Canadian Cyber Security Journal
Filed under: Featured, Trends

The Worldwide Cybersecurity Industry is Expected to Reach $346 Billion by 2028

The global Cybersecurity market was valued at USD 149.7 Billion in 2020 and is projected to reach USD 346.0 Billion by the year 2027. The market is expected to register a CAGR of 13.4% during the forecast period.

Cybersecurity is the application of processes, technologies, and controls to protect networks, systems, devices, data, and programs from potential cyber-attacks. The market is majorly driven by the growing demand for cybersecurity mesh and the rising number of data breach incidents worldwide. Furthermore, the rapid technological advancements requiring more advanced, as well as secure business models, are also expected to contribute to the market growth. For instance, in June 2021, Palo Alto Networks’ Prisma Cloud announced new updates to its Security Posture Management (CSPM) solution. The solution aids in eliminating unsafe cloud blind spots and frees security teams from the lumber of alert fatigue. In addition, the increasing penetration of IoT devices is estimated to fuel market growth.

Cybersecurity mesh involves design as well as implementation of an IT security infrastructure. It establishes smaller and individual perimeters around each access point and does not focus on building a single perimeter around all nodes or devices of an IT network. With the COVID-19 pandemic, as functional hybrid working models were developed, there were structural changes that had to be made for businesses. This also resulted in evolving and shifting the way, cybersecurity was dealt with. As the demand for flexible and agile systems is increasing, the demand for cybersecurity mesh has also accelerated.

With the increasing number of data breaches, the demand for cybersecurity solutions is also rising. According to Varonis, due to the pandemic, around 50% of Americans were concerned regarding data breaches in natural disasters and personal safety. Presently, data breaches impact thousands of consumers in one attack itself on an organization. For instance, according to Varonis, on 18 February 2021, the California Department of Motor Vehicles (DMV) alerted the drivers regarding a data breach, after the billing contractor, Automatic Funds Transfer Services, was hit by a ransomware attack. Furthermore, on April 14, 2020, credentials of around 500,000 Zoom accounts were found on the dark web for sale.

The ability of small and medium-sized enterprises to survive and also thrive, especially in the pandemic, has been dependent on the use and adoption of technology. As technology has become more integrated into everybody’s lives, the importance of cybersecurity has increased more. Many market players are investing in partnerships as well as product launches, to bring in new technologies to the market. For instance, in May 2021, Qualys Inc., introduced a new cybersecurity asset management solution, which is built on the Qualys Cloud Platform, to inventory the complete IT ecosystem, detect potential security gaps and react to the risk, all from a integrated platform. Such technological advancements fuel market growth.

With the advent of technology, the demand for IoT devices is also increasing. These devices are potentially vulnerable, due to the lack of efficient security solutions. This is anticipated to boost the demand for cybersecurity solutions for IoT devices. With the COVID-19 pandemic, the demand for managed security for IoT devices by companies has increased, to safeguard the data of their employees as well as the organization. This is also positively impacting the market growth.

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