It is a perfect storm. The move to remote working makes network security more challenging for organisations. The growing threat from ransomware and the ongoing rise in network attacks combines to create a triple whammy resulting in a majority of business leaders acknowledging that cybersecurity is the top IT challenge this year.
According to GlobalData estimates, the global cybersecurity industry will grow from $125.5bn in 2020 to $198.0bn in 2025 at a compound annual growth rate (CAGR) of 9.5%. The strongest growth will be in software, which will record a CAGR of 13% between 2020 and 2025, rising from $52.1bn in 2020 to $96.5bn in 2025. Over the same period, hardware revenues will increase from $26.5n to $40.7bn, a CAGR of 10%. GlobalData estimates that services will rise by a CAGR of 5%, from $47.9bn in 2020n to $60.7bn in 2025.
Meantime, the number of cybersecurity unicorns continues to rise sharply-indeed keeping abreast of all relevant players is far from easy as it is something of a moving target.
In the past 12 months alone, the number of cybersecurity firms with $1bn valuations has almost doubled to 59. And as the…
