(8.07) Cybersecurity

[New] Global military cybersecurity market is expected to rise to an estimated value of USD15 billion by 2026, registering a steady CAGR in the forecast period of 2019-2026.
The global artificial intelligence in cybersecurity market is expected to grow from USD4.13 billion 2017 to USD26.80 billion by the end of 2024 at a Compound Annual Growth Rate of 30.64%.
The cybersecurity market is forecast to surpass $124 billion in 2019, but despite soaring cybersecurity spending, the annual cost of cybercrime in 2019 is estimated at $1 trillion.
The compound annual growth rate for China's cybersecurity spending from 2019 to 2023 will be 25.1 percent, compared with the global average of 9.44 percent.
China will continue to lead the growth of the global cybersecurity market in the coming five years, with the market size to surge to 17.9 billion U.S. dollars in 2023.
Evolving the risk based cyber security framework to drive cloud and data initiatives Worldwide spending on cybersecurity is predicted to top $1 trillion for the five-year period from 2017 to 2021.
Global Cybersecurity Market was valued at USD 135,388.2 million in 2017 and is expected to reach USD 245,898.2 million in 2025, growing at a healthy CAGR of 16.2% for the forecast period of 2018 to 2025.
The global smart factory market is projected to expand at a growth rate of 11.7% CAGR during the forecast period 2017-2023.
The proliferating demand for state-of-the-art cybersecurity products will majorly augment cybersecurity market size, projected to register a valuation of USD300 billion by 2024.
The global Cybersecurity Consulting Services market is valued at million USD in 2018 and is expected to reach million USD by the end of 2024, growing at a CAGR of between 2019 and 2024.
By 2020, 100% of large enterprises will be asked to report to their board of directors on cybersecurity and technology risk at least annually, up from 40% today!
The global cybersecurity as a service market is expected to grow from USD28.89 billion in 2017 to USD72.94 billion by the end of 2024 at a Compound Annual Growth Rate of 14.14%.
Most commercial vessels lack sufficient cybersecurity standards, presenting major risks for an industry critical to the global economy.
In 2019, expect more targeted ransomware attacks against vulnerable components of smart-city implementations which will cause disruptions to citizen services forcing cities to invest in cybersecurity measures to minimize the risk of further attacks.
Worldwide spending on information security to hit $124 billion as a result of the increase in cybersecurity threats and the impact to organizations.
It is estimated that the cybersecurity market will be worth 210 billion euros by 2025: The indirect effects of digitalising infrastructure will be much larger for the global economy.
Saudi CIOs are investing in cybersecurity systems and transforming processes: The Kingdom's cybersecurity market has been growing at a rate of 15 percent CAGR, projected to reach SAR13 billion in 2019.
Cumulative global spending on cybersecurity products and services will exceed one trillion US dollars over the next five years with multiple trillions of dollars in cybercrime damages realized through 2024.
Cybercrime is expected to triple the number of job openings to 3.5 million unfilled cybersecurity positions by 2021 -- which is up from 1 million in 2014 -- and the cybersecurity unemployment rate will remain at zero-percent.
The cybersecurity market is expected to grow from $120 billion in 2017 to $300 billion by 2024, driven by an uptick in costly data breaches.
The number of jobs in the cybersecurity field is expected to grow by 37 percent between 2018 and 2022, with experts expecting there to be 1.5 to 3.5 million cybersecurity job openings by 2021.
The cybersecurity workforce shortage has left CISOs and corporate IT security teams scrambling for talent while the cyberattacks are intensifying: 75% of infrastructure will be under third-party control by 2020.
Cybercrimes are expected to cost the world $6 trillion annually by 2021, up from $3 trillion in 2015, while the cybersecurity market is expected to experience a 12-15% year-over-year growth through 2021.

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Last updated: 22 October 2019