The global cybersecurity market will continue to grow at double-digit rates in the coming years.

According to data published by Fortune Business Insights, this market was valued at $139.77 billion in 2021 and is forecast to grow from $155.83 billion in 2022 to $376.32 billion in 2029.

This implies a compound annual growth rate of 13.4% during the forecast period. 

Specifically, the operational technology cybersecurity market is expected to more than double in less than five years.

Global cybersecurity market

A July 2022 report from MarketsandMarkets estimates the operational technology security market at $15.5 billion, with a compound annual growth rate of 15.8% from 2022 to 2027, reaching $32.4 billion. 

This growth puts the operational technology security market above the 13.4% compound annual growth rate forecast for the overall cybersecurity market from 2022 to 2029.

Competition

According to Clarity Consulting Corporation (CCC), the cybersecurity industry is characterized by a high degree of fragmentation, with thousands of companies operating within narrowly defined niches. 

This fragmentation creates a highly competitive landscape in which many companies, often small and specialized, compete for market share within specific cybersecurity segments.

For CCC, this can mean facing significant challenges in capturing and maintaining its market position. 

Cybersecurity is fundamentally a data problem. Advances in AI, specifically machine learning, where algorithms use data to make decisions with minimal human intervention, are already revolutionizing fields such as healthcare, advertising and securities trading.

The global cybersecurity market has grown as much in value as it has in value as a result of new threats and emerging technologies. 

This sector is not only focused on protecting data and systems, but is also seeing an increase in demand for advanced solutions such as artificial intelligence, machine learning and blockchain to improve cybersecurity.