Cybersecurity [New] The Global Cybersecurity Market is projected to reach $152 billion by 2025 on account of increasing threats of cyber-attacks and data breaches faced by organizations, which has drastically increased the need for strong authentication techniques and cybersecurity solutions. [New] The Machine Learning technology segment is estimated to account for the largest share of the overall artificial intelligence in cybersecurity market in 2020, as well as projected to grow with the fastest CAGR during the forecast period. [New] The global cybersecurity market is projected to hit $118 billion this year, with $64 billion of that stemming from security services. [New] The global cybersecurity as a service market is expected to register a CAGR of 12.6% in the forecast period (2020-2025). The global cybersecurity market is expected to grow from $149.46 billion in 2019 to $152.21 billion in 2020 at a compound annual growth rate of 1.83%. China's public cloud market is estimated to see a CAGR of 41% from 2017 to 2021, and its cybersecurity market is projected to see a CAGR of 25% from 2017 to 2020. The market for data protection is expected to reach over $120 billion by 2023 and could increase even more as high-profile hacks continue to happen. Cybersecurity for industrial organisations is a hot topic, with the global ICS cybersecurity market expected to grow from 10.9% to 12.7% in a year and to reach approximately $24.4 billion by the end of 2023. 2020 will be the year of brands figuring out how to get out of a new Dark Age of privacy. With 3.5 million unfilled cybersecurity jobs expected globally by 2021, many IT professionals are likely looking to bolster their security credentials or switch to cybersecurity from other fields. While budgets are increasing - according to data from Cybersecurity Ventures, the industry is looking at $65 billion worth of spending on security products and services from 2017 to 2021 - breach risks refuse to budge. Global spending on cybersecurity products and services are predicted to exceed $1 trillion cumulatively over the five - year period from 2017 to 2021, growing 12-15% year-over-year. The cloud-based cybersecurity market is expected to grow by approximately 21% per year for the next couple of years. The global automotive cybersecurity market is expected to grow at an unprecedented rate, from $1.34 billion in 2018 to $5.77 billion by 2025. Cybersecurity risk is the number one priority among senior management of global banks, and the data challenges, whether related to privacy, availability or integrity of data, are considered the biggest emerging risks in the coming years, greater than the risks associated with climate change. 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 government and defense sector is anticipated to dominate the cybersecurity market in the coming years. The Saudi Arabia cybersecurity market is anticipated to witness strong growth over the coming years owing to the rapid increase in cyber-attacks and threats and growing adoption of cloud computing, IoT across various industries. Risk quantification software designed for cybersecurity and technology risk has advanced over the past decade enabling very efficient risk analysis, management, and reporting. The increasing in API adoption for applications in 2020 will expose API security as the weakest link, putting user privacy and data at risk until security strategies mature. Aside from any new agenda items, the risks that many audit committees have had on their plates for some time-financial risks; cybersecurity and information technology risks; ESG risks; third-party, supply chain, and other operational risks; legal and regulatory compliance - have become more complex. Data privacy was named as the primary media challenge of 2020 by over two-fifths of respondents, along with more than eight in ten predicting context-centric ads will be the biggest media trend of 2020. Cybersecurity has emerged as one of the fastest-growing segments in the broader technology sector, with global cybersecurity-related spending predicted to exceed $1 trillion over the five years to end 2021. See full forecast Last updated: 05 July 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
