Cybersecurity hiring remains red-hot—the industry to surpass $400 billion market size by 2027

#cybersecurity  

Cybersecurity hiring remains red-hot—the industry to surpass $400 billion market size by 2027.

  • In 2017, the global cybersecurity industry had an approximate market size of $86.4 billion, according to research conducted by Gartner, a tech research and consulting firm.
  • Just a decade later, the market is expected to grow nearly 80%. By 2027, market research company BrandEssence projects that the global cybersecurity market will reach $403 billion; that’s 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, explains Kayne McGladrey, a Institute of Electrical and Electronics Engineers (IEEE) senior member, and cybersecurity strategist at Ascent Solutions.
  • Why the cybersecurity industry is growing so much? Simply put, there are more cyber attacks happening each year.
  • Between 2020 and 2021, the average number of cybersecurity attacks per year rose 31%, to 270 attacks, according to Accenture’s State of Cybersecurity Report 2021. And the average number of successful attacks per company was 29. 
  • Yale Fox, IEEE member and CEO of Public Benefit Technologies says the market could end up being larger than the projected target of $400 billion by 2027.
  • In the U.S., there are about 1 million cybersecurity workers, but there were around 715,000 jobs yet to be filled as of November 2021, according to a report by Emsi Burning Glass (now Lightcast), a market research company.
  • Companies continue to hunt for cyber talent, but many of these jobs require credentials, certifications, or a master’s degree in the field.


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