Global Market Insights Research: Worldwide Cyber Market to Exceed $300B by 2024
Hikvision Insights on Manufacturer, Installer and End User Roles to Address Security Concerns, Reduce Risk of Breach
The Security Sales & Integration article, “Global Cybersecurity Market to Eclipse $300B by 2024,” outlines new research by Global Market Insights (GMI), which finds that organizational security concerns are increasing due to widespread growth in networking technology and cloud platforms.
The current worldwide cybersecurity market value is currently more than $120 billion, and according to GMI research, it is expected to exceed $300 billion by 2024.
From the article: “The average expenditure on cybercrime has increased significantly. In 2017, the average spending by organizations on cybersecurity solutions increased by over 23 percent accounting for over $11.7 million. This rise in budgetary allocations in cybersecurity solutions is driving the growth of the cybersecurity market.”
Additional findings from 2017 include the following:
- Cyberattacks on mobile devices increased by more than 40 percent.
- Average cyberattack costs rose by 11 percent.
- Large organizations lost more than $10 million in security breach incidents.
Read more about the research here.
In the blog, “Roles and Responsibilities to Avoid Cybersecurity Breach,” Hikvision’s cybersecurity director offers insights for manufacturers, installers and end users to address security concerns and reduce the risk of breach. Click here for more.