A new study from Juniper Research has found the value of enterprise cybersecurity spend will exceed $226 billion in 2027; up from $179 billion in 2022.
This growth of 26% over the next 5 years reflects the increasing maturity of the cybersecurity market, which continues to evolve as new threats emerge.
The report, Cybersecurity: Key Trends, Competitor Leaderboard and Market Forecasts 2022-2027, identified a rising awareness of vulnerabilities, alongside emerging threats, including ransomware and DDoS (Distributed Denial of Service) as key drivers behind the increasing spend.
The new research also found that remote working and cloud computing being implemented by businesses, from small to multinational, which increases attack vectors available to cybercriminals.
It identified machine learning as a key requirement within cybersecurity solutions; improving response times and combatting evolving tactics of cybercriminals.
In response, cybersecurity vendors must form strategic partnerships with smaller, specialised cybersecurity vendors to acquire new data sources and point solutions, and offer services, such as unified threat management, in order to maintain relevance in this highly competitive market.
Meanwhile, Juniper Research’s Competitor Leaderboard for the cybersecurity market has identified the 5 leading market vendors as follows:
Juniper Research’s Competitor Leaderboard provides an independent assessment of the market standing of the leading cybersecurity players. It includes a robust and transparent assessment methodology, including heatmap analysis and a thorough explanation of each company’s market position.
The Leaderboard tool assesses each vendor’s capacity, capability, and products. This analysis includes assessing the size of their operations, financial performance and the sophistication of their cybersecurity offerings.
Research co-author Damla Sat explained: “Cloud computing has been transformative for businesses, so it is no surprise that two of the biggest cloud computing vendors, AWS and IBM, also lead in the cybersecurity space. For cloud vendors, effective cybersecurity is a basic requirement – by offering in‑house cybersecurity solutions, AWS and IBM are capitalising on their existing large user bases; acquiring businesses and capabilities as needed to enhance their product offerings.”
For more insights, download the free whitepaper: Cybersecurity ~ Navigating the Threat Environment