According to past studies, the global cybersecurity services market is expected to grow at a rate of 10.8% annually from 2016-2021. The need for improved security solutions has risen due to the growing number of cyberattacks in recent years.
Keeping up with the latest cybersecurity services market trends is crucial for businesses that provide IT services or operate as IT companies.
Here are a handful of major tendencies we detect right now:
14 Key Market Trends To Watch Out For In the Global Cybersecurity Industry
1. Managed Security Services Are Rising
Managed security services (MSS) agencies provide a complete range of security solutions that businesses may outsource. This is a popular choice for many organizations since it frees up their time to concentrate on other aspects of their operations.
For the duration of 2016 to 2021, the MSS market grew at a compound annual rate of 12%. This growth is being fueled by the increasing difficulty of cybersecurity threats and the need for scale.
2. Growing Demand for Cloud-Based Cybersecurity Services
The appeal of cloud-based security solutions is evident as businesses are increasingly ditching traditional on-premises options. The lower costs and ability to scale make these solutions much more attractive.
The cloud security market is expected to grow at a compound annual growth rate of 28.6% from $5.21 billion in 2016 to $18.22 billion by 2021, according on Transparency Market Research (TMR). This development is being driven by the need for improved security and the growing use of cloud services.
3. Endpoint Security Becomes a Top Priority
Endpoint security solutions safeguard devices that are connected to a network, such as laptops, cellphones, and servers. Businesses that wish to protect their data and prevent illegal access need these technologies.
The global endpoint security market is projected to grow from $7.09 billion in 2016 to $12.73 billion by 2021, at a compound annual growth rate of 11.8%. This increase is being propelled by the need for data protection and compliance with regulations.
4. Growing Demand for Managed Detection and Response Services
MDR services are beneficial to organizations because they continuously monitor for threats and help businesses speed up their incident response times.
MarketsandMarkets reports that the MDR market will have increased from $1.47 billion in 2016 to $4.78 billion by 2021, growing at a rate of 26.2% annually. The main drivers behind this growth are stronger security requirements and the rising number of cyberattacks.
5. AI for Improved Security Solutions
Artificial intelligence (AI) is being used to improve the accuracy of cybersecurity solutions. AI-based solutions may assist organizations in detecting and reacting to threats more quickly and effectively.
The cybersecurity market for AI has grown exponentially in the past few years, increasing from $1.03 billion to a whopping $10.28 billion between 2016 and 2021- that’s an annual growth rate of 84.7%! The primary driving force behind this growth is the need for improved security measures as well as increased adoption of AI technology globally.
6. Growing Cloud-based Security Solutions Due to Cloud Computing
This is a key trend that businesses should be aware of. The cloud offers many benefits, such as cost-effectiveness and scalability, and it’s no surprise that businesses are increasingly adopting cloud-based solutions.
If you’re looking for a cost-effective and scalable security solution, then you should consider investing in a cloud-based security solution.
7. The Need to Protect Critical Infrastructure and Sensitive Data Due to Increase Demand for Cybersecurity Services
This is another important trend that businesses need to be aware of. With the increasing number of cyberattacks, it’s become essential for businesses to safeguard their critical infrastructure and sensitive data.
Cybersecurity solutions can help businesses secure their data, protect their systems from attacks, and comply with the latest security standards. If you want to find the right solution for your business, then you should consider working with a cybersecurity consultant. Cybersecurity consultants can help you assess your business’s needs and find the right solution for your company.
8. Rise of Digital Transformation in Creating New Jobs and Opportunities for Cybersecurity Vendors
Digital transformation is a key trend that’s reshaping the business landscape. As businesses adopt new technologies, such as cloud computing and artificial intelligence, they’re exposed to new risks.
If you want to capitalize on this trend, then you should consider offering cybersecurity solutions that help businesses secure their digital transformation initiatives.
9. North America’s Continuous Growth for Cybersecurity Services
New technologies are driving continuous growth for cybersecurity services in North America. This increase in demand is being driven by businesses of all sizes who are increasingly recognizing the importance of protecting their data. Managed security service providers are well-positioned to help organizations meet these challenges and take advantage of this growing market opportunity.
10. Training and Education for Employees
Employee training and education are a crucial components of cybersecurity. Employees must be aware of the most recent threats and how to defend themselves if businesses are to successfully defend themselves against cyberattacks.
Although employees might know the basics of cybersecurity, it’s necessary to provide training and education on the topic regularly. It decreases potential breaches and risks by making employees more aware of dangers. They learn how to identify possible threats and create safety measures for themselves and their company.
11. Better Regulation and Standards for Cybersecurity
The cybersecurity landscape is constantly changing, and new threats are emerging all the time. This makes it difficult for businesses to keep up with the latest threats and properly protect themselves.
For businesses to effectively protect themselves, there needs to be better regulation and standards in place. If you want to help businesses comply with the latest security standards, then you should consider investing in a solution that helps businesses meet these standards.
12. Efficient Collaboration Between Public and Private Sector Organizations
To effectively protect businesses from cyberattacks, there needs to be better collaboration between public and private sector organizations. The public sector can provide businesses with information about the latest threats, and the private sector can provide solutions to help businesses protect themselves.
If you want to help businesses collaborate more effectively, then you should consider investing in a solution that helps businesses connect with the right people and resources.
14. Lastly, the Continued Growth of Mobile Devices and Apps
As more and more people use mobile devices and apps, the need for mobile security solutions will continue to grow. If you want to capitalize on this trend, then you should consider investing in a solution that helps businesses secure their mobile devices and apps.
These are just a few of the key trends shaping the global cybersecurity services market. If you want to stay ahead of the curve, it’s important to keep up with these trends and offer solutions that meet the latest demands in the cybersecurity industry.
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Author Bio: Jean Smith is a stay-at-home mom that takes pleasure in reading and writing articles in technology, IT services and lifestyle. She also appreciates the great outdoors as much as she enjoys reading and viewing periodicals. She’d want to visit Greece sometime and eat while looking at the ocean.