North America Cyber Security Market Growth, Forecast | 2031

Report Description

North America Cyber Security Market Outlook 2031:

The North America cyber security market size was valued at USD 70.75 Billion in 2022 and is projected to reach USD 162.77 Billion by 2031, expanding at a CAGR of 9.7% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing use of cybersecurity solutions and rising penetration of the Internet.

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Cybersecurity includes the protection of web servers against information exchange, theft or harm to the software program or electronic information, hardware, as well as disturbance or diversion of the services. Rising reliance on the Internet, computer systems, and wireless networks such as Bluetooth and Wi-Fi and expansion of smart devices such as mobile phones, televisions, and Internet of Things (IoT) devices are positively influencing the market growth.

Cyber Security Market Trends, Drivers, Restraints and Opportunities

• Increasing supply chain-based threats is expected to drive the market during the projected period.
• The development of digitalization technologies and severe data protection rules for the IT industry are estimated to drive market expansion.
• The government's increased focus on cybersecurity to prevent cyber terrorism threats is expected to significantly influence the market growth.
• Increasing quantity of illegal and accessible cybersecurity solutions is hindering the market.
• Ongoing technological advancements in machine learning (MI), artificial intelligence (AI), and blockchain for cyber protection are anticipated to create lucrative opportunities during the forecast period.

Scope of the Cyber Security Market Report

The report on the North America cyber security market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

As the digital landscape continues to evolve, Government Cybersecurity has become a pivotal area of focus for North American countries. The increasing sophistication of cyber threats necessitates robust government strategies to protect sensitive information and critical infrastructure. Governments are investing heavily in cybersecurity frameworks to safeguard national security and public safety. These efforts include developing advanced threat detection systems, enhancing public-private partnerships, and implementing stringent regulations to ensure the resilience of government networks against potential cyberattacks.

North America Cyber Security Market Segment Insights

On-cloud segment is expected to grow at a rapid pace

Based on deployments, market is divided into on-cloud, on-premise. The on-cloud segment is expected to grow at a rapid pace during the forecast period due to rising trend of work from home and growing awareness about the benefits of cloud computing.

Moreover, rising penetration of cloud-based solutions is fueling the segment growth.

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Threat detection & prevention segment is projected to expand at a considerable CAGR

On the basis of product types, the North America cyber security market is segregated into solutions and services.  The solutions segment is classified as next generation firewall, security & vulnerability management, DDOS mitigation, IDS/IPS, security information & event management, identity & access management, threat detection & prevention (unified threat management and threat mitigation), and others. 

The threat detection & prevention segment is projected to expand at a considerable CAGR during the forecast period. Government state bodies are progressively enforcing critical infrastructure protection through rules, fines, or penalties.

IT and telecommunication segment predicted to account for a significant market share

Based on end-user industry, the market is divided into aerospace, defense & intelligence, banking, financial services & insurance, healthcare, manufacturing, retail, public utility, IT and telecommunication.

The IT and telecommunication segment is estimated to account for a significant market share during the forecast period. Rising cyberattacks and stringent governmental rules & regulations are driving the requirement for security systems.

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Canada is anticipated to exhibit a substantial CAGR

In terms of regions, the North America cyber security market is bifurcated into the US and Canada. Canada is anticipated to expand at a substantial CAGR during the projected period.

The Government of Canada is launching operations to identify and resolve cyber threats to essential commercial installations in partnership with the country’s military and the North American Aerospace Defense Command.