Cybersecurity hiring remains hot – industry expected to surpass $400 billion market size by 2027

BY Lake SydneyJuly 22, 2022, 1:52 p.m.

People attend the Mega Job Fair held at the FLA Live Arena as seen in June 2022 in Sunrise, Florida. (Photo by Joe Raedle/Getty Images)

In 2017, the global cybersecurity industry had an approximate market size of $86.4 billion, according to research conducted by Gartner, a technology research and consulting firm. But just a decade later, the market is expected to grow by almost 80%. By 2027, market research firm BrandEssence predicts the global cybersecurity market will reach $403 billion; that is with a compound annual growth rate of 12.5% ​​between 2020 and 2027.

This rapid growth rate is the result of a cycle of actions between cybercrime actors and intelligence agencies, says Kayne McGladrey, senior member of the Institute of Electrical and Electronics Engineers (IEEE) and cybersecurity strategist at AscentSolutions. While cybercrime actors are reinvesting their illegally obtained profits into developing new capabilities, employing more staff and diversifying their supply chains, cybersecurity customers are not investing or hiring at the same rate. .

“As a result, companies offering solutions and products in the cybersecurity sector are massively reinvesting their profits in the research and development of artificial intelligence-based solutions intended to automatically detect and correct the actions of these adversaries more well-funded,” McGladrey said. Fortune. “This cycle will continue as long as it remains profitable for cybercrime actors, barring remarkable changes in the way companies prioritize and manage their cyber risks.”

Why the cybersecurity industry is growing so much

Simply put, more and more cyberattacks are happening every year. Between 2020 and 2021, the average number of cybersecurity attacks per year increased by 31%, to 270 attacks, according to Accenture’s State of Cybersecurity 2021 report. And the average number of successful attacks per company was 29.

For this reason, proper cybersecurity measures are becoming a necessary undertaking for businesses of all shapes and sizes.

“Cybersecurity is an integral part of every business, whether online or not, especially given the proliferation of payment networks, cloud data storage and everything else whether it’s are Internet-connected businesses,” said Yale Fox, IEEE Fellow and CEO of Public Benefit Technologies, recounts Fortune.

Moreover, new technologies are developing at a rapid pace. As Fox points out, artificial intelligence and machine learning are “just starting to come to life,” he says. “We’re in the midst of a renaissance right now.”

As a result, according to Yale, the market could end up surpassing the projected target of $400 billion by 2027. “We are in the eye of the storm for rapid and exponential growth in all technology industries.”

The need for cybersecurity talent

With the massive growth of the industry comes the need for more trained cybersecurity professionals. But we’re already understaffed in the United States, and a lot of that is because there just aren’t enough people trained and qualified to work on some of these complex systems.

“Organizations are challenged to hire cybersecurity experts who are equipped with the skills to defend the complex attack surface, like the cloud, and can leverage new technologies that are purchased every year,” Adi Dar, CEO and founder of Cyberbit, a company that provides a cybersecurity readiness and skills platform, says Fortune.

In the United States, there are about 1 million cybersecurity workers, but there were still about 715,000 jobs to be filled in November 2021, according to a report by Emsi Burning Glass (now Lightcast), a market research company. . Worldwide, the number of cybersecurity job vacancies worldwide increased by 350% between 2013 and 2021, from 1 million to 3.5 million, according to Cybersecurity Ventures.

Companies continue to seek cyber talent, but many of these jobs require credentials, certifications, or a master’s degree in the field.

“There just aren’t enough people in cybersecurity with the skills to handle the new threat landscape,” says Dar. “Government, education and industry should urgently come together to find a way to increase both the quantity and quality of the cybersecurity workforce, otherwise we will continue to see an increase in spending year on year, with no real impact.”

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