Global spending on cybersecurity is expected to have grown by more than 35 times since 2004 and yet the cost of cybercrime is growing by more than 25% per year, and is predicted to be in excess of US$500 billion by 2018, and US$ 5-6 trillion by 2021.
Our friends at Cybersecurity Ventures have compiled a brilliant report and an insightful video (https://youtu.be/vikTrV8t9C8) that its worth watching (3 minutes).
Cybersecurity Ventures predicts global spending on cybersecurity products and services will exceed $1 trillion cumulatively over the next five years, from 2017 to 2021. In 2004, the global cybersecurity market was worth $3.5 billion — and in 2017 we expect it to be worth more than $120 billion. The cybersecurity market grew by roughly 35X over 13 years. While all other tech sectors are driven by reducing inefficiencies and increasing productivity, cybersecurity spending is driven by cybercrime. The unprecedented cybercriminal activity we are witnessing is generating so much cyber spending, it’s become nearly impossible for analysts to accurately track. We anticipate 12-15 percent year-over-year cybersecurity market growth through 2021, compared to the 8-10 percent projected over the next five years by several industry analysts.