North America’s Cyber Security Market Hits Substantial Growth Phase

December 17, 2018

WELLESLEY, Mass., Dec. 17, 2018 – North America, especially the U.S., is expected to be a hotspot for cybercrime as BYOD (bring your own device) and cloud-based enterprise systems create new access points for hackers.  As a result, demand is forecast to surge for cyber security measures, according to a new report by BCC Research.

The North American cyber security market was valued at $51.6 billion in 2018 and is expected to reach $82.5 billion by 2023, indicating a compound annual growth rate (CAGR) of 9.8% according to the report “Cyber Security: North American Markets.”

Prominent industry players in the market include Cisco Systems Inc. (CSCO), IBM (IBM), Microsoft (MSFT), Symantec Corp. (SYMC), McAfee, Tripwire, Inc., and Scalar Decisions, Inc.

Research Highlights:

• Demand has surged for cloud-based enterprise applications among various organizations such as banking, IT & telecom, government, healthcare, education, aerospace, defense and others.
• As North America has implemented increasingly digital technologies such as cryptocurrency, online baking and artificial intelligence, governments have begun to strengthen their security measures to prevent potential threats.
• Demand has increased for disaster recovery service in the IT security market due to its data recovery capability.

“The evolution of the internet is one of the biggest technological revolutions in the world,” said analyst and report author Soumya Swarup Sahoo. “The increasing usability of the internet has, however, led to different types of security vulnerabilities. Businesses currently face the possibility of substantial losses due to a broad range of cyberattacks.”

Use of Pirated Products Could Hinder Market Growth

The use of pirated products is a major hindrance to the adoption of internet security solutions in countries, such as the U.S. and Mexico. Users may assume they have full protection from pirated or free versions of security solutions, which could limit market growth. Falling prices of security solutions and rising consumer awareness of internet security solutions could diminish this threat in the future.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Cyber Security: North American Markets( IFT174A )
Publish Date: Nov 2018    

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