Many integrators and service providers struggle with effective means to increase revenue. Often these efforts require investment, organic innovations, and time, all in short supply.
15% CAGR annually for several years, targeting $300 billion by the year 2024
With the introduction of many compliance-focused initiatives, like GDPR (initiated by the European Union), CMMC (expansion of DoD contractor requirements), CCPA (California privacy act) as well as the all-time favorites DFARS (DoD contractor requirements), HIPAA / HEDIS (healthcare requirements), 508 (visually impaired access), PII (protection of personally identifiable information) and others... revenue opportunities are increasing at an alarming rate.
As of May 2018, 50 states have implemented PII protection laws, many with associated penalties for noncompliance.
The compound annual growth rate (CAGR) for cybersecurity, interlaced with compliance, continues a yearly growth rate average of 15%, estimating to reach a market of over 300 billion by the year 2024. I appreciate the apprehension when discussing CAGR, although the data is unequivocal for cybersecurity and compliance. Compliance is a large market, with increasing demand and decreasing supply. With the use of ACATEE, integrators, and service providers, perhaps not initially comfortable in the cyber and compliance marketplace, can easily add value to existing and new customers.
The shift has begun, are you positioned to capture the revenue?
Just a few years ago, compliance services were de-marginalized as a “checkbox activity,” with little, if any, impact on revenue generation. As a result, service providers and integrators often viewed “compliance” as minimal revenue generation, and seldom, if any, as long-term, profitable, service engagement.