According to research carried out by Gartner, a company specializing in technological research and consultancy, the global cybersecurity business had a market size of approximately $86.4 billion in 2017. However, it is anticipated that the industry will expand by around 80 percent in just ten years. With a compound annual growth rate of 12.5 percent between 2020 and 2027, the market research organization BrandEssence estimates that the worldwide cybersecurity market will reach $403 billion by 2027. This is based on the projections made by the business.
Kayne McGladrey, a senior Institute of Electrical and Electronics Engineers (IEEE) member and a cybersecurity strategist at Ascent Solutions, explains that this rapid growth rate results from a cycle of actions between cybercrime actors and intelligence agencies. This cycle of activities has caused this rapid growth rate. Customers in the cybersecurity industry aren’t investing or hiring at the same rate that cybercriminals are, which means that the latter can reinvest their illegally obtained profits in the development of new capabilities, the hiring of more staff, and the diversification of their supply chains.
According to McGladrey’s comments to Fortune, businesses in the cybersecurity industry that offer solutions and products are “heavily reinvesting their profits into research and development of artificial intelligence-based solutions intended to detect and remediate actions from these increasingly well-funded adversaries automatically.” “This cycle will continue as long as it continues to be profitable for cybercrime actors, barring any dramatic changes in how corporations prioritize and address their cyber threats,”
Why the cybersecurity market is expanding at such a rapid rate:
To put it another way, each year sees an increase in the number of cyberattacks. According to the State of Cybersecurity Report 2021 published by Accenture, the annual average number of cybersecurity attacks increased by 31 percent, reaching 270 episodes by 2021. This rise occurred between the years 2020 and 2021. And the typical number of successful assaults carried out by an organization was 29.
As a result of this reason, businesses of all sizes and shapes are finding that it is increasingly vital to invest in effective cybersecurity solutions.
“Cybersecurity is an integral part of all businesses, regardless of whether they are online or not, especially given the proliferation of payment networks, cloud-based data storage, and everything else regardless of if they are internet-facing businesses,” said Yale Fox, IEEE member and CEO of Public Benefit Technologies, in an interview with Fortune. “Cybersecurity is an integral part of all businesses, regardless of whether they are online or not.”
In addition, the development of new technology occurs at a breakneck speed. Fox argues that machine learning and artificial intelligence are “only starting to awaken,” even though the former is already relatively advanced. “A renaissance is happening right before our very eyes now.”
Consequently, Yale believes that the market could end up being far more significant than the currently anticipated goal of $400 billion by 2027. We are now amid a period of rapid and exponential expansion across the board in the technological industries.
The demand for cybersecurity professionals is on the rise:
Due to the sector’s rapid expansion, there is a growing demand for qualified cybersecurity personnel. However, we already have a staffing shortage in the United States. A significant contributor to this problem is that not enough individuals are educated and experienced enough to work on some of these problematic systems.
“Organizations are challenged in hiring cyber security experts who are equipped with the skills to defend the complex attack surface, like the cloud, and can operate the new technologies that are being purchased every year,” says Adi Dar, CEO and founder of Cyberbit. In an interview with Fortune, this company offers a cybersecurity readiness and skills platform. Cyberbit is a company that provides a platform for developing cybersecurity readiness and skills.
According to a survey published by Emsi Burning Glass (formerly Lightcast), a market research company, over 1 million people are working in cybersecurity in the United States. Still, as of November 2021, there were approximately 715,000 jobs in the domain that had not been filled. According to Cybersecurity Ventures, the number of open positions in the field of cybersecurity would increase by a factor of three hundred and fifty between 2013 and 2021, going from one million to 3.5 million.
However, many of these positions require credentials, certificates, or a master’s degree in the relevant discipline. Companies continue their search for cyber talent.
According to Dar, “there just aren’t enough individuals in the cyber security industry with the expertise to tackle the current threat situation.” “The government, education, and industry should rapidly join together to find a means to enhance both the quantity and quality of the workforce in cybersecurity,” since otherwise, “we’ll keep witnessing an increase in spend year over year, with little actual benefit,” according to the author.
As originally reported in https://fortune.com/education/business/articles/2022/07/22/cybersecurity-hiring-remains-red-hot-the-industry-to-surpass-400-billion-market-size-by-2027/
