The worldwide and U.S cyber security industry will be worth about USD 305.69 billion through 2028. The CAGR for the cyber security industry is predicted to be about 10.1% through 2021-2028.
The ongoing pandemic has had an impact on almost all sectors across the world. The cyber security market is no exception to this. Despite the uncertainty surrounding the initial days of the pandemic, governing bodies across the globe swung into action, and specific measures were implemented depending on the intensity of the situation. The cyber security industry faced a unique scenario that was fueled mainly by the work-from-home culture.
As the majority of the enterprises survived on remote working culture, the industry witnessed unique challenges, and the need to implement urgent remedial measures was apparent. As a result, the last two years were significant for the cyber security space.
The North American cyber security sector has been quite turbulent in the covid-hit times. An increase in allocated budget for the security of solutions and services by medium and small enterprises and large enterprises is the most significant aspect of the predicted growth in the regional market. By 2025, it is estimated that of the 30 global intelligent cities indicated across the world, about 50% would be from Europe and North America. Perhaps, the well-developed technology infrastructure and commendable economic strength have been the constant contributors to a well-built North American cyber security market. As a result, North America is a constant presence among the world’s noteworthy economies.
Considering the forecast period between 2018 to 2023, the North American cyber security market is expected to grow at a CAGR of about 9.8%.
North America is expected to be significant for the global cyber security sector in the coming years. North America is undergoing a phase wherein growing security solutions are adopted as a result of the increase in cyber-attacks and significant breaches. Such comprehensive incorporation of technologies is what has been a stimulator for the overall growth of the market. In addition, the ever-increasing number of e-commerce platforms across the U.S, especially in Canada, are perceived to complement the market development. However, surveys conducted on the region also highlighted certain factors, including ever-increasing data privacy and security aspects and policies.
As per a recent report by Technavio, an incremental growth worth about $66.66 is expected in the North American cyber security market between 2021 to 2025. Technavio is a leading name among global firms involved in technology research and advisory.
Below mentioned are some of the key players in the North American cyber security market:
AO Kaspersky Lab
Booz Allen Hamilton Holding Corp.
Check Point Software Technologies Ltd.
Cisco Systems Inc.
Besides these trends, the increased use of tablets and smartphones fuels the demand for cyber security space in the North American segment. Heavy growth in smartphone users indicates heavy and continuous data traffic. The other product of such heavy traffic is the heightened risk of cyber-attacks. Compared to many other electronic devices such as Laptops and PCs, smartphones are less protected from cyber vulnerabilities of varying intensity.