Cybersecurity

• Cyberattacks are at an all-time high, with IDC predicting global spending on cybersecurity to reach $133.8 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.
• While cybersecurity spending grew at a Compound Annual Growth Rate of 12% in 2018, Gartner's latest projections are predicting a decline to only 7% CAGR through 2023.
• Governance, risk measurement, and policy compliance, cybersecurity is a growing industry estimated to be worth over $300 B by 2025.
• 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 $439M last year, projected to grow 33% in 2020.
• The Middle East and Africa's Internet of Things cybersecurity market is set to top US$ 3.2 billion by 2025, posting four-fold growth from 2015.
• 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.
• 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.
• The Indian cybersecurity services industry is expected to grow to $7.6 billion in 2022 and register an average annual growth rate of 21% by 2025 to reach $13.6 billion.
• So profitable has the cybersecurity-criminal cycle become that worldwide spending on cybersecurity is forecasted to reach $133.7 billion in 2022.
• The cost of ransomware is on the rise, and Cybersecurity Ventures estimates that the global costs will reach $20 billion by 2021.
• 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.
• 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.
• To avoid the extremely high damage costs brought by ransomware in 2019, organizations are expected to spend more money on cybersecurity solutions in 2020.
• The shift to remote work as a result of Covid-19 have forced new learnings in business agility, and has paved the way for a new wave of advanced cybersecurity threats.
• 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.
• 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 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.
• 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 cybersecurity market for cars was valued at USD 78.48 million in 2017, and is expected to reach a value of USD 586.14 million by 2023, at a CAGR of 49.5% over the forecast period (2020-2023).
• The Global Automotive Cybersecurity Market is accounted for $1.66 billion in 2019 and is expected to reach $7.67 billion by 2027 growing at a CAGR of 21.1% during the forecast period.

Last updated: 22 November 2020