If current investment trends continue, the cybersecurity market will grow by 10% this year.
According to forecasts of the research company Canalys, in 2021, cybersecurity spending could reach $ 60.2 billion. In general, the cybersecurity market this year will increase by 10% at best if current investment trends continue. Taking into account the possible impact on the economy of the new quarantine restrictions, experts predict in the worst case an increase of 6% - up to $ 57.7 billion.
Canalys has divided the cybersecurity market into the following categories: endpoint security, network security, web and email security, data security, vulnerability analysis, and credential access control.
The fastest growth is expected in web and email security - 12.5%. This is followed by an analysis of vulnerabilities and security - 11%. The endpoint security market will slow its growth compared to 2020 and grow by only 10.4%. The market for credential access management solutions will also grow by 10.4%. The largest segment of the market for cybersecurity, network security solutions, will increase by 8%, and the market for data protection solutions - by 6.6%.
Despite the coronavirus pandemic, Canalys predicts that companies' cybersecurity budgets have remained unchanged so far. However, cuts in SME spending, staff layoffs and layoffs have impacted deal extensions and multi-year contracts, especially in the hardest hit sectors, including hospitality, retail and transportation.
Canalys also noted an increase in data breaches and compromised records, which, despite increased investments in cybersecurity, reached record levels. According to their calculations, about 12 billion records containing various personal information were compromised in 2020. The number of known ransomware attacks increased by 60%. Most often, cybercriminals exploit misconfiguration of cloud databases and carry out phishing campaigns against employees who do not adhere to cyber hygiene rules.