In 2004, the global cybersecurity market was worth $3.5 billion — and by 2017 it will be worth at least 35X that amount, according to numerous estimates from market researchers and analysts.
Cybersecurity is one of the fastest growing and largest technology sectors. Four predictions from Cybersecurity Ventures frame the cybersecurity economy over the next five years, from 2017 to 2021. (Disclaimer: Steve Morgan is founder and CEO of Cybersecurity Ventures.)
- Global spending on cybersecurity products and services to combat cybercrime will exceed $1 trillion cumulatively over the next five years, from 2017 to 2021.
- Cybercrime damages will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015.
- There will be 1.5 million cybersecurity job openings by 2019, up from 1 million in 2016. By 2019, the demand for cybersecurity professionals will increase to approximately 6 million globally.
- The cybersecurity umemployment rate will remain at 0% over the next 5 years, from 2017 to 2021.