Market Size of North America Cyber Security Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 92.31 Billion |
| Market Size (2029) | USD 138.87 Billion |
| CAGR (2024 - 2029) | 8.51 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Cyber Security Market Analysis
The North America Cyber Security Market size is estimated at USD 92.31 billion in 2024, and is expected to reach USD 138.87 billion by 2029, growing at a CAGR of 8.51% during the forecast period (2024-2029).
The adoption of cybersecurity solutions is expected to increase with the increasing penetration of the Internet throughout North America. Also, the expanding wireless network catering to mobile devices has enhanced data vulnerability.
- North America is one of the world's leading digital nations. Over the next few years, technology will bring about significant changes. Robotics, sensor technology, 3D printing, big data, and artificial intelligence are all examples of technological developments that have the potential to change society. As digitization increases, the nation's data security needs to be increased.
- The increasing frequency and sophistication of cyber-attacks are driving the adoption of cybersecurity solutions in North America. Moreover, the growing regulatory requirement leads many organizations to adopt and invest in cybersecurity solutions, as many industries in the United States are subject to regulations such as HIPPA, GDPR, and PCI DSS, which require the organization to implement.
- Ransomware and DDoS attacks are expected to increase further during the forecast period and, even more, targeted against large organizations in regions where the adoption rate is not as quick for cybersecurity solutions. Also, ransomware-as-a-service offerings and their construction kits have been estimated to fuel this increase, particularly as an easy tool for novice or low-skilled criminals.
- The rising usage of new service platforms, such as online and cloud computing, results in less transparent solutions, making it more difficult for users to assess risk and vulnerability and document their security.
- The COVID-19 pandemic emphasized the necessity for increased digital security. People increased their Internet access to maintain personal and professional work. On the other hand, hackers have taken advantage of the situation, focusing on e-commerce, e-payment businesses, and the healthcare system.
