prevention (DLP), the report said.

New cyber security solutions are being offered to ensure network security, end point security, content security wireless security, application security and cloud security, by major cyber security solution providers such as Symantec, BAE Systems, Intel and Cisco, said TechSci.

 Moreover, said TechSci, these companies along with other companies including IBM, Check Point Software, Fortinet, FireEye, etc. are exceling in the global cyber security market inorganically by acquiring other businesses and companies to strengthen their product portfolio and to increase their geographical footprint across the globe.

“Rising incidences of data breach across end use industries primarily due to external sources, followed by intentional insider sources has driven cyber security spending by the enterprises across countries in the world,”  said Mr. Karan Chechi, Research Director with TechSci Research.

“Rising R&D over technological advancements in cyber security solutions, such as encryption services, intrusion Detection System/Intrusion Prevention System solutions, etc. is expected to drive the cyber security market in the near coming years,” he added.