Cybersecurity remains in-demand
The industry's outlook remained positive in the aftermath of the crisis, with adjustments made reflecting the impact of the COVID-19 pandemic indicating that further growth was to be expected until 2021. With the world having to digitalize more than ever now, the demand for cybersecurity remains high, as illustrated by total spending on cybersecurity reaching to 71.1 billion U.S. dollars in 2022, the largest amount recorded in the period under review.
Highest growth expected for cloud security sector
Globally, the information security technology market is set for rapid growth and is forecasted to hit nearly 175 billion dollars by 2024, as spend on cybersecurity products and services grows. Services that fall under this category include data protection, prevention of unauthorized access to systems, and efforts to reduce negative impact in the event of a breach. While the highest global spend in IT security has been in the area of security services, in a 2023 forecast cloud security was named the sector expected to see the highest rate of growth within the year, at roughly 27 percent. This took into account the COVID-19 pandemic and includes policies, applications and technologies specifically implemented to protect cloud-based computing and its infrastructure. Meanwhile, security services was expected to see a much slower growth rate at only 6.7 percent.