Technavio, a leading global technology research and advisory company, has projected the global cybersecurity market size to grow by USD 138.32 billion from 2020 to 2024. These projections are accompanied by a report on how the market impact has been, and what new opportunities have been created as a result of the current pandemic. The impact in the first quarter is being expected to be significant, but it should also gradually lessen in the following quarters.
As the Business Wire says, with more and more people adopt technology, like cellphones, laptops, tablets, etc., the need for cybersecurity solutions will only go up. It is access to the Internet through these devices that has led to an increase in unauthorized access to critical data, both personal and professional. With the advent of mobile commerce, GPS, and digital bill payments, there is a lot of information on mobile phones which is vulnerable to theft and hacking manoeuvres. But, Technavio’s findings also show that the increase in budget for IT security is bound to positively impact the market.
Increase in IT Security Budget: The Need of the Hour
As websites and web applications keep increasing in number, so do the incidents of identity and data theft and the complexity of cyberattacks. Hence, the need for deploying cybersecurity solutions becomes more essential than ever. It is the growing awareness of the security risks which has compelled users to re-think their usage of the Internet and their IT spending for advanced security products.
In a scenario such as this, it’s good news that the global spending on IT security has been witnessing significant growth. Between 2017 and 2019, for instance, the total spending on IT security services across the globe grew by 22.79%. A senior analyst has commented that things like the implementation of a firewall and the adherence to the regulatory requirements will only have a positive effect on the cybersecurity market value during the forecast period.