U.S. cybersecurity spending will reach $94 billion between 2013 and 2023, according to a new study by market research firm ASDReports.
This makes the U.S. the largest market for cybersecurity firms, followed by Europe at $25 billion, Asia-Pacific at $23 billion, the Middle East at $22.8 billion and Latin America at $1.6 billion, according to an ASDReports announcement.
This is fueled by a sharp rise in government cybersecurity spending, said ASDReports.
“Historically, most of the expenditure in this sector is generated by the private sector, yet government spending has witnessed a robust increase in the recent past; the US’s private and public sector spending is almost the same, pegged at US$94 billion over the next 10 years.
“The UK has also made cyber security a tier one priority by allocating an additional US$800 million for various cyber security initiatives in its 2010 strategic defense and security review (SDSR); the government is expected to spend close to US$6 billion on cyber security over the next 10 years. Similarly, countries in the Middle East, Asia Pacific and Latin America are also expected to ramp up spending on cyber security during the forecast period.”