Due to the global trend in connecting digitally, and the accelerated pace of digital transformation, ransomware attacks and cyber-hacking are peaking. To protect themselves from such attacks, businesses are investing heavily in cybersecurity solutions, thus propelling the growth of the cybersecurity market. Therefore, we think it could be wise to bet on fundamentally sound cybersecurity stocks Check Point Software (CHKP), Trend Micro (OTC:TMICY), and Radware (NASDAQ:RDWR). Read on. As organizations’ dependence on virtual work environments grows, as does their adoption of cloud-based platforms as part of their digital transformation, the need to protect sensitive data and prevent cyberattacks has become extremely important. According to the World Economic Forum’s Global Risks Report 2021, cyber risks continue to rank high on the world’s list of threats.
Therefore, several organizations are increasing their cybersecurity spending. Global cybersecurity cumulative spending is expected to exceed $1.75 trillion by for the five-year period 2021 -2025. The cybersecurity market is expected to reach $199.9 billion by 2028, registering a CAGR of 10.5%.
Given this backdrop, we think it could be wise to bet on cybersecurity stocks Check Point Software Technologies Ltd. (NASDAQ:CHKP), Trend Micro Incorporated (TMICY), and Radware Ltd. (RDWR), which possess strong growth prospects.