Global cybersecurity spending is set to increase by 12.2% this year, reaching $377 billion by 2028, largely due to state-sponsored threats and generative AI. The majority of this spending will occur in the US and Europe, with notable growth in regions like Latin America, Central and Eastern Europe, and the Middle East and Africa. Key industries investing include banking, government, telecommunications, and healthcare, with capital markets and life sciences projected to have the highest growth rates. Strong demand for cybersecurity solutions is driven by rapid digital transformation and emerging technologies.
Eman Elshewy, senior research manager with IDC Data and Analytics, said rapid digital transformation efforts and enthusiasm for emerging technology adoption have significantly pushed demand for security solutions - and this is expected to accelerate further.
The protection from cyber threats - now enhanced by AI and GenAI - is becoming an increasingly strategic issue for organizations in all industries.
MEA is witnessing substantial investments from both government and enterprises to fight rising cyber threats, with strong awareness for the importance of cybersecurity education and training programs to fortify organizations against possible attacks.
Statistics from the consultancy's Worldwide Security Spending Guide show spending is expected to grow by 12.2% across the year and to hit $377 billion by 2028.
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