Plagued by the constant threats of virus and cyber attacks happening all around the world, majority of enterprises have started spending more on cybersecurity as more players emerge in this field.
According to Juniper Research new report, it has been found that the value of enterprise cybersecurity spending 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.
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 capitalizing on their existing large user bases; acquiring businesses and capabilities as needed to enhance their product offerings.”
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 spending.
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:
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, specialized cybersecurity vendors to acquire new data sources and point solutions, and offer services, such as unified threat management, to maintain relevance in this highly competitive market.