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In this post, we'll look at some important things researchers should know about Cybersecurity B2B market research
The Cybersecurity industry is growing rapidly and is a critical area for researchers. In the Gartner 2021 CIO Agenda Survey, cybersecurity was the topmost priority for spending. Approximately, 61% of 2,000+ CIOs surveyed said that they would be increasing investment in cybersecurity this year. This industry growth is especially attractive for b2b market researchers. Let's look at the definition of Cybersecurity. In simple terms, Cybersecurity can be defined as an approach that enables individuals and organisations to manage cyber attacks and other threats associated with the use of technology. Therefore, Cybersecurity b2b market research can be loosely defined as interviewing IT decision-makers and stakeholders to discuss their research goals and build strategies to achieve these. Now that we know what Cybersecurity b2b market research is, let's go into what's happening in this space.
The 2021 Gartner CIO Agenda survey collected data from 1,877 CIOs in 74 countries, which represented approximately $85 billion in IT spending. Not only are these figures impressive, but cybersecurity is particularly growing in the areas of middleware services, the Internet of Things, and data security products. Why is this increased focus a good thing for B2B market researchers? A booming industry translates into even more opportunities to meet the research needs of industry leaders. As a market researcher or a competitor intelligence specialist, you can take advantage of this growth to engage in discussions with leading decision-makers.
Internal Cybersecurity teams and IT professionals are a good starting point to gather market insights. However, as a market researcher, you need to identify niche audiences. In this case, a niche audience translates into business partners and service providers in the cybersecurity realm. If you're partnering with a market research panel, consider looking into their methodology before you collaborate with them.
Another thing to keep in mind here is research costs. As the cybersecurity b2b market matures, it is becoming more price sensitive. The demand for cybersecurity solutions has grown dramatically in recent years, but prices have not kept pace with increased demand. This trend is likely to continue as the industry becomes more competitive and companies need to justify higher prices. The most price-sensitive buyers of cybersecurity products are larger organisations that spend tens or hundreds of millions on IT security products each year. Smaller organisations are less sensitive to price increases because they often lack deep pockets and cannot afford large upfront investments in technology solutions.
They also tend to be more cautious about implementing new technologies than larger firms are. This is because smaller organisations are often less risk tolerant and have fewer resources to devote to security projects than larger firms do. These factors make them more willing to wait for the market to mature before investing in new solutions. Therefore, when developing a strategy for Cybersecurity b2b market research, you need to keep in mind price sensitivity as well.
Cybersecurity is not a new industry, but it certainly is developing. From nations to companies, there are a plethora of cybersecurity initiatives today. For instance, the latest initiative titled 'Strengthening America's Cybersecurity' aims to remind the public of the importance of cybersecurity. Read more about the initiative here.
Additionally, physical security is just as big of a concern for organisations. It has been a problem for ages, and it will continue to be one as long as humans are around. In recent years, companies have realised that protecting against physical threats is equally important as protecting against cyber threats; therefore, they are integrating both into their overall strategies.
Market research can help customers understand the threat landscape and how to mitigate it. Market research can help businesses identify the most effective ways for them to protect themselves from cyber-attacks. For example, a customer may have previously purchased a cybersecurity product or service without understanding how it would work or what impact it could have on their business. If a researcher conducts a survey of this customer base, they might find that many are using outdated products that do not provide adequate protection against today's threats. In this case, market research might reveal that this company needs to update its technology infrastructure with newer tools or services in order to better secure against new types of cyberattacks.
The greatest opportunity for Cybersecurity market research lies in understanding your client's business and how their needs can be affected. If a company has already invested in cybersecurity prevention, there's a good chance it'll want more. We know that cybersecurity is a big industry, but it's also an opportunity to gather competitive intelligence insights from a wide variety of clients. If you can identify the right audience to survey, you can get actionable insights for your data needs. If you want to reach out to cybersecurity professionals, there are tons of resources for that too. From LinkedIn groups to specific initiatives and conferences focused on cybersecurity, there are plenty of opportunities to connect with professionals in the industry.
Now that we’ve covered the five key areas that researchers need to, let’s look at a case study that we did on Cybersecurity. When you think about Cybersecurity in relation to the pandemic, you might think about what impact it had on cyber threats. Today, we are accustomed to some form of hybrid or remote working. But the question is: how have people's perceptions about remote work and Cybersecurity changed? What Cybersecurity issues did they face during the stages of the pandemic? We recently partnered with Oxford’s Global Cybersecurity Capacity Centre (GCSCC) to examine these questions. Check out our recent blog post on Cybersecurity b2b market research here.
In summary, Cybersecurity is an industry with a lot of potential for growth. Businesses are becoming more aware of their vulnerabilities, and demand for products and services is increasing across all industries. This is particularly the case among larger firms that have more resources at their disposal. B2B market researchers can use this information to better understand where their market opportunities lie; as well as what kinds of products or services they should offer upfront when speaking with potential clients who may not know much about cybersecurity issues. If you’d like to learn more, drop us a line at sales@grape-data.com.
A deep dive into B2B cybersecurity market research
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