Cybersecurity hiring is increasing, expected to exceed $400 billion by 2027
Gartner, technology research and consulting firm, estimates that the global cybersecurity market was worth $86.4 billion in 2017. They anticipate a nearly 80% increase by 2027, with a compound annual growth rate of 12.5% over the same period. BrandEssence anticipates that the global cybersecurity market will reach $403 billion by 2027, with a compound annual growth rate of 12.5% over the same period.
According to Kayne McGladrey, a senior Institute of Electrical and Electronics Engineers (IEEE) and cybersecurity strategist at Ascent Solutions, the rapid growth rate of cybercrime results from a cycle of actions between the cybercrime community and intelligence agencies. Cybercriminals reinvest their illicit profits in developing new capabilities, hiring more people, and diversifying their supply chains. On the other hand, cybersecurity customers are not investing or hiring at the same rate as cybercriminals.
According to McGladrey, as cybercrime has increased, businesses have increasingly invested in artificial intelligence-based solutions designed to detect and remediate actions from these increasingly well-funded adversaries. This cycle will continue as long as cybercrime actors find it profitable, barring significant changes in how companies prioritize and address cyber risks.
Why is the cybersecurity industry growing?
Accenture's State of Cybersecurity Report 2021 stated that cybersecurity attacks increased by 31% between 2020 and 2021. Each company had an average of 29 successful attacks. As a result, adequate cybersecurity measures are becoming increasingly important for businesses of all sizes.
According to Yale Fox of Public Benefit Technologies, cybersecurity is essential for all businesses, whether online or offline. Fox says that artificial intelligence and machine learning are just starting to awaken and that we're in the middle of a renaissance in tech industries. As a result, Yale believes the market may end up being larger than the projected target of $400 billion by 2027.
Fox believes that artificial intelligence and machine learning are just starting and that we are in the midst of a technological renaissance. Yale predicts that the market could end up being bigger than predicted by $400 billion by 2027. He supposes that as technology moves forward, our industry will continue to grow exponentially.
The demand for cybersecurity professionals is increasing
As industries expand, so will the demand for cybersecurity professionals. However, there aren't enough people filling these roles in the United States, which has a lot to do with the fact that some of these systems are so complex that even the most experienced and qualified workers struggle to work on them.
According to Adi Dar, CEO and founder of Cyberbit, a company that provides a cybersecurity readiness and skills platform, organizations face difficulties hiring cybersecurity experts capable of defending a complex attack surface such as the cloud.
According to Emsi Burning Glass (now Lightcast), a market research firm, there are approximately 1 million cybersecurity workers in the United States, but 715,000 jobs are unfilled as of November 2021. According to Cybersecurity Ventures, the global number of unfilled cybersecurity jobs increased 350% between 2013 and 2021, rising from 1 million to 3.5 million.
According to Cybersecurity Ventures, there are approximately 3.5 million unfilled cybersecurity jobs. There are 1 million cybersecurity workers in the United States. Nonetheless, according to Emsi Burning Glass (now Lightcast), a market research firm, there were approximately 715,000 jobs that remained unfilled as of November 2021.
Companies continue to search for cyber talent, but many of these positions require credentials, certifications, or master's degrees in the field.
According to Dar, while cyber security is an important field, there aren't enough people with the necessary skills to deal with the new threat landscape. Governments, education, and industry must collaborate to increase the quantity and quality of cybersecurity workers, or we will continue to see year-over-year increases in spending with no discernible impact.