Enterprise cybersecurity spend exceeds US$226 billion globally by 2027 - Juniper Research

Juniper Research Competitor Leaderboard Cybersecurity Vendors (Photo: Business Wire)

KUALA LUMPUR, June 7 (Bernama) -- A new study from Juniper Research has found the value of enterprise cybersecurity spend will exceed US$226 billion in 2027; up from US$179 billion in 2022. (US$1 = RM4.395)

This growth of 26 per cent over the next  five 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 increasing spend.

According to a statement, Juniper Research’s Competitor Leaderboard for the cybersecurity market has identified the five leading market vendors as follows: 1. AWS; 2. IBM; 3. Cisco; 4. Oracle; 5. Sophos.

Research co-author Damla Sat explained: “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.”

Juniper Research’s Competitor Leaderboard provides an independent assessment of the market standing of the leading cybersecurity players. It includes a robust and transparent assessment methodology, including heatmap analysis and a thorough explanation of each company’s market position.

The new research, Cybersecurity: Key Trends, Competitor Leaderboard and Market Forecasts 2022-2027, 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, specialised cybersecurity vendors to acquire new data sources and point solutions, and offer services, such as unified threat management, in order to maintain relevance in this highly competitive market.

-- BERNAMA