Organisations worldwide have significantly increased their cybersecurity budgets, but research firm says that total spend on cybersecurity tools and services will skyrocket in the next few years – jumping by 50% and reaching $272-billion in revenue by 2029.

Despite maximum efforts to prevent and minimise cybercrime damage, cyberattacks – including ransomware attacks, data breaches, cyber espionage, and phishing – are still the biggest threats in the business sector. The fear of cybercrime is quite understandable considering the amount of money stolen in cyberattacks each year.

In 2024 alone, the annual cost of cybercrime is expected to hit a shocking $9,2-trillion. Over the next four years, this figure is forecasted to jump by 70% and hit a head-spinning $13,8-trillion. So, it’s not surprising that companies and organisations continue spending more and more money on protecting their business.

The Statista Market Insights survey shows that total spending on cybersecurity jumped by 60% over the past six years – rising from $115-billion in 2018 to an expected $185-billion in 2024. However, the following years are set to witness just as impressive growth.

Statista expects the annual spending on cybersecurity to continue growing by an average of $17-billion per year, resulting in a market revenue of $272-billion by 2029. Cybersolutions will remain the market’s largest and highest-grossing segment in the following years.

Between 2024 and 2029, global cybersolution revenues are expected to grow by 67% and hit $148,3-billion, making up 55% of the market’s total. The security services segment is forecasted to grow much less, with revenues rising by 27% to $123,6-billion.

And while $272-billion in total cybersecurity revenues is a huge number, the cumulative figures are even more shocking. Statistics show that companies and organisations worldwide will spend over $2,5-trillion on cybersolutions and security measures in a decade.

Despite the significant investments in cybersecurity, the total spending remains a fraction of the total cost of cybercrime.

According to Statista, the projected damages from cybercrime in a decade will be a staggering 33-times larger than the total cybersecurity spend – amounting to $82,8-trillion. This figure is more than the GDP of the world’s 10 largest economies and underscores the need for increased investment in cybersecurity.