Enterprise Cybersecurity Spending to Exceed $226 Billion by 2027
The value of enterprise cybersecurity spending will exceed $226 billion in 2027; up from $179 billion in 2022, according to Juniper Research. This growth of 26% over the next 5 years reflects the increasing maturity of the cybersecurity market, which continues to evolve as new threats emerge.
The report identified a rising awareness of vulnerabilities, alongside emerging threats, including ransomware and DDoS (Distributed Denial of Service) as key drivers behind the increased spending. Juniper Research’s Competitor Leaderboard for the cybersecurity market has identified the 5 leading market vendors. AWS is leading the pack ahead of IBM, Cisco, Oracle, and Sophos.
“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 capitalizing on their existing large user bases; acquiring businesses and capabilities as needed to enhance their product offerings,” explained research co-author Damla Sat.
The new research found remote working and cloud computing being implemented by businesses, from small to multinational, which increases attack vectors available to cybercriminals. The report identified machine learning as a key requirement within cybersecurity solutions; improving response times and combatting evolving tactics of cybercriminals. In response, cybersecurity vendors must form strategic partnerships with smaller, specialized cybersecurity vendors to acquire new data sources and point solutions, and offer services, such as unified threat management, to maintain relevance in this highly competitive market.