Off the wire
Xinhua China news advisory -- June 3  • Garden festival kicks off in Ireland, attracts residents, visitors  • Venezuela sends aid to Cuba after tropical storm Alberto  • Venezuela prepares list of political opponents to be freed from jail  • JSE edges weaker as firmer South African rand pulls down mines  • JSE closes lower as U.S. dollar continues to gain  • JSE closes higher buoyed by banks and general retailers  • Microsoft eyes establishing software start-up in Turkey  • Chinese mainland claims 6 of world's top 100 universities in latest THE rankings  • U.S.-EU trade war could "devastate" Irish whiskey industry: IWA  
You are here:   News/

China to lead global cybersecurity market growth in next 5 years

Xinhua,September 10, 2019 Adjust font size:

A staff member (L) of cyberspace search engine ZoomEye introduces to visitors how hackers endanger network security at an exhibition in Beijing, capital of China, June 1, 2015. [Photo/Xinhua]

China will continue to lead the growth of the global cybersecurity market in the coming five years, with the market size to surge to 17.9 billion U.S. dollars in 2023, according to a new report.

The compound annual growth rate for China's cybersecurity spending from 2019 to 2023 will be 25.1 percent, compared with the global average of 9.44 percent, said the report from global market research firm International Data Corporation (IDC).

China's cybersecurity spending in 2019 will reach 7.35 billion dollars, of which hardware will claim a lion's share of 62.8 percent. Software and service will account for 16.7 percent and 20.5 percent of the total, respectively.

Government, communications and financial sectors will see the most cybersecurity spending, as they will account for roughly 60 percent of the sum.

China is already the world's second in terms of cybersecurity spending, but still lags behind the global average in terms of the proportion of such spending to the country's total information technology spending, the study showed.

According to IDC estimates, global cybersecurity spending will surpass 150 billion dollars in 2023.