Cybersecurity budgets by companies to hit $158.8 bn by 2023

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By Favour Nnabugwu

 

The global cybersecurity market is expected to grow by 20 percent to hit $158.8 billion by 2023, data presented by TradingPlatform has predicted.

This is even as over the years, cyber-attacks and data breaches have become one of the biggest risks in the business sector, compromising sensitive data and causing a massive financial hit to companies and organizations worldwide.

Also, as Companies and organizations worldwide are losing billions due to cybercrime each year, the cybersecurity market will hit $131.8bn in revenue this year, with the United States, China, and the United Kingdom, becoming the top three markets and will generate 55 percent of that value.

The data also revealed that, although most of them significantly increased their cybersecurity budgets over the years, cyber attacks like data breaches, phishing, ransomware attacks, or cyber espionage still represent one of the biggest risks in the business sector.

In 2016, the global cybersecurity market was worth $76.3bn, revealed the Statista data. Three years later, this figure jumped by almost 50% to $112.2bn. The revenues continued growing in 2020 and jumped to $120.2bn, as COVID-19 forced companies and organizations worldwide to speed up the digitalization of their business.

Between 2021 and 2023, global cybersecurity revenues are projected to grow by another $27bn. In the next five years, the entire market is forecast to reach nearly $210bn value.

Statista data also showed the cybersecurity services, like data risk analysis, data masking, and vulnerability discovery, represent the largest and the fastest-growing sector of the entire market set to reach a $61.4bn value in 2021. This figure is expected to increase by 25 percent to $77.2bn in the next two years.

The revenues in the software segment are forecast to grow by 13 percent in this period, rising from $44.3bn in 2021 to $50.6bn in 2023. Hardware ranked as the third-largest segment of the cybersecurity market, with $26bn in revenue this year.

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