Global Cybersecurity Industry Outlook 2024

The global Cybersecurity Industry size accounted for USD 190.5 Billion in 2023 and is estimated to achieve a market size of USD 208.8 Billion by 2024, cybersecurity industry increase 10% year-over-year in between 2023 to 2024.In today’s increasingly interconnected world, strengthening our digital defenses is crucial, as evidenced by the rise in cyber threats. Cyber resilience is a proactive approach that combines readiness, flexibility, and quick recovery in the face of difficulty. Another critical aspect of cybersecurity is readiness, which includes planning ahead of time. We may prepare for the most likely eventualities in the following year by researching the trends we see today.

Worldwide IT spending is projected to total USD 5.1 trillion in 2024, an increase of 8% from 2023. In 2023, global security and risk management end-user spending is estimated to reach USD 188.1 billion and is projected to total USD 215 billion in 2024, an increase of 14.3% from 2023. The global cybersecurity landscape is poised for an evolution marked by unprecedented challenges and unparalleled opportunities. As we steer into 2024, the dynamics of digital security continue to shape industries, governments, and individuals. Our comprehensive outlook explores the trends, innovations, and pivotal shifts defining the cybersecurity industry in the coming year.

The report offers a wealth of information about the cybersecurity industry, such as:

2023:

• AI-generated deep fakes pose grave risks like misinformation, privacy breaches, and fraud, necessitating a collective effort in technology, regulation, education, and collaboration to minimize their impact.
• The emergence of Generative AI (GenAI) in cybersecurity signifies the integration of advanced AI technologies into security protocols, enhancing threat detection, response capabilities, and proactive defense measures against evolving cyber threats.
• Cybercriminals increasingly favor data extortion over ransomware, leveraging stolen sensitive information to demand payment, exploiting the fear of data exposure, and pushing organizations to pay ransoms to prevent data leaks and reputational damage.
• Increased reliance on third-party services in cloud environments elevates data breach risks, requiring rigorous assessment of third-party security and robust protocols to protect sensitive data in cloud systems.

2024:

• Governments worldwide are formulating regulatory plans to address the challenges posed by deep fakes, aiming to establish guidelines and laws that mitigate their potentially harmful impacts on society, privacy, and information authenticity.
• In 2024, new regulations and laws worldwide will aim to foster trust in Generative AI for cybersecurity, focusing on accountability and reliability in utilizing AI-generated content.
• The transition from passwords to passwordless security methods will accelerate in 2024 by leveraging biometrics, hardware tokens, and advanced technologies for more secure and user-friendly authentication.
• CISOs spearhead the drive towards cyber resiliency by emphasizing proactive strategies, robust defenses, and swift response plans to counter evolving cyber threats.

The MarketsandMarkets - Global Cybersecurity Industry Outlook 2024 report can help prepare security professionals and business leaders for the year ahead. The report incorporates years of experience in the rapidly expanding cybersecurity sector, the opinions of industry experts, comprehensive evaluations by analysts, and extensive interviews with stakeholder groups worldwide.