Cybersecurity is becoming increasingly important for all global sectors. As such, companies worldwide are taking data protection seriously and investing in sophisticated cybersecurity software.
The Growing Market of Cybersecurity
In our increasingly digital world, data protection is becoming more and more important. Cybersecurity is thought to be one of the greatest threats of this decade, with the potential to affect individuals and companies cross-culturally and across sectors. Consequently, there is a growing market for cybersecurity softwares. In the last two years, there has been a 20% increase in revenues with an expected $45 billion in 2021 (according to StockApps.com). By 2025, cybersecurity software is expected to represent a $61.3 billion market.
What Does This Include?
The cybersecurity software market includes any software solution aiming to protect individual devices, networks or other computing-enabled devices. It includes, but is not limited to, antivirus and malware software, data protection services and other system-level security measures.
Following the events of 2020 and the coronavirus pandemic, remote working, something which was previously a luxury for most, has become implemented as a normal feature of working life.
Whilst there are many benefits to this, it has important implications for system security. With employees working from various locations and through various servers, it exposes sensitive company information and makes data more vulnerable to risk.
Hackers have capitalised on the weakened security of companies with more hacks and cyber attacks over the last year. Companies now need to consider, more than ever before, how to protect company data and employee devices at a remote level. Read about what citizens can do to keep their data safe.
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Greater Demand for Cybersecurity
Due to these new working conditions, there has been a rapid acceleration of spending on cybersecurity software and companies offering services like cyber strategies and penetration testing to test any holes in their internal infrastructure.
In the last 5 years, the cybersecurity software market has nearly doubled in revenue. As cyber threat becomes increasingly sophisticated, cybersecurity has had to stay ahead of the curve offering the latest advancements and innovation in their softwares. Companies are prioritising cybersecurity, reflected in their budgeting and spending.
A report carried out by the IDC found that only 2% of finance professionals were willing to cut spending when it came to cybersecurity software despite 67% of CFOs adjusting spending and cancelling planned investments. In fact, a 2020 survey by TrustRadius showed that 41% of organisations increased spending when it came to security software, especially at the peak of the coronavirus pandemic.
Who is Spending on Cybersecurity?
The United States, logically, represents the leading security software market; they are also the country shown to be the most at risk of complex cyber attacks. Also prioritising cybersecurity spending are Germany, the United Kingdom, Japan and China, all representing billion dollar revenues.