Global cybersecurity market may hit US$170 billion by 2020 amid hacking fears
Spending on cybersecurity will more than double from US$74.5 billion this year to US$170 billion by 2020, according to analysts.
North America and Europe are currently the biggest markets, but Asia-Pacific is increasingly investing in this area amid concerns about hacking.
Asia-Pacific was one of the fastest growing spenders, beaten only by Latin America, which had a predicted annual growth rate of around 17.6 per cent for the same period.
Spending is expected to be particularly heavy in aerospace, defence and intelligence, according to analysts at TechSci Research.
Fears have been heightened in the region following a spate of recent revelations.
The number of detected cyber attacks worldwide rose 48 per cent on-year in 2014, according to a recent PricewaterhouseCoopers report. They are expected to keep rising at a similar rate this year. Over 100,000 attacks currently take place every day, PwC said.