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Feb 05, 2021 (Market Insight Reports) —
The North America cybersecurity market growth is attributed to the rapidly increasing demand for network security solutions to secure IoT-enabled devices. The increasing penetration of such devices and rising trend of Bring-Your-Own-Device (BYOD) in business enterprises have profoundly surged the need for cybersecurity solutions in the region. According to the 2019 report published by the security firm – Symantec, the U.S. ranked second in terms of IoT related cyber-attacks with more than 11% of the global IoT attacks originating in the country. This has further fueled the need for cybersecurity solutions.
The infrastructure protection segment is expected to register an accelerated growth over the forecast period at a CAGR of over 8%. These solutions protect expensive business-critical IT infrastructures from malicious attacks and cyber-threats, safeguarding enterprises against intrusions and infrastructure down times. The growing trend of Bring Your Own Devices (BYOD), such as employee’s personal tablet and smartphones, have also accelerated the adoption of infrastructure protection tools to ensure devices with sensitive enterprise data are not compromised.
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Security services accounted for more than 60% of North America cybersecurity market in 2018. These solutions play a critical role in periodic maintenance and updates of cyber systems. Security solutions ensure the proper functioning of enterprise cybersecurity networks by delivering the latest antivirus and antimalware protection, ensuring zero system downtime.
The past few years have witnessed an exponential rise in adoption of cloud technologies among businesses. However, wide-scale digitalization of business operations and high internet penetration has consequently increased the risk of data breaches and other cybercrimes, encouraging enterprises to adopt cybersecurity solutions. These solutions enable enterprises to incorporate measures such as network intrusion detection and virus containment, which help them secure digital assets and minimize the risk of financial losses.
Large enterprises are expected to contribute more than 55% revenue share of North America cybersecurity market by 2025. Many large enterprises have been increasing budget allocation for cybersecurity solutions to help prevent the large-scale financial impact of attacks. These enterprises are constantly targeted by cybercriminals for data thefts and financial abuse, resulting in huge financial losses.
The financial impact of cyberattacks for a large U.S. enterprise was more than US$21 million per incident, according to the 2018 report on malicious cyberactivity by the U.S. Council of Economic Advisers. Increased focus over mitigating financial losses among large enterprises will certainly encourage them towards adoption of cybersecurity solutions.
The U.S. accounted for more than 85% share of the cybersecurity sector in North America during 2018 and is likely to witness notable growth in the future. The country has observed a significant adoption of cybersecurity platforms across BFSI companies. Many leading financial institutions in the country such as Citi Bank, JP Morgan Chase, and the Bank of America have implemented advanced cybersecurity systems in their organizations to offer 24/7 protection against cybercriminals.
The deployment of cybersecurity networks in the U.S. has also been influenced by strict government regulations regarding data security. The federal civilian agencies had reported more than 35,277 cybersecurity incidents, including phishing attacks and web-based attacks, in 2017. These factors have led to the introduction of several cybersecurity regulations including the Federal Acquisition Supply Chain Security Act of 2018 and the Small Business Advanced Cybersecurity Enhancements Act of 2018.
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Some of the key vendors in the North America cybersecurity market include BAE Systems, Check Point Software, Cisco Systems, Inc., CyberArk Software Ltd., F-Secure Corporation, F5networks, Inc., FireEye, Inc., Fortinet, Inc., Hewlett-Packard, Ltd., IBM Corporation, Intel Corporation, McAfee LLC, Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc., Proofpoint, Inc. Rapid7, RSA Security, LLC., Sophos Group Plc, Splunk, Inc., Symantec Corporation, and Trend Micro, Inc.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Research methodology
1.2 List of data sources
1.2.1 Secondary
1.2.2 Primary
Chapter 2 Market Snapshot
2.1 North America wholesale voice carrier market snapshot
Chapter 3 North America Cybersecurity Market Trends
3.1 Industry coverage
3.2 Industry size, 2015 – 2026
3.3 Impact of COVID-19 pandemic
3.4 Value chain analysis
3.4.1 Company product snapshot
3.5 Innovation landscape
3.6 Regulatory norms & directives
3.7 Drivers & restraints
3.7.1 Market drivers
3.7.2 Market restraints
3.8 Industry analysis – Porter’s
3.9 Competitive benchmarking, 2019
3.9.1 Strategy dashboard
3.10 PEST analysis
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