The cybersecurity mesh market is growing rapidly, with expectations that it will exceed $8.8 billion by the end of this year. The market is projected to exhibit a compound annual growth rate of 21.7% from 2023 to 2033. This growth is partly in response to the increasing number of cyberattacks targeting different industries worldwide.
The cybersecurity mesh infrastructure is designed to provide security frameworks to prevent and recover from threats and ensure compliance with regulatory obligations. One reason for its increasing adoption is the emphasis on user authentication and access control. By implementing a mesh architecture, organizations can establish granular access controls, continuously verify identities, and enforce security measures at multiple points within the network.
As the trend toward remote work continues to gain momentum, the cybersecurity mesh approach has become more critical. The traditional perimeter-based security approach is becoming less effective as employees can access company resources from multiple locations and via various devices. This is driving sales of cybersecurity mesh solutions.
The cybersecurity mesh infrastructure focuses on collaborative efforts between vendors, technology companies, and key players to bring in more expertise and offer a comprehensive mesh of cybersecurity. It offers scalability and flexibility by separating security from network boundaries and working with individual company needs instead of relying on network perimeter defenses.
Several leading companies, including Cisco Systems, Palo Alto Networks, Fortinet, Check Point Software Technologies, McAfee, FireEye, Trend Micro, and Microsoft Corporation, are already adopting the cybersecurity mesh infrastructure.
The increase in the cybersecurity mesh market is partly driven by the growing emphasis on cybersecurity budgets. According to the cybersecurity budget report of 2021, CISOs allocate nearly 20% of the budget to infrastructure security to transition from legacy devices, IoT, industrial control systems, apps, and more. With over 236 million ransomware attacks in 2022, the cost of cyberattacks across the globe is expected to reach $10 trillion by 2025.
The spending on the cybersecurity mesh market is expected to increase further because organizations desperately need to protect their resources across the cloud environment, IoT devices, and remote networks. The cybersecurity mesh enables better visibility to oversee network traffic, data flow, and user access controls, and helps implement security policies regardless of the hybrid nature of work.
The rise in cybercrime during the COVID-19 pandemic has also increased the cybersecurity mesh market, with an increase of up to 600% in the cybercrime market. This development has made social engineering attacks more prevalent in scamming people and organizations alike.
Internet-of-things cyber attacks are expected to double by 2025. The detection rate reported by the World Economic Forum’s 2020 Global Risk Report in the United States was only 0.05%. With an 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 considered in planning and implementing any digital transformation initiative.
In conclusion, the cybersecurity mesh approach offers better visibility and control over network traffic, data flow, and user access controls. It helps implement security policies regardless of the hybrid nature of work, making it ideal for organizations that prioritize cybersecurity. The rise in cybercrime during the COVID-19 pandemic is driving the cybersecurity mesh market further, and projections indicate that it will continue to grow significantly in the coming years.