It is predicted that global spending on cybersecurity products and services will grow over USD 1 trillion from the year 2017 to 2021. The rise of global cybersecurity market has been beyond exemplary in the 21st century, and according to researchers, it will keep growing at this (or an even larger) rate for decades to come. Before you read about the causes of this market growth as discussed in detail below, you should know that this rapid growth results in good signs for current and future cybersecurity professionals. As Certified Ethical Hacker certification becomes one of the highest ranking cybersecurity certifications in the IT world, cybersecurity job opportunities continue to rise and shine in the information technology job market.
What is driving the cybersecurity market growth?
“Cybersecurity is the central challenge of the digital age”, says Satya Nadella, the CEO of Microsoft Corporation. While maintaining a good cybersecurity posture becomes the top emphasis of many corporations, especially in the banking, finance, and IT sectors, the spending on cybersecurity is on a rising spree and it will retain its booming momentum for years to come. Below are some factors that are the key drivers behind the growth of the cybersecurity market.
1. The threat landscape is expanding
The cyber threat landscape is ever-expanding. With the emergence of new technologies and excessive digitisation of all kinds of information, let alone the population of digital platforms increasing exponentially every year, the threat to privacy and security of all sorts of data continues to pester organisations and the public at an alarmingly rising level. This makes it more of a necessity than a trend among organisations and the public to invest more in cybersecurity.
2. Companies are taking cybersecurity seriously
Microsoft has said that they will spend over one billion USD every year on cybersecurity. J.P. Morgan Chase & Co. has a cybersecurity department of at least 3000 people and their annual cybersecurity expenses are crossing the 500 million dollar mark. And that’s not all, Bank of America has an infinitely deep pocket when it comes to spending on cybersecurity. According to forecasts, the cybersecurity spending was predicted to amount to USD 124 billion in 2019 and reach USD 170.4 billion in 2022.
3. Governments are spending more on cybersecurity
The public sector is a major contributor to cybersecurity’s growth as a market. With heavy spending in energy, defence and finance among other sectors, cybersecurity has become one of the important contents of every country’s annual budget. In 2019, U.S. budgeted $15 billion for cybersecurity alone, which was a 4.1% rise from the previous year. As every passing year, the digital data increases manifold in amount, especially in countries like India that are driving towards a more digital economy, with the government encouraging cashless online transactions and a consolidated citizen identity database, more PII (personally identifiable information) is put at stake. Not to mention that cyberwarfare, transport, aerospace, healthcare, communication, and intelligence also demand necessary care and heavy spending when it comes to cybersecurity.
4. Consumers are also investing in cybersecurity
The above factors do not include customer spending which in itself is a growing area where individuals are buying internet privacy solutions, rather than relying on products and services that come pre-installed with their devices. Whether it is for professional or for personal reasons, cybersecurity is becoming and rightly so, the highest priority of netizens. It is no longer not foolish to think that hackers only attack corporations and governments.
It would not be wrong to say that while cybersecurity is an important area to invest in for organisations, governments and individuals, it is also an important investment decision for students. Besides CEH, the CHFI online certification is also a hot choice among aspiring tech students and IT professionals, not to mention the dozen other courses that students can choose from. After all, the exceptional growth of cybersecurity market is a clear indicator of the worth and promise that this field has to offer.