The cybersecurity market will grow almost 12% over the next two years, according to Technology Business Research (TBR), but the market will also see significant shifts.
Large established vendors — including Symantec, Cisco, IBM, Check Point and Intel — will have a harder time competing against emerging vendors like Palo Alto Networks, Fortinet, Trend Micro, FireEye and Forcepoint, TBR said. These shifts will be driven by things like "adoption of the General Data Protection Regulation in the European Union as well as the evolving security requirements associated with the digital transformations underway in many organizations," said Jane Wright, Technology Business Research security practice lead.
Overall, the enterprise security market will grow from $49.4 billion in 2016 to $85.7 billion by 2021, TBR predicts.
Established security vendors have already shown some signs of weakness against newcomers. Five vendors — Symantec, Intel, IBM, Trend Micro and EMC — accounted for 37.6% of the security software revenue market share in 2015, according to a report released last summer by Gartner.
But the top two vendors, Symantec and Intel, have indicated challenges lately, with Intel reportedly looking into potentially selling its security business and Symantec launching a reorganization plan in hopes of returning to profitability.
Some experts say long-established security vendors, which were born and thrived under a much different cybersecurity landscape than today's climate — are struggling to modernize and add online protection services to their traditional services.