Cyber security revenues in 2018 were $160.2 billion and will jump an enormous $ 11.2 billion during 2019, as the focus moves to GDPR adherence and adherence to similar legislation. Growth slows to around $9.8 billion per annum after this but then spikes once again in 2023/4 as Al based Cybersecurity escalates, reaching $223.7 billion.
This means cybersecurity spending will rise faster than total IT budgets over the next five years. The European Union's GDPR has set the agenda for legislation over data privacy and protection worldwide and that is generating a spike in spending on security measures that ensure compliance.
Later in our forecast period an arms race will develop around Al and machine learning as major cybercriminal gangs and rogue nation states adopt these to launch increasingly sophisticated cyberattacks, pushing spending on countermeasures.
These predictions are made in Riot's new report "Privacy and state espionage tightens focus on security Cybersecurity spending forecast to 2024" released today. This is a global forecast by geography and industry vertical, which also highlights differences in cybersecurity strategy and spending between major regions and sub-sectors.
North America is expected to continue to spend the most on security (27%), but both Europe (22%) and China (20%) which are rapidly accelerating their spend, with the rest of Asia following closely behind on 16%. North America is expected to lead on almost every market with the exceptions of...