The global cybersecurity mesh market is witnessing substantial growth in response to the escalating number of cyber attacks targeting industries worldwide.
Projections indicate that the market is poised to exceed $8.8 billion this year, with an expected compound annual growth rate (CAGR) of 21.7% from 2023 to 2033.
What is Mesh cybersecurity, and why the increased budget
Mesh cybersecurity infrastructure focuses on providing security frameworks to prevent, and recover from threats and aims to cover every aspect of cybersecurity, including regulatory obligations.
According to a report by GlobeNewswire, the emphasis of mesh cybersecurity on user authentication and access control can be described as follows: By implementing a mesh architecture, organizations can establish granular access controls, conduct continuous identity verification, and enforce security measures at multiple network locations.
According to a lead analyst at Persistence Market Research addressing the distribution of access to devices and data with the increase of remote work models, as reported by GlobeNewswire, “Due to increased complexity and security threats connected with distributed work environments, the growing trend toward remote work is driving sales of cyber security mesh. Traditional perimeter-based security approach has grown less effective as employees can access company resources from multiple locations and via various devices.”
The mesh cybersecurity infrastructure focuses on a collaborative effort between vendors, technology companies, and key players to bring in more expertise and a comprehensive mesh of cybersecurity.
It offers scalability and flexibility by separating security from network boundaries. It works with individual company needs instead of going by network perimeter defenses.
Addressing the security offered by the mesh cybersecurity approach, the Persistence Market Researcher report stated, “By implementing a mesh architecture, organizations can enforce granular access controls, continuously verify identities, and apply security measures at multiple points within the network.”
Insights on Cybersecurity Mesh Market and Its implementation
Companies that are already adopting the cybersecurity mesh infrastructure are Cisco Systems, Palo Alto Networks, Fortinet, Check Point Software Technologies, McAfee, FireEye, Trend Micro, and Microsoft Corporation among others.
Key findings about the cybersecurity mesh market:
- Use of artificial intelligence and machine learning for proactive cybersecurity assessments.
- Increased use of cloud services and virtual infrastructure for better growth.
- Implementing DevOps to embed cybersecurity across the software development lifecycle.
- Better awareness of cyber attacks and its financial and reputational impact.
- Address the security needs because of the rising remote work culture.
Why the increase in the cybersecurity mesh market
Internet-of-Things cyber attacks are expected to double by 2025. While the detection rate reported by the World Economic Forum’s 2020 Global Risk Report was 0.05% in the United States.
The COVID-19 pandemic substantially increased the cybercrime market up to 600% making way for social engineering attacks to scam people and organizations.
With the increased risk and cost of disaster management and recovery after a cyber attack, spending on cybersecurity is expected to be one of the core factors to be considered in planning and implementing any digital transformation initiative.
Growing Emphasis on Cybersecurity Budgets
CISOs allocate nearly 20% of the budget to infrastructure security to transition from legacy devices, IoT, industrial control systems, apps, etc. With over 236 million ransomware attacks in 2022, the cost of cyber attacks across the globe is expected to reach $10 trillion by 2025.
The spending on the cybersecurity mesh market is further expected to increase because organizations are desperately looking to protect their resources across the cloud environment, IoT devices, remote networks, etc.
Cybersecurity mesh offers better visibility to oversee network traffic, flow of data, and user access controls. It can help implement security policies regardless of the hybrid nature of work.