The value of enterprise cybersecurity spend is expected to reach $226 billion in the next five years, according to a new study from Juniper Research.
This 26 percent growth between 2022 and 2027 is largely driven by the growing maturity in the cybersecurity market, and the increasing awareness of vulnerabilities such as ransomware and distributed denial of service (DDoS).
According to a whitepaper on the subject, cloud adoption is a key trend that is likely to dominate the cybersecurity market during this time, as business seek operational effectiveness, cost reduction and scalability by moving from a physical-to-virtual (P2V) environment.
The authors believe that the migration to cloud has shifted perceptions of cybersecurity as organisations consider cloud-first security solutions
“Juniper Research believes that, as migration to cloud continues, traditional cybersecurity tools and solutions will be phased out and replaced with consolidated cloud-native cybersecurity offerings,” the report says.
The rise of ransomware is another key cybersecurity trend as ransomware evolves from sporadic, small-scale attacks, to consistent large-scale ones, as well as increasing sophistication in methods.
Juniper Research believes that integrated security platforms, which leverage ML-based capabilities for threat detection and response encompassing foundational solutions such as IAM and UEM (Unified Endpoint Management) will be key in decreasing the occurrence of ransomware attacks and mitigating their impact to an extent,” the authors say.
The final trend that the authors identify is machine learning (ML) in cybersecurity, whereby ML is deployed in advanced threat detection.
“Although using ML in cybersecurity is not new, the advent of UEBA (User and Entity Behaviour Analytics), network security, endpoint, and cloud protection solutions mean that its use has increasingly diversified,” the report says.
“Juniper Research anticipates that ML, particularly its terms of automation capabilities, will continue to be the key differentiator in cybersecurity solutions provided to the market.”
Cybersecurity leader board
Juniper’s competitor leader board names AWS and IBM as the leading cybersecurity providers, followed by Cisco, Oracle and Sophos.
This is judged according to the vendor’s capacity, capability and products, taking into consideration their size, financial performance and cybersecurity sophistication.
Research co-author Damla Sat said, “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.”