The cybersecurity market in North America is a rapidly growing and essential industry. With the rise of cyber threats and attacks, organizations increasingly invest in cybersecurity measures to protect their assets and data. Let us take a closer look at the cybersecurity market in North America, including its size, growth, and key players.
Size of the North American Cybersecurity Market
A report by Grand View Research, the North American cybersecurity market was valued at $62.57 billion in 2020 and is expected to reach “$136.63 billion by 2028 and grow at a CAGR of 9.9% from 2021 to 2028.” The United States dominates the market, accounting for the largest share of the market due to the high number of cyberattacks and the large number of organizations that require cybersecurity solutions.
Growth of the North American Cybersecurity Market
The current increasing frequency and sophistication of cyber threats primarily drive the growth of the North American cybersecurity market. Cyberattacks are becoming more complex and harder to detect, making it essential for organizations to invest in cybersecurity measures. Furthermore, with the rise of remote work and the adoption of cloud-based technologies, organizations face new security challenges requiring innovative solutions.
The COVID-19 pandemic has also played a role in the growth of the cybersecurity market. The pandemic accelerated the advent of digital technologies, increasing cyber threats. The shift to remote work has also created new vulnerabilities that cybercriminals can exploit, increasing demand for cybersecurity solutions.
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Key Players in the North American Cybersecurity Market
The North American cybersecurity market is highly competitive, with several key players dominating the market. The more significant players in the market include:
- IBM Corporation
- Cisco Systems, Inc.
- Microsoft Corporation
- Palo Alto Networks, Inc.
- Symantec Corporation
- Fortinet, Inc.
- FireEye, Inc.
- McAfee, LLC
- Check Point Software Technologies Ltd.
- Trend Micro, Inc.
These companies offer a range of cybersecurity solutions, including network security, endpoint security, cloud security, and identity and access management.
The Main Point
The cybersecurity market in North America is a rapidly growing and essential industry. The frequency and sophistication of cyber attacks and the shift to remote work and cloud-based technologies have increased the demand for cybersecurity solutions. The market is highly competitive, with several key players dominating the industry. As organizations continue to invest in cybersecurity measures, we can expect the North American cybersecurity market to grow steadily in the coming years.
— Peyton J. Dracco
Peyton Dracco | Entrepreneur Author 