Five-year total spending on cyber-security expected to reach $55 billion.
Anyone wondering what the cyber-security market will look like in the next few years may not have to wonder much anymore -- one company has issued a forecast, and there appears increased spending ahead.
Market Research Media provides consulting services and writes research reports for governments and companies. The San Francisco-based company issued a press release, the U.S. Federal Cybersecurity Market Forecast 2010-2015, in May 2009 and posted an update on March 10, 2010. The company claims that rampant cyber-attacks and the White House's progressive stance on IT security research and development will grow the cyber-security spending at a compound annual rate of about 6.2 percent in the next six years.
No one from Market Research Media would provide comment to Government Technology for the story; a representative cited the company's desire to limit exposure.
The company's release, however, cites a comment from Sen. Thomas R. Carper, D-Md., claiming that "federal agencies have spent more on cyber-security than the entire GDP [gross domestic product] of North Korea."
Data from the company's facts and figures include:
The company also reports that foreign adversaries see Americans' dependency on IT as an opportunity to find exploitable weaknesses. More detailed data on these findings can be found in a Market Research Media report on the data, which is available for nearly $4,000 for a single user license, and nearly $6,000 for a global user license.