By Onome Amuge
The global cyber security market revenue is poised to reach $262.3 billion by 2027, an increase of over 67 per cent from $156.35 billion in 2022, according to Statista market insight.
Adroit Market Research analysts attribute the surge to the global rise in cybercrime and cyberterrorism and an increasing awareness of data risks and threats,which has increased the demand for cyber security market products.
“Massive cyberattacks are happening more often all around the world. Cyber terrorists target endpoints, data, networks, and other IT infrastructure, causing substantial financial damage to businesses, people, and governments. The global cybersecurity market is anticipated to grow more quickly as a result,” the analysts said.
As a result of new technologies like ML, IoT, and AI, data generation has increased in many different ways, with a huge range of data being produced regularly In many industries, accounting for the rising spendings in the cyber security market.
Meanwhile,the US has emerged the biggest gainer in the market, generating over $63.24 billion in cyber security revenue in 2022, a figure that is more than 40 per cent of total global sales.
Data compiled by Statista and global bodies such as the Federal Bureau of Investigation (FBI) and the International Monetary Fund (IMF), have also shown that
global cyber crime costs are likely to surge by nearly 300 per cent to $23.84 trillion by 2027, from almost $6 trillion in 2022.
A report by Cybersecurity Ventures,the world’s leading researcher and publisher covering the global cyber economy, attributed the rise in global cyber crime expenditure to a sharp increase in digital ad fraud, rise in organised cybercrime entities.
According to the report, cybercrimes are vastly undercounted because they aren’t reported, due to embarrassment, fear of reputational harm, and the notion that law enforcement can’t help, amongst other reasons.
