The cybersecurity market continues its meteoric ascent, with cybercrime damages increasing significantly, according to the World Economic Forum.
Spending by enterprises on cybersecurity is continuing to grow, defying the pandemic-driven economic downturn impacting global IT spending.
While the global research and advisory firm Gartner predicts that IT spending will decline by 8% this year, security and risk management is predicted to grow by 2.4%, which is less than the projected growth rate of 8.7% earlier this year.
According to Gartner, 8 out of 10 cybersecurity markets are expected to grow faster than the market average, with cloud security augmenting the fastest. Cloud security is the smallest but fastest-growing segment of the cybersecurity market, with a market size of $439 million last year. It is projected to grow by 33% this year, driven by the small initial market size and companies opting for cloud-based cybersecurity solutions.
Gartner predicts that networking security equipment, including firewall equipment and intrusion detection and prevention systems (IDPS), will be the most impacted by the pandemic-induced hard reset on enterprise IT…
