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.
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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