The Wall Street Journal Venture Capital Dispatch is the latest to cite research from Gartner, Inc. which reports the world-wide cybersecurity market topped $75 billion in 2015.
“Interest in security technologies is increasingly driven by elements of digital business, particularly cloud, mobile computing and now also the Internet of Things, as well as by the sophisticated and high-impact nature of advanced targeted attacks,” said Elizabeth Kim, research analyst at Gartner.
IT security spending will soar to $101 billion in 2018, and hit $170 billion by 2020, according to a recent story in Investors Business Daily.
The $170 billion forecast comes from a report titled “Cyber Security Market by Solution (IAM, Encryption, DLP, Risk and Compliance Management, IDS/IPS, UTM, Firewall, Antivirus/Antimalware, SIEM, Disaster Recovery, DDOS Mitigation, Web Filtering, and Security Services) – Global Forecast to 2020“, published by researcher Markets and Markets.
According to IT analyst firm IDC, the hot areas for growth are security analytics / SIEM (10%); threat intelligence (10% +); mobile security (18%); and cloud security (50%).
As cybercrime goes, so goes the cybersecurity market. Juniper Research recently predicted that the rapid digitization of consumers’ lives and enterprise records will increase the cost of data breaches to $2.1 trillion globally by 2019, increasing to almost four times the estimated cost of breaches in 2015.
If cybercrime trends up in 2016 as expected, then IT analysts firms are likely to hike up the cybersecurity spending forecasts for 2017 to 2020. Stay tuned!
This article was written by Steve Morgan from Forbes and was legally licensed through the NewsCred publisher network.