Enterprise cybersecurity spend to exceed $226bn globally by 2027

Hampshire, UK. 6 June 2022 – A new study from Juniper Research has found the value of enterprise cybersecurity spend will exceed $226 billion (€213.23 billion) in 2027; up from $179 billion (€168.88 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 identified a rising awareness of vulnerabilities, alongside emerging threats, including ransomware and DDoS (Distributed Denial of Service) as key drivers behind the increasing spend.

AWS & IBM ranked as leading cybersecurity providers in competitor leaderboard

Juniper Research’s Competitor Leaderboard for the cybersecurity market has identified the 5 leading market vendors as follows:

  1. AWS
  2. IBM
  3. Cisco
  4. Oracle
  5. Sophos

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.”

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.

The new research, Cybersecurity: Key Trends, Competitor Leaderboard and Market Forecasts 2022-2027, found remote working and cloud computing being implemented by businesses, from small to multinational, which increases attack vectors available to cybercriminals. The report 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.

For more insights, download the free whitepaper: Cybersecurity ~ Navigating the Threat Environment

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow

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