Robust Growth of SMB's Cyber security investments in the United States

Businesses worldwide experienced numerous transformations in their functions, spending, customer supporting and investments due to the Covid-19 pandemic as many businesses have shifted online owing to the social distancing measures as well as work from home initiatives. Thus, the requirement to secure their businesses from cyber threats is mandatory now. A comprehensive security solution is required in almost every sector for protection from advanced level threats. Protection of information technology or cyber protection highlights the need to secure networks, services, and data from the RAM. Due to nationwide lockdown in the USA because of the COVID-19, people are forced to work from home rather than going to their real workspace which is making it difficult and challenging to manage the cybersecurity threats. With the rise in the number of cyber-crimes and attacks the need for cyber protection has increased significantly. The introduction of digitalization has forced industries to rely on digital information and the internet of things.

High demand for the cyber-security market

Due to the novel coronavirus, the demand for information technology services by the small to medium businesses is expected to increase significantly as a result of the increased data usage and work from home activities owing to the nationwide lockdown in the country, and this demand for increased security services is likely to be permanent and shall continue in the long run. The demand for these security solutions is higher for medium scale businesses rather than small scale businesses as the medium-scaled enterprises are likely to be less affected by the pandemic and have greater means to invest in the cybersecurity market. According to the report, once COVID-19 restrictions are lifted or relaxed the SMB’s plan on spending more in the cybersecurity market than they were willing to spend before the pandemic. The increased spending in the market is expected to offer an opportunity to earn revenue for security-focused managed service providers in the USA. Though, increased usage of the internet of things in cloud security solutions and lack of knowledge about identity and access management solutions can hamper the spending of cybersecurity by the SMB’s. Additionally, a limited budget for the security of small and medium scaled industries coupled with a shortage of IT resources can also affect the costs.

Increased spending on cybersecurity by the businesses

Fatpos Global predicts that the global cybersecurity market is anticipated to register a significant CAGR in the coming decade. Increased demand for cloud-based cybersecurity services and a rise in the number of internets of thing devices in want of network security solutions is to increase the growth of telecom cybersecurity solution comprehensive market.

Rise in cyber-attack incidents, increased demand for mobility of enterprises and expansion of global industrial cybersecurity market is also expected to drive the market growth.