New survey reveals $2 trillion market opportunity for cybersecurity technology and service providers" by McKinsey:
Cyberattacks are on the rise, and the damage they cause is only getting worse. In 2025, damage from cyberattacks is expected to reach $10.5 trillion annually, a 300% increase from 2015 levels. This growing threat creates a huge market opportunity for cybersecurity technology and service providers.
The report highlights:
The global cybersecurity market is expected to reach $2 trillion by 2025.
The market is driven by the increasing digitization of businesses and the growing sophistication of cyberattacks.
The top four cybersecurity priorities for businesses are:
Protecting data from unauthorized access
Mitigating the risk of data breaches
Ensuring the availability of critical systems
Reducing the cost of cybersecurity
The cybersecurity industry is ripe for disruption. New technologies, such as artificial intelligence and machine learning, are creating new opportunities for businesses to improve their cybersecurity posture.
The cybersecurity industry is facing several challenges, including:
The increasing complexity of cyberattacks
The shortage of skilled cybersecurity professionals
The lack of cooperation between businesses and governments
Despite these challenges, the cybersecurity industry is poised for growth. Businesses are increasingly realizing the importance of cybersecurity and are willing to invest in the latest technologies to protect themselves from cyberattacks.
The cybersecurity market is a huge and growing opportunity. Businesses that are able to capitalize on this opportunity will be well-positioned for success in the years to come.