Cybersecurity

• 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.
• The cost of ransomware is on the rise, and Cybersecurity Ventures estimates that the global costs will reach $20 billion by 2021.
• 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.
• 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.
• Connected vehicles will comprise nearly 86% of the global automotive market by 2025, thereby giving rise to many vulnerable threat points for hackers.
• Cybersecurity is seen as a profitable future industry that will grow strongly over the next decade with the accelerated digitalization of the global economy.
• 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 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 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.
• IT spending will decline by 8% in 2020, dropping from $3.7 T in 2019 to $3.4 T, security and risk management (cybersecurity) is predicted to grow 2.4%, down from a projected growth rate of 8.7% earlier in 2020.
• 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.
• The edge artificial intelligence (AI) chipset market is expected to exceed the cloud AI chipset market for the first time in 2025, propelled by the increasing focus on low latency, data privacy, and the availability of low-cost and ultra-power-efficient AI chipsets.
• Financial services spending on IT and cybersecurity could drop by up to 5.6% in 2020, prompting some providers to offer payment deferrals and discounts to retain clients.
• Global spending on cybersecurity market products and services will exceed $1 trillion cumulatively between 2017 and 2021.
• Spending on cybersecurity throughout the world will increase by 5.6% year-on-year in 2020 - and even if the global economy worsens and IT budgets suffer, the cybersecurity market will still grow by at least 2.5%.
• From system security to network security, businesses will face challenges in optimizing their cybersecurity to stop malicious attacks from being successful.
• From network and data security to I.T. governance, risk measurement, and policy compliance, cybersecurity is a growing industry estimated to be worth over $300 B by 2025.
• 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.
• 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.
• The global cybersecurity market is projected to hit $118 billion this year, with $64 billion of that stemming from security services.
• 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.

Last updated: 04 October 2020