Israeli Cyber Exports Double in a Year
Israeli companies exported some US $6 billion in cyber-related products and services last year, a peak figure which surpasses the amount of Israeli defense contracts signed in 2014.
The latest data from Israel's National Cyber Bureau (NCB) shows a surge in cyber exports from US $3 billion in 2013 to $6 billion last year. According to NCB, that constitutes about 10 percent of the estimated $60 billion global cyber market.
And when compared to Defense Ministry figures of $5.66 billion in new contracts signed in 2014, it means that for the first time, Israeli firms tallied more in cyber orders than in traditional aerospace and defense business.
"The cyber market in Israel is growing at a very rapid pace," said retired Maj. Gen. Itzik Ben-Israel, head of the Interdisciplinary Cyber Research Center (ICRC) at Tel Aviv University. "Last year, Israeli cyber exports constituted about 8 percent of the global market. This year it's 10 percent. Since 2013, the number of cyber companies here grew by 25 percent. And investments in new start-ups grew by some 40 percent. That's huge."
As for public offerings, exit sales or mergers and acquisitions, NCB noted that eight Israeli companies last year raised an aggregate $700 million. In the first quarter of this year, it listed six firms as raising some $300 million.