It is a perfect storm. The move to remote working makes network security more challenging for organisations. The growing threat from ransomware and the ongoing rise in network attacks combines to create a triple whammy resulting in a majority of business leaders acknowledging that cybersecurity is the top IT challenge this year.
According to GlobalData estimates, the global cybersecurity industry will grow from $125.5bn in 2020 to $198.0bn in 2025 at a compound annual growth rate (CAGR) of 9.5%. The strongest growth will be in software, which will record a CAGR of 13% between 2020 and 2025, rising from $52.1bn in 2020 to $96.5bn in 2025. Over the same period, hardware revenues will increase from $26.5n to $40.7bn, a CAGR of 10%. GlobalData estimates that services will rise by a CAGR of 5%, from $47.9bn in 2020n to $60.7bn in 2025.
Meantime, the number of cybersecurity unicorns continues to rise sharply-indeed keeping abreast of all relevant players is far from easy as it is something of a moving target.
In the past 12 months alone, the number of cybersecurity firms with $1bn valuations has almost doubled to 59. And as the GlobalData report entitled Future Unicorns in Cybersecurity, published last August forecasts, the number of cybersecurity unicorns will hit three figures before long. A raft of innovative Cybersecurity startups with cutting-edge expertise in various sectors are predicted to become tomorrow’s unicorns.
Specifically, the report shortlisted some 126 cybersecurity startups globally with 50 of them predicted to become unicorns in the future. The report also revealed that regional investment activity in the second quarter of 2021 saw more than $8.1bn invested across 209 deals globally, with North America (primarily the US) accounting for more than 58% of the deals, valued at $6.1bn, followed by Europe at 17%. ranking cybersecurity unicorns verdict
