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We explain the challenges to Cybersecurity market research and existing opportunities in the Cybersecurity space
Cybersecurity is an industry that has been plagued by a lack of market research for years. This has led to some devastating revelations about the state of cybersecurity and its ability to protect users from cybercriminals. However, despite these issues, there is hope that better market research can lead to more effective solutions in the future. In order to do this we must first understand what challenges we face when trying to get accurate information about the cybersecurity industry.
Cybersecurity market research and predictive intelligence space is a challenging field to work in. It is fast-moving, highly competitive and evolving on a daily basis. The need for this kind of information is essential for businesses to survive in today's fast changing world of digital technology.
A recent Mckinsey study reports that there's a $2 trillion investment opportunity for Cybersecurity professionals. In 2021 alone, organisations spent around $150 billion on tackling Cybersecurity threats. Mckinsey editors say that even this figure isn't sufficient enough to make people aware of cyberthreats. The article explains how the booming demand in this market is the ripe opportunity to meet the needs of underserved markets, improve technology and reduce complexity. Additionally, it also talks about how current solutions do not correctly address consumer demand in terms of pricing, automation and other features. Market research can help close these gaps in cybersecurity. Let's see how in the next section.
Cybersecurity market research is an important field that helps organisations make better decisions by providing them with the most up-to-date market analysis, forecasts and trends. This type of information allows them to understand their competitors better. This is so they can make informed decisions on how they should position themselves within the industry as well as what products they should focus on developing or marketing first.
In order to effectively perform this type of work there are many different elements that need researching; these include topics such as:
-The size of the market
-Who is doing what in the field?
-What are they doing well and where are they lacking?
-Where do they need to improve their strategy?
-What new technology will be available in the next few years?
-What is the current state of the market and where is it headed?
-How does this information help me make better decisions?
The cybersecurity industry is a dynamic, ever-changing space. The challenges to doing research in this space are numerous, but there are some main challenges that you should be mindful of throughout your journey. These include:
A recent PWC article de-briefed what exactly is the complexity surrounding the cyber problem and how businesses can tackle it. The article titled 'Simplifying Cybersecurity' goes into how too many C-level executives see Cybersecurity as something that falls only under the domain of CIOs and other IT leaders. In this process, they ignore the fact that this type of security should be translated into simplicity and integrated throughout the organisation, Check out the full article here.
Cybersecurity is an important topic for governments and businesses worldwide. Cyber attacks can cause significant damage to a company's infrastructure, intellectual property and reputation. These attacks can also have devastating effects on national security, as evidenced by recent attacks on government agencies in the United States, India and China. In addition, cybercrime has become increasingly sophisticated and profitable for criminals, who often operate from foreign countries beyond the reach of law enforcement agencies.
The global nature of cybercrime presents a difficult challenge for regulators because it may not be possible to prosecute criminals in all cases due to jurisdictional issues or lack of international cooperation among law enforcement agencies. Regulatory agencies are also struggling with how best to regulate cybersecurity risks within their jurisdictions without stifling innovation or imposing unnecessary burdens on businesses that could slow economic growth or hurt consumers by raising costs for certain goods or services.
The Cybersecurity industry is highly competitive and dynamic. The products and services that make up the cyber security market are constantly evolving due to the rapid pace of technological change. There are many different types of cybersecurity products and services, which makes it difficult for researchers to collect accurate information about them all at once, especially as they continue to develop over time.
To conduct research on this subject matter, you'll need access to data sources such as:
The best way to gather the information you need is to conduct a thorough search of the internet. Use search engines like Google or Bing, and use specific keywords related to your research topic. Make sure that you're including all relevant terms, such as: "cyber security," "internet security," "computer security," and so on.
Also, make sure you're looking at sources from all over the world. It's important for researchers to look at data from different perspectives in order to get a fuller picture of what is happening in any given field.
With the cybersecurity industry evolving, there needs to be a better understanding of how it works and what challenges it faces.
Cybersecurity is a complex and ever-changing field that requires more granular analysis. The growth in data volumes, and the number of devices communicating online will continue to grow at an exponential rate over the next two decades. This means that actionable insights must be made available sooner than ever before in order to stay ahead of cyber threats.
Cybersecurity market research needs to be predictive so businesses can act on new information before their competitors do. It also needs greater coverage of all aspects of cybersecurity rather than just endpoint protection technologies (EPTs), which are only one component in an integrated defence-in-depth strategy. Finally, there is increasing pressure for cybersecurity companies to provide more detailed information about their products and services. Some of these include pricing structures with discounts for volume purchases. In addition, this information can be gathered from customer service ratings from independent sources such as Trustpilot where customers can leave honest feedback about their experiences purchasing from specific vendors.
There is a cybersecurity skills shortage, which means that many companies are unable to fill jobs at all levels of expertise. This makes it difficult for businesses to hire the right people for their teams and puts pressure on existing employees to take on additional responsibilities without additional compensation or training.
A recent study by the U.S. Bureau of Labor Statistics (BLS) found that there is a shortage of cybersecurity professionals, with more than 200,000 jobs unfilled in 2018 alone and projected growth of 1 million jobs by 2026. The BLS also noted that cybersecurity occupations are expected to grow at twice the rate of all other occupations over the next decade.
Having talked about the possible challenges that are present in this industry, let's switch gears to describe the top five factors that McKinsey claims are behind the $2 trillion opportunity in Cybersecurity:
McKinsey reports that SMEs are an easy target for cybersecurity threats, especially those related to malware. This is because malware threats pose a kind of risk to these small organisations that you don't typically see in larger ones. For instance, a malware threat could be a silent attack for a larger organisation but it will significantly impact SMEs. Additionally, recovery mechanisms can often be difficult and lengthy in smaller organisations. These companies are especially targeted by cybercriminals who look to exploit unsophisticated security mechanisms. However, thanks to economies of scale, SMEs are becoming better at dealing with these threats.
Regulation pertaining to Cybersecurity threats all around the world is stringent. For instance, HBR recently published a n article describing an SEC rule in the US that will require companies to disclose their cybersecurity governance capabilities. GDPR laws are equally strict, imposing a fine of 4% of global turnover on companies who don't protect their customers against Cybersecurity.
One of the ways to manage cybersecurity threats is log analysis. This is the process of going over computer generated event logs to identify bugs and other threats. McKinsey suggests that technology such as AI can help close the visibility gap by identifying cyber threats. The opportunities here lie in the increased use of managed-service partners for managing threats.
The global cybersecurity talent shortage implies that leaders in this space often rely on external service providers. Talent shortages translate into outsourcing opportunities for cybersecurity professionals.
Last but not least, cybersecurity opportunities lie in the fact that organisations and employees no longer see these threats as costly or time consuming. In fact, more and more employees are seeing the benefit of having cybersecurity training at their workplace. Therefore, the opportunity lies in diversifying product ranges and targeting new customers.
Still curious to know more about Cybersecurity? Let's talk about a recent case study of ours on a Cybersecurity market research project. As part of a collaborative effort with the team at Oxford’s GlobalCybersecurity Capacity Centre (GCSCC), we ran a global online survey of 7330 internet users across 133 countries, to help determine how workplaces have changed during and after the pandemic. The survey took two approaches: in-depth interviews conducted with IT professionals at large institutions and a global survey of internet users. Our fieldwork methodology consisted of administering the survey through our AI and Geolocation based platform. The project's aim was focused on collecting sentiments from respondents of the age group of 18 and above about Cybersecurity and the respondent’s workplace. For an overview of the research, check our recent blog post called ‘Helping Oxford’s Global Cybersecurity Centre (GCSCC) conduct a survey on Cybersecurity across Workplaces’.
Cybersecurity market research is an essential aspect of any business that works with data. It helps companies understand their customers and competitors, while also providing them with insights into future opportunities and threats. However, the cybersecurity industry faces a number of challenges when it comes to conducting market research. In this article, we’ve covered some of these issues, including the demand for predictive intelligence and the need for more accurate data sources, hat need to be addressed before an informed decision can be made on how best to invest in cybersecurity research today. For more on Cybersecurity market research, check out our blog post on 'Cybersecurity B2B market research: 5 things researchers need to know'.
In this post, we'll look at some important things researchers should know about Cybersecurity B2B market research
A 4-step guide on running a Cybersecurity B2B survey
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