Cybersecurity Revenue & Cybercrime Expenditure in 2016-2028
Cybersecurity is one of the largest industries in the world, pulling billions of dollars in investment and spending.
Likewise, cybercrime is among the most significant threat actors in the 21st century, and it attracts expenses in the billions of dollars.
Highlights
- The Cybersecurity revenue is expected to reach $166.2 billion in 2023 and $273.5 by 2028
- The Security Services segment consistently produces more revenue than the Cyber Solutions segment ($87.97 billion vs. $78.23 billion in 2023)
- The average expenditure per Cybersecurity employee should reach $47.74 in 2023
- The estimated cost of Cybercrime in 2023 is $8.15 trillion
Keep reading for a more detailed perspective on cybersecurity revenue and cybercrime expenditure!
Cybersecurity Revenue by Segment
First, we’ll look at the overall revenue of the Cybersecurity industry split into its two segments:
- Cyber Solutions
- Security Services
The analysis period is 2016 – 2028. Here’s the chart:
| Year | Cyber Solutions | Year-on-Year Change | Security Services | Year-on-Year Change | Total |
| 2016 | $29.86 billion | – | $53.46 billion | – | $83.32 billion |
| 2017 | $33.71 billion | +12.89% | $56.01 billion | +4.76% | $89.72 billion |
| 2018 | $39.96 billion | +18.54% | $62.78 billion | +12.08% | $102.74 billion |
| 2019 | $46.65 billion | +16.74% | $68.56 billion | +9.2% | $115.21 billion |
| 2020 | $50.72 billion | +8.72% | $71.20 billion | +3.8% | $121.92 billion |
| 2021 | $61.64 billion | +21.53% | $78.25 billion | +9.9% | $139.89 billion |
| 2022 | $67.59 billion | +9.65% | $82.57 billion | +5.52% | $159.16 billion |
| 2023 | $78.23 billion | +15.74% | $87.97 billion | +6.53% | $166.2 billion |
| 2024 | $90.23 billion | +15.33% | $92.91 billion | +5.61% | $183.14 billion |
| 2025 | $104.2 billion | +15.48% | $98.1 billion | +5.58% | $202.3 billion |
| 2026 | $120.4 billion | +15.54% | $103.5 billion | +5.5% | $223.9 billion |
| 2027 | $139 billion | +15.44% | $109.1 billion | +5.41% | $248.1 billion |
| 2028 | $158.8 billion | +14.24% | $114.7 billion | +5.13% | $273.5 billion |
So far, the Security Services segment has been more profitable in the Cybersecurity industry, compared to the Cyber Solutions branch.
Once we look at the data, it becomes clear that there have been more investments done in the Cyber Solutions segment, though.
By 2025, it is expected that Cyber Solutions will bring the majority of the revenue in the Cybersecurity industry, with Security Services lagging behind.
This makes sense since Cyber Solutions offer a more comprehensive protection against threat actors and are best-suited for businesses and large companies.
In 2023, it’s more important than ever before to invest in robust cybersecurity solutions to prevent data breaches.
Especially with the advent of Cybercrime-as-a-Service, cybersecurity has just become vital to our digital livelihoods.
Average Expenditure per Cybersecurity Employee per Segment
Knowing how much cybersecurity companies spend on their employees for the two industry segments will tell us more about:
- Which segment is evolving at a faster rate
- Where we expect the quickest and most revolutionary advances
- The shift in cybersecurity understanding and the transition to a more advanced form of cybersecurity
Here’s the data chart:
| Year | Cyber Solutions Employee Expenditure | Year-on-Year Change | Security Services Employee Expenditure | Year-on-Year Change |
| 2016 | $9.13 | – | $16.35 | – |
| 2017 | $10.20 | +11.71% | $16.95 | +3.66% |
| 2018 | $11.97 | +17.35% | $18.81 | +10.97% |
| 2019 | $13.85 | +15.7% | $20.35 | +8.18% |
| 2020 | $14.92 | +7.72% | $20.94 | +2.89% |
| 2021 | $17.98 | +20.% | $22.83 | +9% |
| 2022 | $19.57 | +8.84% | $23.90 | +4.68% |
| 2023 | $22.47 | +14.81% | $25.27 | +5.73% |
| 2024 | $25.72 | +14.46% | $25.72 | +1.78% |
| 2025 | $29.48 | +14.61% | $27.76 | +14.61% |
| 2026 | $33.82 | +14.72% | $29.09 | +4.75% |
| 2027 | $38.78 | +14.66% | $30.43 | +4.64% |
| 2028 | $44.41 | +14.51% | $32.09 | +5.45% |
We see the same shift toward Cyber Solutions in terms of employee expenditure too. Salaries in this segment have grown at a faster pace compared to salaries in the Security Services segment.
It is also estimated that by 2025, Cyber Solutions employees will be paid more than Security Services employees.
From this, we can conclude that Cyber Solutions is evolving faster, the skill ceiling is getting higher, and there’s a need for more skillful employees.
Furthermore, it looks like Cyber Solutions is at the forefront of cybersecurity innovation across the industry. Security Services are being slowly replaced with more comprehensive solutions.
Estimated Cost of Cybercrime
In this final section, I’ll show you how costly cybercrime has become since 2016 to the present, as well as future estimations.
Take a look below:
| Year | Cost of Cybercrime |
| 2016 | $610 billion |
| 2017 | $700 billion |
| 2018 | $860 billion |
| 2019 | $1.16 trillion |
| 2020 | $2.95 trillion |
| 2021 | $5.49 trillion |
| 2022 | $7.08 trillion |
| 2023 | $8.15 trillion |
| 2024 | $9.22 trillion |
| 2025 | $10.29 trillion |
| 2026 | $11.36 trillion |
| 2027 | $12.43 trillion |
| 2028 | $13.82 trillion |
Between 2016 and 2028, it is estimated that the cost of cybercrime will increase by 2165%, from 610 billion to 13.82 trillion.
Already, in 2023, the worldwide cost of cybercrime rests at 8.15 trillion, a 1236% increase from 2016.
This comes as no surprise, knowing the extent of cybercrime activities around the world. More and more cybercriminals are coming out of the woodwork, phishing is turning into a worldwide crisis, and personal online security is in more peril than ever before.
I’ve talked about Cybercrime-as-a-Service before, and how it’s turning out to be one of the worst societal dangers we’re currently facing.
On the backdrop of the Russia-Ukraine war, cybercrime has become rampant, especially from Russian-affiliated hackers.
The black-hat markets on the Dark Web are becoming infamous, and anyone can purchase malware, order a DDoS attack, and engage in cybercrime in an instant.
Let me show you the recorded cyberattacks in the 2016-2022 period:
| Period | Credit Card Fraud | Identity Theft | Non-Payment/Non-Delivery | Phishing Scams | Extortion | Investment Fraud | Personal Data Breach | Tech Support |
| 2016 | 360,000 | 380,000 | 1.83 million | 440,000 | 390,000 | 50,000 | 620,000 | 250,000 |
| 2017 | 430,000 | 500,000 | 2.39 million | 720,000 | 430,000 | 90,000 | 880,000 | 310,000 |
| 2018 | 440,000 | 470,000 | 1.89 million | 770,000 | 1.49 million | 110,000 | 1.47 million | 420,000 |
| 2019 | 490,000 | 550,000 | 2.12 million | 3.93 million | 1.48 million | 140,000 | 1.31 million | 470,000 |
| 2020 | 570,000 | 1.41 million | 3.53 million | 7.82 million | 2.49 million | 280,000 | 1.47 million | 500,000 |
| 2021 | 530,000 | 1.63 million | 2.6 million | 10.20 million | 1.24 million | 650,000 | 1.63 million | 750,000 |
| 2022 | 680,000 | 830,000 | 1.54 million | 8.95 million | 1.17 million | 910,000 | 1.75 million | 970,000 |
As you can see, there’s been a worrying increase in cyberattacks since 2016. In only 6 years, the number of phishing attacks has increased by 1934% until 2022.
If we look at 2021, there have been 10.2 million phishing attacks, an increase of 2218% from 2016.
Every type of cyberattack has become more common, more dangerous, and more accessible to hackers around the world.
With the emergence of Cybercrime-as-a-Service, these numbers are bound to go through the roof in the coming years.
Conclusion
The statistics above show that both cybersecurity and cybercrime are evolving at a rapid pace.
Cybercrime is becoming ever-present in our lives, and it’s up to us to put a stop to it. Prevention is key, so cybersecurity awareness becomes a must.
Stay tuned to our platform for more tips and advice on how to better protect yourself online!
Sources
Statista – Cybersecurity – Worldwide