Cybersecurity spending will increase 10 percent to $60.2 billion in the best-case scenario in 2021, according to forecast by Canalys.
Cybersecurity will remain a high priority, as threats broaden and new vulnerabilities emerge, while the frequency of attacks is unlikely to subside.
The first half of the year will be affected by ongoing lockdown restrictions and furloughs in response to the pandemic.
The cybersecurity market covers endpoint security, network security, web and email security, data security, vulnerability and security analytics, and identity access management.
Cybersecurity budgets have been resilient during the pandemic so far. SMB spending was affected though, and workforce reductions and furloughs hurt some renewals and multi-year deals, especially in the hardest-hit sectors, including hospitality, retail and transport. Supply chain issues were also a factor in hardware fulfilment earlier in 2020 but have since eased.
Some of the security solutions vendors
# Barracuda Networks
# Carbon Black (VMware)
# Check Point
# Kaspersky Lab
# Palo Alto Networks
# Panda Security
# Symantec (Broadcom)
# Trend Micro
Despite the growth in cybersecurity investment, the number of data breaches and records being compromised, as well as ransomware attacks, reached an all-time high last year.
Over 12 billion records, containing a range of personal identifiable information, were compromised in 2020. The number of known ransomware attacks increased by nearly 60 percent. Misconfigurations of cloud-based databases and phishing campaigns targeting the vulnerabilities of unsecured and poorly trained remote workers were key factors.
Canalys forecasts web and email security will grow 12.5 percent in 2021, one of the highest growth segments, as disparate technologies converge to secure persistent connections between users and cloud services.
Vulnerability and security analytics will increase 11.0 percent, expanding beyond logging and monitoring to threat intelligence, behavior analysis and automated response.
Growth in endpoint security will slow to 10.4 percent after a strong 2020. It will remain a vital part of cybersecurity stacks, as many office-based workers remain working remotely.
Identity access management, a key part of Zero Trust policies, underpinning secure access to data and applications, will grow 10.4 percent.
Network security will be the largest segment, increasing 8.0 percent, driven by the restart of delayed upgrade projects.
Data security will increase 6.6 percent, focusing on protection, backup and recovery as well as consistent policies across multi-cloud and hybrid-IT environments.