Global aviation cyber security market to reach $61.85 billion
This growth is mainly attributed to rise in cyber-threats and cybe rcrimes by professional attackers on aerospace and defense organizations, thereby creating a threat to the national security.
This is according to the report "Aviation Cyber Security Market by Component (Service, Solution), by Deployment (On-Cloud, On-Premise), & by Region (North America, Europe, Asia-Pacific, Middle East & Africa, Latin America) - Forecast to 2020", published by MarketsandMarkets.
With the rising cost of on-premise cyber security solutions and difficulty in operational convenience, the demand for on-cloud deployment of cyber security solutions is increasing at a rapid pace.
The increased rate of cyber-attacks and hacking across the globe has further propelled the demand for on-cloud deployment. This segment dominates the overall aviation cyber security deployment market, and is expected to continue its dominance over the next five years.
The North America region dominates the global aviation cyber security market, as of 2015, followed by Europe. The Latin American region is projected to grow at the highest CAGR during the forecast period.
This growth is primarily attributed to the increased usage of internet in Latin America, which has further resulted in rise in number of cyber crimes and cyber-attacks in several Latin America countries such as Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, and Venezuela.
These countries have passed cyber crime legislation and created cyber defense systems. These initiatives made by governments in this region are expected to increase the demand for cyber security services and solutions at a rapid pace.
The key players operating in the global aviation cyber security market are Cisco Systems, Inc., International Business Machines Corporation (IBM), Raytheon Company, Northrop Grumman Corporation, and BAE Systems plc. ■