Despite efforts to curb cybercrime, threats such as ransomware attacks, data breaches, and phishing remain prevalent in the business sector
Companies and organisations around the world are set to significantly boost their cybersecurity budgets over the coming years. According to data from Stocklytics.com, spending on cybersecurity tools and services is expected to rise by 50 per cent , hitting $272 billion by 2029.
Despite efforts to curb cybercrime, threats such as ransomware attacks, data breaches, and phishing remain prevalent in the business sector. In 2024 alone, the annual cost of cybercrime is expected to reach dollar 9.2 trillion. This figure is projected to increase by 70 per cent over the next four years, climbing to dollar 13.8 trillion. As a result, businesses are continually investing more in cybersecurity.
A survey by Statista Market Insights shows that spending on cybersecurity has already grown by 60 per cent in the past six years, from $115 billion in 2018 to an expected $185 billion in 2024. This trend is set to continue, with Statista predicting annual spending will rise by an average of dollar 17 billion each year, reaching dollar 272 billion by 2029. Cyber solutions are expected to remain the largest and highest-grossing segment, with revenues growing by 67 per cent to dollar 148.3 billion, making up 55 per cent of the market’s total. Meanwhile, the security services segment is forecasted to see a more modest growth of 27 per cent , reaching dollar 123.6 billion.
Over the next decade, companies are projected to spend over dollar 2.5 trillion on cybersecurity. However, this substantial investment is still only a fraction of the projected damages from cybercrime, which Statista estimates will total dollar 82.8 trillion over the same period. This figure is more than the combined GDP of the world’s ten largest economies, highlighting the ongoing need for increased cybersecurity measures.