Cybersecurity Ventures anticipates 15 percent year-over-year growth for the next five years
SAUSALITO, CA, USA, September 13, 2021 /EINPresswire.com/ — The imperative to protect increasingly digitized businesses, Internet of Things (IoT) devices, and consumers from cybercrime will propel global spending on cybersecurity products and services to $1.75 trillion cumulatively for the five-year period from 2021 to 2025, according to Cybersecurity Ventures.
“In 2004, the global cybersecurity market was worth just $3.5 billion,” says Steve Morgan, founder of Cybersecurity Ventures, “and now it’s one of the largest and fastest-growing sectors in the information economy.”
The imperative to protect mission-critical digital investments will help drive double-digital annual growth in cybersecurity spend for years to come, with Cybersecurity Ventures predicting that this year’s $262.4 billion in expenditures will grow to $458.9 billion in 2025.
“There are some companies who are clearly underinvesting into cybersecurity,” says Aleksandr Yampolskiy, CEO and co-founder of information security benchmarking firm SecurityScorecard. “Other companies are spending plenty of money on cybersecurity, but they’re not spending it wisely.”
“Tech analysts don’t extensively cover spending around large swaths of our market including consumer security, ICS (Industrial Control Systems) security and IIoT (Industrial Internet of Things) security, maritime and aviation security, amongst others,” says Morgan. “As a result, (real) cybersecurity spending has been underestimated.”
With cybercrime predicted to cost the world $10.5 trillion annually by 2025, up from $3 trillion a decade ago and $6 trillion in 2021, commensurate growth in cybersecurity expenditure will be crucial to keep up.
While all other tech sectors are driven by reducing inefficiencies and increasing productivity, cybersecurity spending is driven by cybercrime.
“Cybersecurity is the only line item that theoretically has no spending limit,” says Morgan. “There is a budget before a company suffers a cyberattack or a series of them, and then there’s the actual spend that takes place afterwards. What business or consumer isn’t going to do and spend whatever it takes to recover from being hacked?”
Markets aren’t sized by unlimited budgets or the extraordinary lengths that companies are willing to go to if push comes to shove, but it is one of the dynamics in the burgeoning cybersecurity space.
Cybersecurity Ventures plans to release additional market data on cybersecurity investments by tech giants, as well as government cybersecurity budgets globally, all of which falls under its total global cybersecurity spending prediction for the 2021 to 2025 period.
Cybersecurity spending with Aleksandr Yampolskiy, CEO at SecurityScorecard
Source: EIN Presswire