Cyber Security Training Market Size & Trends
The global cyber security training market size was estimated at USD 4.53 billion in 2023 and is anticipated to grow at a CAGR of 17.4% from 2024 to 2030. Due to the significant use of unsecured networks, human factors, and technology gaps, a series of cyber security challenges are surfacing in the market, including cyber infrastructure damage, data theft, device compromise, and security breaches that pose serious threats to organizational security, national security, and economic stability; thus, leading towards great concerns in the global society. Cybersecurity training is becoming a greater tool among organizations, it helps build greater security capabilities among individuals for protecting and responding to cybersecurity incidents.
Cybersecurity training helps managers, IT professionals, and cybersecurity stakeholders identify potential cybersecurity threats such as ransomware, phishing scams, malware, and social engineering attacks. With the help of cyber security training, employees can detect potential vulnerabilities, suspicious emails, hacking links, and attachments. The significance of cyber security training is rapidly growing among small businesses owing to the limited availability of high-tech security tools and technologies. Thus, cyber security training reduces the likelihood of employees falling victim to cyber-attacks, and it also prevents employees from sharing sensitive information with unauthorized parties and accidentally downloading malware files.
Safeguarding data breaches is a costly and time-consuming process. The costs associated with data breaches include reputation damage, legal fees, and lost revenue. For instance, according to IBM Data Breach Report 2023, the average cost of a data breach in the U.S. was USD 9.48 million; in Germany, it was 4.67 million; in India, it was 2.18 million; in the Middle East, it was 8.07 million; and in Latin America, it was 3.69 million. Furthermore, based on industries, the average cost of a data breach was highest in healthcare, i.e., USD 10.93 million; in financial, it was 5.90 million; and in technology, it was USD 4.66 million. Cyber security training is the process of educating and providing real-time simulation training to employees and IT staff, helping them effectively identify, analyze, and report potential security risks. Thus, it can help prevent data breaches, reduce costs associated with such incidents, and minimize potential losses.
The demand for skilled cybersecurity professionals is rapidly growing among organizations. Based on the estimate, there will be more than 3.5 million unfilled positions in the cybersecurity industry. Organizations are looking for cyber security employees with a greater understanding of cloud computing security, AI and ML, and Zero Trust security implementation in the organization. Furthermore, cyber security certifications are gaining higher popularity among fresh graduates and mid-level employees with limited knowledge in the field of cyber security. Also, students and professionals are looking for short-term cyber security certification courses compared to long-term degrees, as they offer greater project knowledge, require limited fees and time, and provide greater job opportunities.
The current environment is crucial for cyber security professionals owing to factors such as the fast-paced development of AI technology, significant shift towards digital technologies, higher skill gap among professionals, and rapid growth in security breaches and cyber-attacks across industries. Organizations are continuously in search of talented and skilled workforce who can demonstrate effective results within stipulated time and resources. These factors would create lucrative growth opportunities for the market during the forecast period.
Key companies in the market are introducing intermediate, professional, and high-end cybersecurity training courses to support the market demand for trained and skilled security professionals. For instance, in May 2023, Google LLC. announced a new certification program for entry-level cybersecurity professionals. The Google Cybersecurity Certification program was designed to help individuals and students with no prior experience and graduation degrees in a similar field get their first job in the cybersecurity field. These factors would further drive the cyber security training market during the forecast period.
Source: https://www.grandviewresearch.com/industry-analysis/cyber-security-training-market-report
