North America Cyber Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The North America Cyber Security Market is segmented by Product Type (Solutions, Services), Deployment (On-cloud, On-premise), End-user Industry (Aerospace, Defense, and Intelligence, Banking, Financial Services, and Insurance, Healthcare, Manufacturing, Retail, Public Utility, IT and Telecommunication), and Country.

Market Snapshot

NA
Study Period:

2018 - 2026

Base Year:

2020

CAGR:

12.2 %

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Market Overview

The North America cybersecurity market is expected to register a CAGR of 12.2% during the forecast period (2020 - 2025). Cyber threats are attempts based on the internet to damage or disrupt information systems and hack critical information, using spyware and malware and phishing. Cybersecurity solutions help enterprises monitor, detect, report, and handle cyber threats in order to maintain data confidentiality.

  • The adoption of cybersecurity solutions is likely to grow with the increasing penetration of the internet into the region. Additionally, the expanding wireless network for mobile devices has increased data vulnerability, making cybersecurity an essential and integral part of every organization across the region.
  • The companies in the region are continuously involved in product innovations to meet advanced cyber threats requirements. For instance, in October 2019, Elastic announced the launch of Elastic Endpoint Security​ based on Endgame's acquisition, a company focusing on endpoint threat prevention, detection, and response based on the MITRE ATT&CK​​ matrix. In November 2019, Palo Alto Networks in order to prevent advanced attacks, launched the second version of Cortex XDR, a detection and response app that natively integrates into cloud data and network and endpoints.
  • According to the ITRC's recent estimates, the average number of data breaches faced by the United States increased from 614 breaches in 2013 to 1473 breaches in 2019. Moreover, the companies in the region are seeking for strategic acquisitions to gain more market share. For instance, AT&T introduced its new division called AT&T Cybersecurity by acquiring SIEM solution provider AlienVault.
  • According to a recent survey by CIRA (Canadian Internet Registration Authority), 66% of businesses with over 250 employees experienced a cyber attack in the last 12 months. Also, it estimated that over 70% of the companies with less than 100 employees experience data breach activities. Moreover, according to ITWC (IT World Canada), the average number of data breaches per organization in the country rose to 12.5 in 2018 against 9.3 in the previous year.
  • Due to the outbreak of COVID-19, attacks against newly and rapidly deployed remote access, and teleworking infrastructure has increased. The US Department of Homeland Security (DHS) Cybersecurity and the Infrastructure Security Agency (CISA) mentioned that they are experiencing a massive rise in phishing and Malware distribution using COVID-19- themed lures, registration of new domain names containing wording related to coronavirus or COVID-19.

Scope of the report

Cybersecurity solutions help an organization to monitor, detect, report, and counter cyber threats that are internet-based attempts to damage or disrupt information systems and hack critical information using spyware, malware, and by phishing, to maintain data confidentiality. The scope of the market is comprehensive and is limited to North America.

By Product Type
Solutions
Identity and Access Management
Threat Detection and Prevention (Unified Threat Management and Threat Mitigation)
Security and Vulnerability Management
Next Generation Firewall
IDS/IPS​
Security Information and Event Management
DDOS Mitigation
Other Solution Types
Services
By Deployment
On-cloud
On-premise
By End-user Industry
Aerospace, Defense, and Intelligence
Banking, Financial Services, and Insurance
Healthcare
Manufacturing
Retail
Public Utility
IT and Telecommunication
Other End-user Industries
By Country
United States
Canada

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Key Market Trends

Aerospace, Defense, and Intelligence Industry to Drive the Market Growth

  • The region invests heavily in cybersecurity solutions to avoid theft of intellectual property and compromise systems used to monitor and control the country’s defense systems and capabilities. To keep pace with modern defense advancements, countries such as the United States have developed new technologies, such as unmanned vehicles, hypersonic weapons, etc. These advancements are highly dependent on data and connectivity, making them susceptible to breaches and attacks. Thus, there is a growing necessity for the region to focus on developing countermeasures to safeguard critical information.
  • The US Aerospace Industries Association focused on promoting policies that strengthen the aerospace and defense industry. Defense companies, such as BAE Systems PLC, General Dynamics Corporation, and Finmeccanica SpA, are engaged in developing cybersecurity solutions in the defense industry, especially in developing network security solutions and software, preventing cyber-attacks on military software systems, indicating the demand for these solutions in the aerospace and defense sector.
  • In September 2019, Defense Construction Canada, which manages defense departmental projects and infrastructure, announced the data breach incident, which disrupted DCC's information technology systems. The company has adopted recovery solutions from Crown Corporation to gain the full IT capabilities of the company.
  • Moreover, the Canadian Government is taking initiatives in collaboration with the Canadian military and North American Aerospace Defence Command (Norad) to identify and mitigate the cyberthreats to critical civilian sites. The critical sites, like power grids, water treatment plants, or traffic systems, are especially focused on preventing attacks that could shut down civilian infrastructure.
US DOD.png

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United States to Hold Significant Market Share

  • The United States is a primary hub for all the major organizations across the world. The expansion of the retail industry and the growth of IoT are driving the demand for smart devices and mobiles in the region. The risks of attacks that can impact the market vary from individuals and corporates to the governments. Thus, securing the data has become a priority in the region.
  • Moreover, cyberattacks in the United States are rising rapidly and have reached an all-time high, primarily owing to the rapidly increasing number of connected devices in the region. In the United States, consumers are using public clouds, and many of their mobile applications are preloaded with their personal information for the convenience of banking, shopping, communication, etc. According to the White House Council of Economic Advisers, the US economy loses approximately USD 57 billion to USD 109 billion per year to harmful cyber activity.
  • Additionally, the autonomous breach protection provider, Cynet, in its recently published State of Breach Protection 2020 Report, has mentioned that over 25% of security alerts are left unattended daily in the United States.
  • The United States lays high emphasis on its military and defense sector and invests mainly in research and development of new weaponry systems. The US Government Accountability Office (GAO) released a report stating that most of the weapon systems that were under development are found to have mission-critical cyber vulnerabilities.
Defense Spending.png

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Competitive Landscape

The North America cybersecurity market is fragmented as it comprises several global and regional players. The key players are focusing on innovation in production technologies to improve efficiency. Moreover, players adopt strategic initiatives such as partnerships, mergers, and acquisitions. Some of the key developments in the market are:

  • September 2020 - Proofpoint, Inc., a leading cybersecurity and compliance company, announced multiple new Proofpoint innovations to ensure that organizations worldwide have end-to-end protection around their people wherever and however, employees are working and collaborating. Proofpoint’s new people-centric Enterprise DLP solution helps organizations identify and quickly respond to data loss resulting from negligent, compromised, or malicious users. Proofpoint’s Nexus People Risk Explorer is also available, providing the industry’s first unified view of vulnerable, attacked, and privileged users.
  • September 2020 - Proofpoint, Inc. extended its partnership with CyberArk, the global leader in privileged access management. The enhanced integration of Proofpoint Targeted Attack Protection with CyberArk’s Privileged Access Security Solution enables organizations to identify their very attacked people (VAPs), apply additional security policies to their high-risk users with privileged access, and remediate phishing attempts.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Competitive Rivalry within the Industry

      5. 4.3.5 Threat of Substitute

    4. 4.4 Industry Guidelines and Policies

    5. 4.5 Assessment of Impact of COVID-19 on the Industry

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Rapidly Increasing Cybersecurity Incidents and Regulations Requiring Their Reporting

      2. 5.1.2 Growing M2M/IoT Connections Demanding Strengthened Cybersecurity in Enterprises

    2. 5.2 Market Restraints

      1. 5.2.1 Lack of Cybersecurity Professionals

      2. 5.2.2 High Reliance on Traditional Authentication Methods and Low Preparedness

    3. 5.3 Market Opportunities

      1. 5.3.1 Rise in the Trends of IoT, BYOD, Artificial Intelligence, and Machine Learning In Cybersecurity

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Product Type

      1. 6.1.1 Solutions

        1. 6.1.1.1 Identity and Access Management

        2. 6.1.1.2 Threat Detection and Prevention (Unified Threat Management and Threat Mitigation)

        3. 6.1.1.3 Security and Vulnerability Management

        4. 6.1.1.4 Next Generation Firewall

        5. 6.1.1.5 IDS/IPS​

        6. 6.1.1.6 Security Information and Event Management

        7. 6.1.1.7 DDOS Mitigation

        8. 6.1.1.8 Other Solution Types

      2. 6.1.2 Services

    2. 6.2 By Deployment

      1. 6.2.1 On-cloud

      2. 6.2.2 On-premise

    3. 6.3 By End-user Industry

      1. 6.3.1 Aerospace, Defense, and Intelligence

      2. 6.3.2 Banking, Financial Services, and Insurance

      3. 6.3.3 Healthcare

      4. 6.3.4 Manufacturing

      5. 6.3.5 Retail

      6. 6.3.6 Public Utility

      7. 6.3.7 IT and Telecommunication

      8. 6.3.8 Other End-user Industries

    4. 6.4 By Country

      1. 6.4.1 United States

      2. 6.4.2 Canada

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Vendor market Share Analysis

    2. 7.2 Company Profiles

      1. 7.2.1 Cisco Systems Inc.

      2. 7.2.2 Cyber Ark Software Ltd

      3. 7.2.3 Dell Technologies Inc.

      4. 7.2.4 FireEye Inc.

      5. 7.2.5 IBM Corporation

      6. 7.2.6 Fortinet Inc.

      7. 7.2.7 Imperva Inc.

      8. 7.2.8 Intel Security (Intel Corporation)

      9. 7.2.9 Palo Alto Networks Inc.

      10. 7.2.10 Proofpoint Inc.

      11. 7.2.11 Rapid7 Inc.

      12. 7.2.12 Symantec Corporation

    3. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OF THE MARKET

**Subject to Availability

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Frequently Asked Questions

The North America Cyber Security Market market is studied from 2018 - 2026.

The North America Cyber Security Market is growing at a CAGR of 12.2% over the next 5 years.

  • Cisco Systems Inc.
  • Dell Technologies Inc.
  • FireEye Inc.
  • IBM Corporation
  • Fortinet Inc.

Are the major companies operating in North America Cyber Security Market.

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