Cybersecurity is a response to a strong need to protect our systems, IPs, reputation, and overall business. Global Cybercrime damage cost is projected to grow mid-teens in percentage annually and may exceed 10 trillion USD by 2025. In other words, if measured as a country it would be the third largest economy globally.
We see 3 major secular growth drivers for cybersecurity:
1. Rapidly growing security budgets, and overall surging demand globally
Cloud security could outpace system infrastructure software spending within IT budgets in the coming years as focus within budgets turns towards reputational and business risks.
Security budgets are expected to grow 14% year over year in 2024 and should increase over time as firms seek to leverage generative artificial intelligence (AI) to minimize cyber security risks and protect their intellectual property.