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Canalys Report Predicts That Cybersecurity Will Demonstrate An Estimated 10 Percent Growth In 2021

A study published by Canalys states that spending on cybersecurity is projected to increase by 10% across 2021.

The study, labelled a global cybersecurity forecast for 2021, really puts into perspective the importance online security is being given nowadays. This seems to be arising from a healthy mix of businesses and corporations relying on online and cloud-based infrastructure for their day to day ventures, and the general consumer public becoming increasingly aware of how much phishing attacks and third-party apps can risk their personal data and information.

That very vulnerability has perhaps led to companies choosing to abandon frugality in exchange for security. The US-based cybersecurity market is predicted to reach over a whopping $60.2 billion in 2021, with the assets contributing to this being network security, email and data security, security analytics, and so on. Canalys' goes on to predict that in the worst-case scenario, the market value will still rise a minimum of 6.6%, and continue to show solid growth.

That very worst-case, the report elaborates, could possibly be attributed to businesses being affected by the COVID-19 pandemic. Keeping in mind vaccination trials and planned timeframes in mind, the potential of extended lockdown periods combined with any further complications from newer variants could mean that some businesses simply will not have the revenue to invest in cybersecurity. Even then, however, there’s a rather obvious budding of the industry in years to come.

These investments might even prove to be worth it, considering that cybercrime is not showing any signs of slowing. Canalys reports that 2020 showed a record high for the hacking, as over 12 billion records were compromised in attacks. Many of these attacks were also unfortunately aimed towards the healthcare and education sectors. Matthew Ball, their Chief Analyst even went on to highlight examples such as SUNBURST, which relied on injecting malware into the IT management platform, SolarWinds Orion. When even IT companies aren’t safe from mass-information swiping, it’s about time that everyone gear up.

On a final note, the study states that web and email security will demonstrate the most amount of growth, at a projected 12.5%. Analytics will show a 11% growth, and data security will grow by 6.6%, with the former incorporating threat intelligence and analysis, and the latter showing further branching out into more nuanced backup and recovery methods, with more consistent regulations for cloud-based storage.



Read next: Promoting Online Security After COVID-19 (infographic)

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