Outlook

Over the next decade, the security industry, already worth more than $2 trillion today, is anticipated to experience significant growth and transformation, primarily driven by escalating online threats across various sectors.

But the growth trajectory of the total addressable market for security products and services is undermined by the scalability of security professionals, as the vended market and target adoption has been stalling in the last decade.

The Security Market SOM vs TAM—Innography / McKinsey Survey (2022)

Innovations in Artificial Intelligence (AI) and Machine Learning (ML) will be crucial, as they provide the capabilities to keep pace with the speed of escalation.

From security risk prevention to remediation through continuous vulnerability management, security cannot afford to be an afterthought anymore, and embedding security frameworks directly into the design process of networks and softwares—known as "security by design"—will likely become a standard practice to mitigate risks from the onset.

The industry will also be shaped by stringent regulatory landscapes as governments are expected to implement tougher data protection and security laws to protect consumer data and maintain the integrity of systems.

Addressing the cybersecurity talent gap will also be a critical challenge over the next decade. While demand for skilled security researchers and professionals is growing rapidly, there remains a substantial deficit in qualified personnel, with millions of roles going unfilled worldwide.

This shortage is anticipated to expand unless there is a concerted effort from educational institutions and corporations to bolster training programs and career pathways in the field.