IT technology leader and entrepreneur Brian Colpak makes the bold prediction that the IT security market will see exceptional growth over the next several years. This is evidenced by research that indicates that in the next seven years, IT security will grow at a rate of more than 10% annually.
With the current market size at $179.96 billion, the revenue forecast for 2028 is more than $372 billion. The geographical scope of the research data used includes Europe, Asia Pacific, North America, Latin America, and MEA.
According to Brian, much of this predicted growth can be attributed to an increase in the scale and sophistication of cyberattacks over the last few years.
There’s no doubt that several newsworthy attacks have gotten the attention of CIOs worldwide. This will lead to significant opportunities for companies in the IT Security sector to increase their market reach.
There are additional factors influencing this growth, as well. It’s impossible to deny the impact that the COVID-related growth of eCommerce has had on cybersecurity needs. The Internet of Things has also led to the need for stronger security solutions. Finally, IT security providers are also taking full advantage of advances in artificial intelligence, blockchain, and cloud computing to innovate better security solutions.
Professional services companies are earning a significantly larger portion of the market share than managed services providers. This is likely due to the uptick in the need for IT security professionals to assist companies in mitigating the impacts of cyberattacks.
Managed services providers are certainly not being left behind, either. They, too, will be positively impacted by the growth that will happen in the next few years. In fact, companies that use professional service providers initially may seek out relationships with managed services providers later on. This will help them to ensure ongoing support and protection over time.
The companies that will be poised to take advantage of this growth are the ones that can stay on top of emerging consumer demands, pivoting as needed along the way.
The current IT security ecosystem is perfect for startups. In fact, funding for IT security startups has absolutely skyrocketed when compared to totals from 2021. In some instances, valuations are easily exceeding a billion dollars. It’s easy to see why IT security has the attention of investors.
About Brian Colpak
Brian Colpak is a tech entrepreneur and the founder of Continental Global. After spending most of his career in managerial positions, he founded and led a company that was recognized as one of the top 100 fastest growing companies in Massachusetts before starting his current company. These days, his main focus is on an upcoming project in Dubai.