Cybersecurity hiring remains red-hot—the industry to surpass $400 billion market size by 2027

Cybersecurity hiring remains red-hot—the industry to surpass $400 billion market size by 2027.

In 2017, the global cybersecurity industry had an approximate market size of $86.4 billion, according to research conducted by Gartner, a tech research and consulting firm.
Just a decade later, the market is expected to grow nearly 80%. By 2027, market research company BrandEssence projects that the global cybersecurity market will reach $403 billion; that’s with a compound annual growth rate of 12.5% between 2020 and 2027.
This rapid growth rate is the result of a cycle of actions between cybercrime actors and intelligence agencies, explains Kayne McGladrey, a Institute of Electrical and Electronics Engineers (IEEE) senior member, and cybersecurity strategist at Ascent Solutions.
Why the cybersecurity industry is growing so much? Simply put, there are more cyber attacks happening each year.
Between 2020 and 2021, the average number of cybersecurity attacks per year rose 31%, to 270 attacks, according to Accenture’s State of Cybersecurity Report 2021. And the average number of successful attacks per company was 29.
Yale Fox, IEEE member and CEO of Public Benefit Technologies says the market could end up being larger than the projected target of $400 billion by 2027.
In the U.S., there are about 1 million cybersecurity workers, but there were around 715,000 jobs yet to be filled as of November 2021, according to a report by Emsi Burning Glass (now Lightcast), a market research company.
Companies continue to hunt for cyber talent, but many of these jobs require credentials, certifications, or a master’s degree in the field.