Revenue from China's internet security industry will reach 45.71 billion yuan (6.91 billion U.S. dollars) this year as a technological boom is pushing the emerging sector onto the fast track.

The China Academy of Information and Communications Technology (CAICT) predicted in a report that the sector will grow 32.85 percent year on year in 2017, faster than the 21.7-percent increase in 2016.

"Innovation in cybersecurity technology was robust, and new products and services have sprung up," the CAICT said, pointing to substantial improvement in competitiveness of domestic businesses.

Artificial intelligence (AI) and other new technologies are driving a revolution in cyberspace security. Tech firms, including Qihoo 360 and Baidu, have been driving big money into the area.

Chen Zhaoxiong, vice minister of Industry and Information Technology, said the ministry will promote innovation in core technology, especially in the research and development of industrial internet, AI and big data. 

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