Cybersecurity

• [New] Cybersecurity in 2020 will greatly affect the global economy, businesses, governments, consumers, and the common man.
• Cyberattacks are at an all-time high, with IDC predicting global spending on cybersecurity to reach $133.8 billion in 2022.
• Worldwide spending on cybersecurity is predicted to top $1 trillion in 2021, which is great news for security vendors, but as spending on security grows, the number of successful breaches is also likely to grow, which is not great news for businesses.
• Cloud Security is the smallest, fastest-growing cybersecurity market segment with market size of $439M last year, projected to grow 33% in 2020.
• The cybersecurity market was valued at USD 119.61 billion in 2018 and is expected to reach USD 261.07 billion by 2024, at a CAGR of 14.15% during the forecast period (2019-2024).
• The global railway cybersecurity market is expected to to increase from USD 6.0 billion in 2019 to reach USD 12.6 billion by 2025 at a CAGR of 9.8%.
• So profitable has the cybersecurity-criminal cycle become that worldwide spending on cybersecurity is forecasted to reach $133.7 billion in 2022.
• The cybersecurity market is growing even in the midst of the pandemic-driven economic downturn, with spending predicted to reach $123 billion by the end of the year.
• The cybersecurity market reached $156.5 billion last year across hardware, software, and services, and is expected to grow at a 10% annual rate through 2027.
• Spending on cybersecurity solutions has risen in 2020 and will continue to do so until the end of the year.
• The average Cybersecurity Analyst makes $78,000 annually, and the cybersecurity industry will have an estimated compound annual growth rate of 11.9 and a market size of 258 billion by 2025.
• The healthcare cybersecurity market was valued at USD 6.9 billion in 2019 at a CAGR of 15.6% over the forecast period 2020-2025.
• Telehealth, an industry full of tech jobs, is expected to see 80% growth by the end of the year.
• The market for AI in cybersecurity could reach $38.2 billion USD by 2026, almost a 30 billion increase on the 8.8 billion estimated in 2019.
• The cost of ransomware is on the rise, and Cybersecurity Ventures estimates that the global costs will reach $20 billion by 2021.
• Cybersecurity Ventures estimates that global ransomware damage costs will reach $20 billion USD by 2021, an increase from their estimated damages of $11.5 B in 2019 and $8 B in 2018.
• Global automotive cybersecurity market will reach $10.92 billion by 2030, growing by 17.3% annually over 2020-2030 owing to the rising need for cybersecurity among smart vehicles, self-driving cars and connected transportation.
• Connected vehicles will comprise nearly 86% of the global automotive market by 2025, thereby giving rise to many vulnerable threat points for hackers.
• Cybersecurity is seen as a profitable future industry that will grow strongly over the next decade with the accelerated digitalization of the global economy.
• Pre COVID-19 Forecast: The Middle East cybersecurity market is projected to grow from USD 16.1 billion in 2020 to USD 28.7 billion by 2025, at a Compound Annual Growth Rate of 12.2% during the forecast period in the pre-COVID scenario.
• The Middle East cybersecurity market is projected to grow from USD 15.6 billion in 2020 to USD 29.9 billion by 2025, at a Compound Annual Growth Rate of 13.8% during the forecast period in the post-COVID scenario.
• The value of the global cybersecurity market is set to grow by a further 50% in the next six years, with a current worth of $173 billion USD in 2020 that will reach $270 billion USD by 2026.
• IT spending will decline by 8% in 2020, dropping from $3.7 T in 2019 to $3.4 T, security and risk management (cybersecurity) is predicted to grow 2.4%, down from a projected growth rate of 8.7% earlier in 2020.

Last updated: 22 November 2020