Cybersecurity booms: AI, API, Adaptive Security, Insurance poised to rise

January 24, 2024
1 min read

TLDR: Several market research organizations have published reports providing forecasts and in-depth analysis for the cybersecurity sector, and they show that significant growth is expected in some areas. A recent report from The Insight Partners shows that the cybersecurity market in terms of revenue was estimated at $203.45 billion in 2022 and is expected to reach $660.67 billion by 2030, with a compound annual growth rate (CAGR) of 15.9% between 2022 and 2030. Statista projects a revenue of $183.10 billion in 2024 for the cybersecurity market, roughly half of which will go to security services. According to ResearchAndMarkets, the global defense cybersecurity market is expected to grow from $36.9 billion in 2023 to $49.4 billion by 2028. The growth is attributed to the integration of technologies such as AI, quantum-resistant cryptography, edge computing, and IoT, which aim to enhance military capabilities and fortify defenses.

A BlueWeave Consulting study estimates that the size of the global industrial control systems (ICS) security market was $17.8 billion in 2023 and expects it to reach $26.1 billion by 2030, at a CAGR of roughly 6.6%. According to BlueWeave, the ICS security market is “propelled by the increasing adoption of automation technologies and the Internet of Things (IoT) in industrial control applications, coupled with substantial investments in smart grids.”

A recent report from MarketsandMarkets predicts that the ‘AI in cybersecurity’ market will grow from $22.4 billion in 2023 to $60.6 billion by 2028, at a CAGR of 21.9%. Knowledge Sourcing Intelligence predicts that the email security market will grow from $4 billion in 2021 to nearly $12 billion by 2028, at a CAGR of 17.01%. The global API security market is expected to grow from $744 million 2023 to over $3 billion by 2028, at a CAGR or 32%. The global cyberinsurance market is projected to reach $14.8 billion by the end of 2024 and $90.6 billion by 2033, according to Market.us. Gartner predicted in the fall of 2023 that worldwide end-user spending on security and risk management would total $215 billion in 2024, an increase of 14.3% from 2023.

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