According to research by the tech research and consulting company Gartner, approximately $86.4 billion was the size of the worldwide cybersecurity market in 2017. But in only ten years, the market is projected to expand by around 80%. The cybersecurity market anticipates reaching $403 billion by 2027, with a compound annual growth rate of 12.5% from 2020 to 2027 (BrandEssence).
According to Kayne McGladrey, a cybersecurity strategist at Ascent Solutions and an Institute of Electrical and Electronics Engineers senior member, this high growth rate results from a cycle of activities between cybercrime actors and intelligence agencies. While cybercrime actors spend their illicitly earned income on creating new capabilities, expanding their workforces, and diversifying their supply chains, cybersecurity clients aren’t making the same investments or filling the same positions.
Since these adversaries are becoming more well-funded, McGladrey told Fortune, “Those firms that provide cybersecurity solutions and products are substantially reinvesting their earnings in research and development of artificial intelligence-based solutions. It meant to identify and correct acts by these increasingly well-funded enemies automatically,” the report said. Unless there are significant changes in how businesses prioritize and manage their cyber risks, this cycle will continue as long as cybercrime actors can benefit from it.
Why The Cybersecurity Sector Is Expanding So Rapidly
Said, more cyberattacks take place every year. The average number of cybersecurity assaults per year increased by 31% between 2020 and 2021, reaching 270 attacks (Accenture’s State of Cybersecurity Report 2021). Additionally, each organization had 29 successful assaults on average.
Because of this, implementing proper cybersecurity safeguards is becoming a priority for businesses of all sizes.
Yale Fox – CEO of Public Benefit Technologies and an IEEE member, said that given the prevalence of payment networks, cloud-based data storage, and other technologies. Whether or not a company is internet-facing, cybersecurity is a crucial component of all enterprises, whether online or offline.
In addition, new technology is developing quickly. Fox notes that machine learning and artificial intelligence are authentic and “only beginning to awaken.” We are now experiencing a renaissance.
Yale claims that the market may be more significant than the $400 billion projection for 2027. “All the IT businesses are seeing fast and exponential growth, and we are at the eye of the storm.”
The Shortage Of Cybersecurity Experts
The enormous industry expansion requires a massive need for more skilled cybersecurity workers. However, the United States already has a staffing shortage due to the lack of experienced personnel trained to operate some of these intricate systems.
Adi Dar- CEO and founder of Cyberbit, a business that provides cybersecurity readiness and skills platforms, employs cybersecurity professionals. Those with the knowledge and expertise to defend against a complex attack surface, such as the cloud. And who can use the new technologies every year is a problem for enterprises.
According to a survey by the market research firm Emsi Burning Glass (formerly Lightcast), there were over 715,000 cybersecurity positions open in the United States as of November 2021 despite the approximately 1 million cybersecurity professionals employed there. According to Cybersecurity Ventures, the number of open cybersecurity positions globally increased by 350% from 2013-2021 (from 1 million to 3.5 million).
Although cyber expertise is still needed, many of these positions require qualifications, certificates, or a master’s degree.
Dar claims there are insufficient cyber security professionals to manage the modern threat environment. “Government, education, and business must immediately work together to find a method to enhance both the amount and quality of the cybersecurity workforce, or we will continue to watch spending rise yearly with little noticeable benefit.”
