Pune, India, April 19, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America cybersecurity market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 125 billion by 2026.
Developments in the field of cybersecurity continue to gather pace as the number of cyberthreats and cyberattacks increase. With a higher number of smart and connected devices in private household, the number of opportunities for cybercriminals have also jumped considerably.
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In upcoming years, responding to the COVID-19 pandemic is likely be one of the biggest challenges for cybersecurity companies. The pandemic has resulted in widespread adoption of cloud computing among organizations and accelerated digitalization of business processes. Rapid migration to cloud computing and the shortage of technical security staff are likely to be other major challenges for the industry.
North America cybersecurity market size is expected to record substantial gains in the near future, with increasing risk of data breaches and cyberattacks among enterprises.
- Security services to witness substantial demand
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.
- Continuous online threat for large enterprises
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.
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- Growing financial cyberattacks in the U.S.
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.
BAE Systems, IBM Corporation, Hewlett-Packard, Ltd., Cisco Systems, Inc., Check Point Software, Microsoft Corporation, Intel Corporation, Oracle Corporation, McAfee LLC, Symantec Corporation and Palo Alto Networks, Inc. are some of the key cybersecurity service providers in the U.S. In September 2020, BAE Systems had launched a new offering build on Amazon Web Services (AWS) to develop and deliver a comprehensive anti-money laundering regulatory compliance solution, representing one of the numerous developments taking place in the industry continuously.
Browse Related Report:
Europe Cybersecurity Market Size By Industry (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities), Industry Analysis Report,, Industry Analysis Report, Regional Outlook (Germany, UK, France, Spain, Netherlands, Norway, Italy, Ireland, Sweden), Growth Potential, Competitive Market Share & Forecast, By Product Type (Identity, Authentication and Access Management (IAAM) [Access Management, Identify Access Management], Infrastructure Protection [Endpoint Protection, Email/Web Gateway, Security Information and Event Management (SIEM), Vulnerability Management, Cloud Security, Data Loss Prevention (DLP)], Network Security [Internet Service Provider Equipment, Virtual Private Network (VPN), Unified Threat Management (UTM), Firewall], Security Services [Implementation, Managed Security Services, Consultancy & Training, Hardware Support]), By Organization (SME, Government, Large Enterprises), 2019 – 2025
https://www.graphicalresearch.com/industry-insights/1246/europe-cybersecurity-market
Asia Pacific Cybersecurity Market Size By Product Type (Identity, Authentication and Access Management (IAAM) [Access Management, Identify Access Management], Infrastructure Protection [Endpoint Protection, Email/Web Gateway, Security Information and Event Management (SIEM), Vulnerability Management, Cloud Security, Data Loss Prevention (DLP)], Network Security [Internet Service Provider Equipment, Virtual Private Network (VPN), Unified Threat Management (UTM), Firewall], Security Services [Implementation, Managed Security Services, Consultancy & Training, Hardware Support]), By Organization (SME, Government, Large Enterprises), By Industry (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities), Industry Analysis Report, Regional Outlook (ANZ, China, India, Japan, South Korea, Philippines, Thailand, Singapore, Malaysia), Growth Potential, Competitive Market Share & Forecast, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1570/apac-cybersecurity-market
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
