Despite the maximum efforts to prevent and minimize cybercrime damage, cyber-attacks, including ransomware attacks, data breaches, cyber espionage, phishing, and cyber espionage, are still the biggest threats in the business sector. The fear of cybercrime is quite understandable, considering the amount of money stolen in cyber attacks each year.
In 2024 alone, the annual cost of cybercrime is expected to hit a shocking $9.2 trillion. Over the next four years, this figure is forecasted to jump by 70% and hit a head-spinning $13.8 trillion. So, it's not surprising that companies and organizations continue spending more and more money on protecting their business.
The Statista Market Insights survey shows that total spending on cybersecurity jumped by 60% over the past six years, rising from $115 billion in 2018 to an expected $185 billion in 2024. However, the following years are set to witness just as impressive growth.
Statista expects the annual spending on cybersecurity to continue growing by an average of $17 billion per year, resulting in a market revenue of $272 billion by 2029. Cyber solutions will remain the market's largest and highest-grossing segment in the following years. Between 2024 and 2029, global cyber solution revenues are expected to grow by 67% and hit $148.3 billion, making up 55% of the market's total. The security services segment is forecasted to grow much less, with revenues rising by 27% to $123.6 billion.
Companies to Spend $2.15 Trillion on Cybersecurity in a Decade
And while $272 billion in total cybersecurity revenues is a huge number, the cumulative figures are even more shocking. Statistics show that companies and organizations worldwide will spend over $2.5 trillion on cyber solutions and security measures in a decade.
Despite the significant investments in cybersecurity, the total spending remains a fraction of the total cost of cybercrime. According to Statista, the projected damages from cybercrime in a decade will be a staggering 33 times larger than the total cybersecurity spending, amounting to $82.8 trillion. This figure is more than the GDP of the world's ten largest economies, underscoring the need for increased investment in cybersecurity.
