Global Cyber Security Market: The Widening Skills Gap It is now well established that any entity, whether an organization or an individual, is vulnerable to cyberattacks. Evidently, cyber security is booming. As per Inkwood Research, the global cyber security market is expected to project a CAGR of 9.82% during 2023-2032 and is estimated to garner $52761.19 million by 2032. The industry has managed to stay afloat despite the massive layoffs in the tech industry and the economic downturn. For instance, according to ISC2, an eminent nonprofit member organization for cyber security professionals’ ‘2023 ISC2 Cybersecurity Workforce Study,’ the global cyber security workforce has reached 5.5 million.
However, here’s the catch – only 52% of cyber security professionals believe that their organization has the necessary people and tools to respond to cyber incidents. Thus, it is discernible that the skills gap is a pressing issue in cyber security that needs urgent addressing since it affects the IT industry and society alike.
How Wide is the Skills Gap in the Cyber Security Market? According to Cyberseek, for every 100 cyber security jobs, only 72 cyber security workers were available from September 2022 to August 2023. In addition, cyber security roles take 21% more duration to fill than other IT jobs. Whereas as per Cybersecurity Ventures, around 3.5 million contribute to the cyber workforce shortfall. The top three skill gaps evaluated at an organizational level include Zero Trust implementation, artificial/machine learning, and cloud computing security. The following section will expound on the Zero Trust and cloud computing security skills gap in the cyber security market.
‘Zero Trust’ falls shy of Trust