DUBLIN, February 24, 2016 /PRNewswire/ --
The global cyber security market is expected to grow at a CAGR of 12.13% between 2016 and 2020, according to a report published on Research and Markets. According to the report, the dynamic technological landscape of the market is leading to the entry of new vendors, and this has been evidenced by BlackBerry's announcement Wednesday that it has acquired U.K. based cyber security firm Encription.
Known for their smartphone devices, BlackBerry has switched its focus to security software and services. Although the terms of the deal have not been disclosed, reports suggest the deal will take a team of about 40 cyber security professionals to BlackBerry.
Over the years, enterprises worldwide have become increasingly dependent on technology and internet to run their business and drive revenue growth. This trend is expected to intensify, with the global IT security consulting service market set to grow at a CAGR of 7.02% between 2015-2019. According to the report, a rising number of SMEs, particularly in the manufacturing, retail, and banking sectors, are looking for security consulting services to protect critical business information.
This is the latest in a string of software focused acquisitions made by BlackBerry. In the last year they have acquired security software maker Good Technology and networked crisis communications provider AtHoc.
Consumer demand is also boosting demand in the global security software market, which is expected to grow at a CAGR of 11.11%. Individuals have become reliant on mobile devices for e-commerce, bill payment, and accessing social networking sites. This is creating the need for advanced security to protect personal information from data loss or theft.
For further information on this topic, and a full list of all related documentation, please visit the IT Security section at http://www.researchandmarkets.com/categories.asp?cat_id=7.
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