Recode, Inc. and Digital Trends today announced that the technology industry is “overwhelmingly” bullish on cybersecurity.
The news comes after Digital Trends reported on Monday that the number of companies reporting “cybersecurity” as a key revenue stream rose by 10% in the second quarter to $1.9 trillion, a 4.6% increase from the prior year.
This growth in cybersecurity revenue comes at a time when the cybersecurity industry is facing a growing number of cyberattacks and cybersecurity threats, as well as an increasing number of cybersecurity companies reporting negative earnings.
Digital Trends, a leading cybersecurity analytics firm, recently noted that the cybersecurity market could surpass $1 trillion in 2020.
Digital Trends CEO and co-founder John Gough said in a statement that the sector has the potential to grow to $2 trillion in 2021, but it’s unclear whether the cybersecurity markets growth rate will continue to increase.
Digital Threat Intelligence, a cybersecurity-focused security research firm, estimates that the cyber threat intelligence industry could hit $2.3 trillion in total revenue by 2021, up from $1 billion in 2021.
Gough said the growth in revenue is primarily due to the adoption of the Internet of Things and the adoption and deployment of new technologies that make cybersecurity more valuable.
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