In recent years, the rise of cybercrime has been in full swing all over the world. This increase in cybercrime activity can be attributed to several factors such as the onset of the COVID-19 pandemic, increasing digitization and the frequent introduction of new technologies. The cybersecurity market has grown quite impressively to meet the growing demand for cybercrime terror protection. The cybersecurity growth rate the industry has never been higher before!
The unprecedented increase in cyber attacks, both in frequency and intensity, has forced companies around the world to channel their resources to strengthen their security infrastructure. In addition, the constant threat of cyber terrorists to critical infrastructure countries has pushed governments around the world to increase their cybersecurity budgets. With public and private organizations seeking to reform their cybersecurity strategies, cybersecurity has become one of the fastest growing fields.
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Cyber Security Growth Rate Statistics
Since we’ve pointed out that cybersecurity is a growing industry, let’s prove it with some numbers, okay? Here is some cybersecurity growth rate statistics which will leave you in no doubt as to the extent of the potential of this industry.
- According to a report by Grand View Research, the size of the global cybersecurity market has been estimated to be 167.13 billion dollars in 2020.
- The report also mentioned that North America led the global cybersecurity market with a revenue share of over 35% in 2020.
- According to Quince Market Insights, the the size of the global cybersecurity market is expected to reach $ 418.3 billion by 2028 at a CAGR of 12.5%.
Key factors influencing the growth rate of the cybersecurity industry
If there is any doubt that the cybersecurity industry is growing exponentially, certain key factors play a major role in determining its Rate of growth.
# 1 The rise of the IoT
Now, companies across industries are increasingly adopting IoT devices to improve communication and increase operational efficiency, leading to increased IoT traffic. According to McKinsey, the number of IoT connected devices worldwide is expected to increase to reach 43 billion by 2023. The ever-increasing adoption of these insecure smart devices has widened the scope of attacks for threat actors, making systems around the world more vulnerable to attack. These growing vulnerabilities have led to the need to adopt international cybersecurity standards and technologies.
# 2 Growing geopolitical tensions
Heightened geopolitical tensions are leading to cyber attacks against public and private organizations as well as critical infrastructure in countries around the world. These attacks are becoming more dangerous and destructive day by day, forcing governments around the world to rush to adjust their cybersecurity strategies. The threat of state-sponsored attacks is enough to encourage governments to increase their cybersecurity budgets and invest in the latest information security products and services. This makes geopolitical tensions a major factor influencing the cybersecurity industry growth rate.
# 3 Awareness is made mandatory
There is no shortage of local, state, and federal standards these days that your organization may need to adhere to to stay operational. Many common laws and standards require your organizations to have a cybersecurity awareness program in place. With the growing number of cyber attacks caused by human error and employee negligence, the importance of educating employees about cybersecurity is widely recognized. This has resulted in a growing demand for cybersecurity awareness products and services. Several cybersecurity awareness training tools such as ThreatCop have been introduced to the market in recent years.
# 4 Peak in cloud adoption
With the shift to work from home culture, adoption of the cloud has become the basis for the digitization of businesses all over the world. It not only enables businesses to effortlessly scale their operations as demand demands, but also provides a high level of security for stored business data. With the majority of businesses moving online after the COVID-19 outbreak, each segment of cloud computing has grown significantly. According to Hosting Tribunal, the the global public cloud services market is expected to reach $ 623.3 billion by 2023. This growing adoption of cloud services is also playing a major role in increasing the gcybersecurity industry growth rate.
With each public and private organization focusing on reforming their cybersecurity strategies, the scope of this industry’s growth is explosive. Stay tuned with Kratikal’s blogs to receive regular updates on the latest cybersecurity trends and news.
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The publication Incredible increase in the growth rate of cybersecurity! first appeared on Kratikal Blogs.
*** This is a syndicated Security Bloggers Network blog from Kratikal Blogs written by Dhwani Meharchandani. Read the original post at: https://www.kratikal.com/blog/incredible-rise-in-cyber-security-growth-rate/