China's cyber security market revenue of $4.9 billion to double up over 5 years: Study

China's cyber security market revenue which is totaled at 4.9 billion dollars in 2012 is expected to double up over the next five years, a new study has revealed.

The study conducted by ABI Research found that the Chinese market for cyber security is rapidly growing, highly lucrative, and potentially vast, Enterprise Innovation reports.

The report said that the Chinese economic and political system has proved favorable to the growth of a dynamic IT security market and the state has invested heavily in technologies, people and processes, and actively supports the domestic private sector in cyber security solutions.

Michela Menting, senior analyst at ABI Research said that as the market for Internet and mobile security products matures, especially on the consumer end, the demand for quality solutions and the focus on the end-user experience will become more important.

According to the report, government efforts to promote the market have provided an immense opportunity for the development of a highly specialized homegrown Internet and IT security market.

The report further said that China embraces a protectionist economy that places a significant barrier to entry for foreign firms to the advantage of Chinese companies.

However, the seemingly favorable conditions for the Chinese domestic industry have not been able to restrain a brutally competitive and distorted market.