The cybersecurity market is growing and changing at a rapid pace, leading to major opportunities for vendors, heightened confusion for buyers, and new challenges for CISOs.
Business is booming for both cybercriminals and cybersecurity tech companies. Market research firm Statista recently predicted the annual cost of cybercrime worldwide will increase 69.94% between 2023 and 2028. Tech vendors are responding in kind, and the cybersecurity market appears poised for significant growth in the near term.
Global spending on security and risk management is set to increase 14.3% in 2024, according to Gartner, more than IT spending as a whole at 8%. And Fortune Business Insights expects the cybersecurity market to reach $424.97 billion by 2030, nearly 2.5 times its 2023 valuation.
“Point solutions may be a blessing and a curse. On the one hand, they may be designed to address an immediate pain point and specific security concerns. On the other hand, they don’t always integrate well with existing systems, creating management complexity and possible security gaps.”
Steve Tcherchian
Chief Product Office and CISO
XYPRO Technology
Even as the number of new point tools grows, vendors are bundling other, formerly standalone technologies into multifeature platforms. Counterintuitively, such consolidation activity can lead to technological sprawl, causing further buyer confusion.
