The global cyber security industry is set to top $192.7 billion before the turn of the decade, according to new research, signaling the exponential value of the information security sector.
Reports state that the global cyber security industry will be worth more than $192.7 billion by 2028, a huge increase from its current market value of $91.15 billion.
Research indicates that the cyber security industry is set to increase 10% year-on-year, on its way to $192.7 billion by 2028.
Authors of the report from Grand View Research say that this radical growth will continue to be buoyed by the fact that cyber security incidents like data breaches, ransomware attacks and threats from outside actors present a constant, and existential challenge for businesses big and small.
As the world becomes more connected, avenues for a cyber criminal to potentially target an organisation also increase.
The Asia-Pacific region’s cyber security industry is set to experience the greatest growth rate, with authors projecting a 16% compound annual growth rate.
The authors also predict that as mobile phone hardware becomes more advanced, and high-speed internet becomes more affordable, the number of people conducting sensitive business via an application will increase.
As more people use these applications, it’s essential that cyber security services are able to ensure they are safe for the public and businesses to use.
Global Cyber Security Industry Value to Top $192.7 Billion
It’s expected that the healthcare industry will be the most targeted industry by hackers looking to exploit individuals and the organisations that are protecting their data. Figures show that in 2016 alone, the healthcare industry lost more than $160 million to ransomware attacks.
Authors of the report state that the healthcare industry is set to experience the largest industry-specific growth rate, estimated at around a 11.4% compound annual growth rate.
“All these applications have also emerged as potential targets for hackers, thereby prompting companies to opt for cybersecurity to identify loopholes in the applications, plug the loopholes, and subsequently save users from potential losses,” write the authors of the report.
“The increased instances of cyber-crimes in the recent past, and particularly during the outbreak of the COVID-19 pandemic, have prompted healthcare application developers to address the application vulnerabilities.”
“Cyber-crimes targeting the healthcare industry are expected to intensify in line with the continued digitalization and the introduction of IoT-based medical devices,” the authors added.
“Asia Pacific is expected to offer numerous opportunities for adopting cyber security services, given the continued digitalisation in India, Malaysia, Thailand, and Southeast Asian countries.”