Cybersecurity Spending to reach $223.7bn by 2024, with two £11bn spikes, says study

Mar 14, 2019 • NewsArtificial intelligenceFuture of FIeld ServiceGDPRCyber SecuritySecurity

New research suggests adherence to GDPR compliance will influence company's spending around cybersecurity.

Cyber security revenues in 2018 were $160.2 billion and will jump $11.2 billion during 2019, as the focus moves to GDPR compliance. Growth will slow to around $9.8 billion per annum, spiking once a in 2023/4 as AI based Cybersecurity escalates, reaching $223.7 billion, says the report from Rethink Technology Research.

The European Union’s GDPR (General Data Protection Registrar) has set the agenda for legislation over data privacy and protection worldwide and that is generating a spike in spending on security measures that ensure compliance. This will continue to ripple around the world between 2019 and 2021.

North America is expected to continue to spend the most on security (27%), but both Europe (22%) and China (20%) which are rapidly accelerating their spend, with the rest of Asia following closely behind on 16%. North America is expected to lead on almost every market with the exceptions of Industrial and Automotive, where China leads, by a small margin.

You can read the full report here