By 2023/4 spending is expected to be $223.7bn, which means that cybersecurity spending will have risen faster than total IT budgets over the next five years.
The report, “Privacy and state espionage tightens focus on security - Cybersecurity spending forecast to 2024”, published by Rethink Technology Research, suggests that the European Union’s GDPR (General Data Protection Registrar) has set the agenda for legislation over data privacy and protection worldwide and is helping to generate this spike in spending on security measures that ensure compliance.
North America is expected to continue to spend the most on security, accounting for 27% of the total, but both Europe (22%) and China (20%) are rapidly accelerating their spend, with the rest of Asia following closely behind on 16%.
The US has been driving the eHealth revolution and has invested sooner than other countries in associated security, while the report has found that China is emerging as a big spender on cybersecurity in the automotive space, driven by huge investment coupled by a strategy of focusing on safety in autonomous driving.
The report goes on to describe how cybersecurity threats will evolve over the next five years as monitoring and surveillance based on machine learning algorithms and other AI techniques become widely deployed, and we can expect to see a growing arms race between cybercriminals and those working to secure their systems.
Cybercriminals will not only attempt to cover their tracks to evade detection by surveillance systems, but will also attack these defences directly.
It appears that AI and machine learning will enable cybercriminal gangs and rogue nation states to launch increasingly sophisticated cyberattacks, pushing spending on countermeasures. even higher.
