Tuesday, June 25, 2024

Cybersecurity Market

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The cybersecurity market continues to grow its capabilities and enterprise tech offerings, especially as changing workforce patterns and a growing number of malicious attacks have necessitated rapid change. 

Read on to learn about what the cybersecurity market looks like today and how enterprises of varying sizes and industries can benefit from additional cybersecurity support:

A Closer Look at Cybersecurity Software

Also read: Survey Shows Cybersecurity is Main Driver of IT ‘Modernization’ in Government

Today’s cybersecurity market

The cybersecurity market is valued at $179.96 billion in 2021 and is estimated to more than double to $372.04 billion by 2028, according to Grand View Research

Researchers attribute this rapid rate of growth to a few factors: a growing number of cyberattacks and sophisticated attack vectors; protections needed for an increasingly distributed workforce; and a desire to restructure security to better fit a cloud environment.

Although the market for cybersecurity is growing quickly and new companies are joining the scene on a regular basis, vendors with a more consolidated vision for cybersecurity are gaining more traction than others.

Deepen Desai, CISO and VP of security research and operations at Zscaler, a top zero trust vendor, said customer preferences and expectations are shifting to platforms that provide a simpler, all-in-one solution.

“The industry is growing quickly, with roughly three times as many cybersecurity companies in the world today as there were just three years ago,” Desai said. 

“But we’re seeing a shift in demand from point products to integrated platforms, as security teams don’t have the resources to keep up with dozens of disparate tools anymore. The vendors who can deliver the most complete, holistic security will deliver the best outcomes and will continue to grow the fastest.”

Cybersecurity companies

The cybersecurity market is filled with a variety of vendors, ranging from major platform providers that offer holistic security to smaller providers that offer highly specialized solutions in certain areas of cybersecurity. 

The following companies stand out as some of the top-performing players in the cybersecurity space:

  • Palo Alto Networks
  • Fortinet
  • Cisco
  • Crowdstrike
  • IBM
  • Okta
  • Dynatrace
  • Trend Micro
  • Broadcom Symantec
  • McAfee
  • RSA
  • Cybereason
  • VMware
  • Intel

More on a top cybersecurity provider: Palo Alto Networks Cybersecurity Portfolio Review

Cybersecurity features and solutions

These are some of the key products and services being offered by providers in the broad cybersecurity market:

  • Antivirus/Antimalware: tools that enforce antivirus update policies and take steps to prevent, look for, and remove viruses and malware from the network. 
  • DNS security: focuses on securing user actions when they visit domains/IP addresses. Content filtering, malware and pop-up blocking, and text correction are all included.
  • Extended detection and response (XDR): moving beyond endpoint detection and response (EDR), XDR detects and responds to threats across endpoints, software, hardware, server, email, and other security layers on a network, creating a more holistic view of security incident behaviors.
  • Firewalls: watch incoming and outgoing traffic on the enterprise network and filter out unwanted traffic from outside networks. Firewalls can come in hardware, software, and cloud formats as well as a next-generation firewall (NGFWs) offering.
  • Intrusion detection and prevention systems (IDPS): alert network administrators when security incidents and potential breaches are happening on the network. IDPS tools provide this information by checking for malware and socially engineered attacks, like ransomware attacks.
  • Network access control (NAC): manages access to the network with policy life cycle management, security posture checks, and guest networking access management as well as regular audits of user accounts and actions.
  • Network sandboxing: recognizes suspicious network activity and transfers that traffic information to a sandbox where threat scores are analyzed and determined in isolation from the rest of the network.
  • Network security policy management (NSPM): helps network administrators manage compliance policies via network workflow documentation and adherence to global regulatory policies for data.
  • Network traffic analysis: helps sysadmins to spot protocols and applications that run on the network, while providing more detailed analytics, like bandwidth use.
  • Software-defined perimeter: focuses on software instead of hardware, adding an additional layer of protection for hardware, such as servers, from users outside the network.
  • Virtual private network (VPN): a virtual access point for users to connect securely to a network server, no matter where they’re connecting from.
  • Zero trust: software that accompanies zero-trust policies, incorporating more user authentication requirements and network monitoring of lateral movement across the network.

Cybersecurity use cases

Here are a couple industry-specific examples of how users have implemented cybersecurity solutions:

Health care

“Due to the global pandemic, my organization had to quickly pivot to working remotely. When working remotely, the infrastructure ecosystem has become a lot more varied, as we allowed a larger variety of devices (home personal computers) to connect remotely to our internal network. To secure our network and ensure compliance and security, we engaged Symantec Endpoint Security. … As we already had some Symantec solutions in our organization currently, this really helped our current information security a step further and bring things quickly under control for our organization when we needed to have everyone work from home.” -Analyst in the health care industry, review of Symantec Advanced Threat Protection at Gartner Peer Insights


“What we like the most about [Cisco Secure Firewall ASA] is that we use it in several access and control points. Critical, internal, and external. With it, we are deploying the VPNs that interweave all of our authorized offices and consultants for remote access.” -Regional IT officer in the finance industry, review of Cisco Secure Firewall ASA at Gartner Peer Insights

Benefits of cybersecurity

Strategic cybersecurity infrastructure and team players make a huge difference when it comes to protecting important data and operational systems. 

These are some of the benefits that companies realize when they invest in strong cybersecurity solutions:

Increased client and partner confidence

When clients and partners learn that company data is protected against malicious actors with high-performing cybersecurity, they’re more likely to place their trust in the business, further investing their money, time, and resources in the company.

Employee protection

Cybersecurity not only protects the enterprise’s hardware and software, but it also protects employees from external or internal malicious actors. Various security tools, like network monitoring and firewalls, make it more difficult for team members to fall prey to employee-targeted cyberattacks, such as phishing.

Optimized productivity

Severe cyberattacks can leak sensitive information outside of an organization and cause extended periods of downtime while the network and data are being recovered. When companies choose to invest in cybersecurity solutions, they’re less likely to face a devastating attack that takes them offline or out of production.

Support for business intelligence (BI)

Every business has competitive insights and other business intelligence metrics that they want to keep internal. With cybersecurity measures taken to protect sensitive financial and planning data, companies are able to make strategic moves without constantly worrying about who’s watching their every step.

Read next: Data Breach Cost Reaches All-Time High

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