According to Juniper Research, enterprise cybersecurity spending will surpass $226 billion in 2027, up from $179 billion in 2022. This 26 percent increase over the next five years would demonstrate the cybersecurity market’s maturation, which continues to adapt as new threats arise.
A greater knowledge of vulnerabilities, as well as new threats such as ransomware and DDoS (Distributed Denial of Service), were recognized as important causes for the increased spending, according to the research.
According to Juniper Research’s Competitor Leaderboard for the cybersecurity industry, the following are the top five vendors: AWS, IBM, Cisco, Oracle, and Sophos.
The Competitor Leaderboard from Juniper Research would provide an unbiased evaluation of the market position of the main cybersecurity companies. It contains a full description of each company’s market position, as well as an evaluation process that includes heatmap analysis. Each vendor’s capacity, capability, and products are evaluated using the Leaderboard tool. This evaluation comprises determining the size of their activities, financial success, and cybersecurity services expertise.
“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,” said Damla Sat, research co-author for the Juniper Research study. “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.”
Remote working and cloud computing are being embraced by enterprises of all sizes, from small to multinational, according to this new report, ‘Cybersecurity: Key Trends, Competitor Leaderboard, and Market Forecasts 2022-2027.’ (link opens a PDF download in a new window). This would expand the attack vectors accessible to hackers.
Machine learning was highlighted as a major necessity within cybersecurity systems, enhancing reaction times and combating fraudsters’ shifting techniques, according to the survey.
To be relevant in this highly competitive industry, cybersecurity companies must develop strategic relationships with smaller, specialized cybersecurity vendors to obtain new data sources and point solutions, as well as offer services such as unified threat management, concluded Juniper Research.