Cybersecurity spending forecast to 2024
Cybersecurity will experience two revenue spikes of over $11 billion annually, in 2020 and 2024 driven by GDPR and an escalating arms race around Artificial Intelligence. Normal growth between these spikes revenues will remain at around $9.2 billion per annum. Total cybersecurity revenues will grow from $160 billion across all segments globally in 2018 to $223.7 billion in 2024.
North America is expected to continue to spend the most on security (27%), but both Europe (22%) and China (20%) which are rapidly accelerating their spend, with the rest of Asia following closely behind on 16%. North America is expected to lead on almost every market with the exceptions of Industrial and Automotive, where China leads, but only by a tiny margin.
Spending on global cybersecurity will grow faster than IT budgets as a whole as a result of both tactical and strategic factors. A major tactical driver is the impact of the European Union’s GDPR (General Data Protection Regulation), which came into force in May 2018, but whose impact will ripple around the world generating a bump in security spending that will hit Europe first. The strategic factor is the growing impact of AI and machine learning which will change the game for both attackers and defenders and bring on a new era in the arms race with hackers and cybercriminals.
This will have the opposite of the intended effect by increasing demand for security experts capable of understanding threats and counter measures evolving around AI tools and algorithms. Admittedly this affect will be amplified by the growth of cyberwarfare, as nations become increasingly involved, bringing greater financial resources and expertise to bear.
We anticipate this second factor gaining momentum later in the forecast period.
The forecast is split into sub-sector isolating spending in IT organizations, the retail sector; banking, insurance and finance; Healthcare, the Public Sector and both Automotive and Industrial sectors and provides analysis on each.
Who should buy this report:
This report is aimed at heads of security in operators, security software and hardware vendors in the IoT space, device makers and their investors at the C suite level, CEO, CFO and security operations and heads of planning at operators.
Security has always been a grudge purchase, driven mostly by the likelihood of corporate harm, which is rising in awareness among industrial players, operators and security providers —securing the central processing elements in the cloud is vital as that’s where all your real assets live.
This report will help you:
Understand the type of fresh threats that must be protected against Help understand how to budget costs accurately for such cloud services
Establish best of breed security practises across microservices
Set the expectations of senior management with regard to security costs
Companies mentioned in this report:
Companies mentioned in this report: Accenture, Anthem, Barclays Bank, Bank of Mexico, Daimler, Dragonfly, EfficientIP, GCHQ, Healthcare Industry Cybersecurity Task Force, Honeywell, Huawei, IBM, Kaspersky Labs, LaunchPoint Ventures, National Cyber Security Centre, National Security Agency, Nissan, Radware, RSA, TalkTalk, Tesla, Thales, Trustwave, Volkswagen.
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