Cybersecurity Ventures has made a prediction that the cost of global cybercrime will increase at a rate of 15% every year.
This projection means that by the year 2025, the total amount spent as a result of cybercrime is expected to reach a staggering $10.5 trillion USD annually.
The reason for the significant increase in the number of cybersecurity patent applications over the past decade is the rise in the importance of cybersecurity.
This trend has been primarily driven by companies located in the United States. They have taken the lead in exploring and developing innovative solutions to protect against cyber threats and ensure the safety of sensitive information.
A French software company named IS Decisions has revealed that there have been 2,269 patents filed related to cybersecurity since the year 2000.
Growth of the Cybersecurity Industry
A staggering 97% of cybersecurity-related patents have been filed since the year 2010, which witnessed a significant increase in cyber attacks worldwide.
This highlights the pressing need for stronger security measures and the rapid pace of technological innovation in the field of cybersecurity.
To gauge the level of innovation in the field of cybersecurity in recent years, it is crucial to examine the growth of the sector.
This growth can serve as an indicator of the resources being invested in the development of new and improved security measures, and the efforts being made to address the growing threat of cyber attacks.
Data analysis reveals the consistent growth of the cybersecurity industry, with a significant increase in revenue observed over the past few years. In 2016, the revenue generated by the industry was approximately $83 billion, but by 2021, this figure had nearly doubled to reach $139 billion.
Since the year 2000, the number of applications related to cybersecurity that has been filed has reached a total of 2,269 to date.
The filing of applications related to cybersecurity has significantly increased over the past decade, which can be attributed to rapid growth in innovation within the field.
Countries and Companies Leading
In response to the escalating threat of cyber attacks, countries have been actively competing to find innovative solutions to prevent these attacks.
The data available shows that some countries have been more successful in this endeavor, with clear leaders emerging when it comes to the number of cybersecurity patent filings received by their respective patent offices
Among the top 10 patent filings between 2000 and 2022 for cybersecurity-related patents, 1087 of them are filed by the U.S. Patent and Trademark Office.
The United States has one of the largest cybersecurity workforces in the world, with an estimated 1.1 million cybersecurity professionals in the country.
While five of the 10 companies applying for cybersecurity patents in the top ten are U.S.-based technology companies, and these companies include:-
- IBM
- Boeing
- Microsoft
- Honeywell
- Qomplx
Among the patent applications filed since the year 2000, 326 go to international patents, which represents the second highest number.
As for the Chinese patent office, it received 304 cybersecurity patent filings from the country, ranking third in the world. China is the country with the largest number of patent applications in general, making this an interesting development.
In the past, the country has been criticized for the number of unconventional and fraudulent patents that have been granted to the country. With 250 patent filings, the fourth place is occupied by the European Patent Office (EPO).
There has been a growing trend in cybersecurity innovation across several industries in the past several years, which can be seen in the graph below:-
A total of 1,406 patent applications have been filed in the last year, the majority of which are related to denial-of-service attacks (DoS attacks).
Cybersecurity is a rapidly evolving field, with companies constantly engaged in research and development to stay ahead of emerging threats. One way to gauge the direction and focus of these efforts is to look at the cybersecurity patent applications being filed.
These applications offer insights into the areas where companies are investing their resources and give a glimpse into the future of the industry.
With the continuous advancement of technology, cybercriminals are constantly finding new ways to penetrate and exploit vulnerable systems. This highlights the importance for companies to stay ahead of the curve and be proactive in their approach to cybersecurity.
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