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New Horizons

New Horizons: Growth of Cybersecurity Market

By November 4, 2022January 4th, 2024No Comments

Is your campus ready for the Cyber Security boom? This article provides an overview of the cyber security industry and its growth, underscoring the importance of being a first mover in establishing partnerships with cyber security companies. We aim to help your campus understand the market opportunities in the global cyber security market and the potential for growth partnerships in the cyber security sector.

Cybersecurity, a key aspect of the information security industry, involves the protection of computer systems and networks from unauthorized use of hardware, software, or electronic data. This defense cybersecurity sector, which began in the 1970s when an engineer named Bob Thomas developed an antivirus program named Reaper, has grown into a significant IT security industry. Cybersecurity has come a long way since then, with the market being worth $223.7 billion in 2023.

Companies understand the importance of cybersecurity, with spending in the category being around $300 billion dollars. Spending continues to grow, especially since more and more companies have moved online, and it is expected to reach $458.9 billion dollars in 2025.

With the five main types of cybersecurity – critical infrastructure security, application security, network security, cloud security, and internet of things (IoT) security, the cybersecurity industry has seen significant growth. The cybersecurity market size is dominated by top companies like Palo Alto Networks ($6.893 billion dollar revenue), Fortinet ($4.417 Billion dollar revenue), and Crowdstrike ($2.241 Billion dollar revenue), reflecting the cyber security industry growth and the increasing cyber security market share. Additionally, over $20 billion dollars in venture capital was invested in 750+ cybersecurity startups in 2021.

Companies understand the importance of cybersecurity, with spending in the category expected to reach $215 billion in 2024. Security services makes up the largest segment in this category, with spending expected to reach $90 billion in 2024.

At this time, there are over 9,000 cybersecurity companies in the US. This is 9,000 unique opportunities for your campus to reach out and form a partnership for sponsored research, experiential learning, licensing, and more. FirstIgnite can help your university become a market leader in cyber security through enhancing your marketing efforts.