Online users to spend $45.5bn on cyber security this year

cyber security

Online users to spend $45.5bn on cyber security this year


 

The digital transformation accelerated by the pandemic and the growing number of data breaches and cyberattacks has forced online users, companies, and organizations to increase their spending on security software solutions.

According to data presented by Stock Apps, global security software revenues are expected to hit $45.5 billion in 2021, representing a 20 per cent jump in two years.

Revenues to Jump Over $61bn by 2025

The security software market includes all software solutions that aim to protect individual computing devices, networks, or any other computing-enabled device.

It includes antivirus software, management of access, data protection and security against intrusions, and any other system-level security risks, both in local installation and cloud service.

Recent years have witnessed a massive adoption of these solutions, driven by the surge of eCommerce, huge technology developments including artificial intelligence (AI) and Internet of things (IoT), and the rising number of connected devices.

In 2016, the entire market was worth $27 billion, revealed the Statista survey. In the next two years, revenues surged by more than 40 per cent to $38.1 billion.

The entire market maintained its steady growth amid the COVID-19 pandemic, with millions of people working and educating from home.

The TrustRadius 2020 survey of software buyers and users revealed that 41 per cent of organizations increased their security software spending amid pandemic.

Statistics show the market revenue jumped by 7 per cent year-over-year to $41 billion in 2020. This figure is expected to rise by $4 billion in 2021.

However, the following years are set to witness a surge in the adoption of software security solutions, with revenues jumping to more than $61 billion by 2025.

The United States to Generate 50% of Global Revenues

In global comparison, the United States represents the leading security software market expected to generate $22.8 billion, or 50 per cent of revenues this year.

Statista data indicate the US security software revenues jumped by 20 per cent in the last two years, while the unified market is set to reach $30.5 billion value by 2025.

With $2.3 billion in revenue or almost ten times less than the leading United States, Germany ranked as the second-largest security software market globally.

The United Kingdom, Japan, and China follow with $2.2 billion, $2.1 billion, and $1.9 billion in revenue, respectively.