In the ever-evolving landscape of cyber threats, companies are often confronted with a wide selection of cybersecurity solutions and services to help reduce risk to their businesses. As threats grow, so do the vendors and solutions in the market. This rapid vendor proliferation is not only leading to functional overlap and obsolescence but is also requiring decision makers to balance risk assessments and budget allocations to meet their cybersecurity needs.
Given the dynamic nature of the cybersecurity market, A&M
conducted a survey of more than 340 decision makers and key
influencers of their companies' cybersecurity strategies. This
included c-suite executives, senior management and security
technology leaders from companies across all major industries and
geographies who shared insights on their cybersecurity budgeting
practices, technology solutions and cyber-related concerns. The
research, public company analysis, and our market experience has
culminated into several main themes. These and other results are as
follow:
- Revenue and Budgets Are Growing, But at a Slower
Rate: Although the market is still growing at healthy
rates, it is starting to show signs of slowing as companies mature
their cyber capabilities and look to optimize operations.
- R&D Investments Need To Be Assessed:
Cybersecurity tech provider spending on R&D has been high given
past growth. With shifts in customer needs, and slowing growth,
R&D resources need to be more focused on core offerings.
- Overlapping Solutions Have Flooded the Market:
There are 1000s of cyber companies in the market and customers are
looking for consolidated solutions and platforms, further driving
the need for consolidation.
- AI Presents New Threats and New Solutions: AI
is impacting many markets, including cybersecurity. The impact will
be felt from both the threats faced and the solutions used to
detect and respond.
Originally published 06 May 2024
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