55% of business executives plan to increase their budgets for cybersecurity in 2021 (Forbes, 2020).The global cyber insurance market was valued at $7.7 billion in 2020 and is projected to grow to $20.4 billion by 2025 at a CAGR of 21.2% (MarketsandMarkets, 2020).The industries that registered the highest growth in cybersecurity spending in 2020 are the federal/central government (10%), local government (8.9%), and banking (8.5%) (IDC, 2020).The three sectors with the biggest spending on cybersecurity are banking, manufacturing, and the federal/central government, accounting for 30% of overall spending (IDC, 2020).Global spending on security products and services is slated to reach $174.7 billion by 2024, with a CAGR of 8.1% from 2020 to 2024 (IDC, 2020).Global spending on security products amounted to $125.2 billion in 2020, registering a 6% increase over 2019 (IDC, 2020).Cybercrimes cost the world nearly $600 billion each year, equivalent to 0.8% of the global GDP (Mordor Intelligence, 2020).Losses from cybercrime damages are expected to reach $6 trillion by 2021 (Cybercrime Magazine, 2020).Furthermore, according to a study by P&S Intelligence, the value of the global cybersecurity market is expected to reach $433.6 billion by 2030, inclusive of the impact of COVID-19 (P&S Intelligence, 2020).The global cybersecurity market is expected to be worth $352.25 billion, with an annual growth rate of 14.5%, by 2026 (Mordor Intelligence, 2020).The global cybersecurity market was valued at $156.24 billion in 2020 (Mordor Intelligence, 2020).Given this favorable business scenario, t hese cybersecurity market size and growth statistics are likely to further progress. As more and more things get connected to the internet, the importance of cybersecurity will continue to expand at break-neck speed.
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