An alumnus of Virginia Tech, Wayne Schepens has over 20 years’ experience in startups and business development. Wayne Schepens is leveraging this experience to lead LaunchTech into the global cybersecurity market, which is experiencing continuous year-over-year growth.
In 2018, the global cybersecurity market reached $152 billion, up from $137 billion in 2017, according to Statista. At the forefront of this growth are businesses and government institutions looking to make their digital operations effective and secure. Now, the research firm MarketsandMarkets predicts the market will grow to $248 billion in 2023, representing a compounded annual growth rate of 10.2 percent.
According to the research firm, while all segments of cybersecurity, including data-loss prevention, intrusion detection, anti-malware, and compliance management will see an increase in demand. The biggest leap forward will be in the encryption segment. This segment will record the highest annual growth rate for the next five years as more businesses seek encryption solutions to safeguard sensitive data from theft. From an industry perspective, healthcare will see the highest demand for cybersecurity solutions, followed by financial services and insurance.
