United States Cybersecurity Market Thriving: Predicted to Garner USD 85.6 billion at a CAGR of 8.0% by 2027
Published | 25 October 2021
United States cybersecurity market is growing at a high CAGR because of the increasing volume of data as well as growing cases of cybersecurity and ransomware attacks in the organizations…
A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the United States cybersecurity market was worth USD 50.2 billion in the year 2020. The data yielded by the study reveals that the market is estimated to grow at a CAGR of 8.0%, earning revenue of around USD 85.6 billion by the end of 2027. The growth of the United States cybersecurity market is driven by the increasing volume of data as well as growing cases of cybersecurity and ransomware attacks in organizations. The high concentration of large enterprises and global giants such as Apple, Facebook, Google, Microsoft, etc., significantly invest huge amounts in adopting cybersecurity solutions for protecting their data, which is playing a crucial role in propelling the growth of the overall market. However, the lack of established federal laws regarding cybersecurity in the US may act as a major restraining factor for market growth.
High Concentration of Global Giants Is Driving the Growth of The United States Cybersecurity Market
Based on organization size, the United States cybersecurity market is segmented into small and medium-sized enterprises and large enterprises. The large enterprise segment accounts for the largest share in the market because of the high volume of data and increased risk of cyberattacks. In addition, the high concentration of global giants in the United States, such as Amazon, Facebook, Apple, Inc., CVS Health, etc., is likely to contribute substantially, driving the growth of this segment during the forecast period. Small & medium-sized enterprises are estimated to grow rapidly because of their growing number due to various government initiatives to strengthen cybersecurity market in the United States.
Increasing Adoption Cybersecurity In Government Sector Is Propelling The United States Cybersecurity Market Growth
Based on end-users, the United States cybersecurity market is segmented into banking, financial services, & insurance, aerospace & defense, media & entertainment, government, IT, healthcare, retail, manufacturing, energy & utilities, telecommunication, and others. Among these, the government sector accounts for the largest share in the United States cybersecurity market. This is because this sector holds crucial and sensitive information that may be a danger to the country and its citizens if it falls into the wrong hands. Therefore, the government invests a significant amount into employing only the most advanced and highly secure cybersecurity solutions. Furthermore, the BFSI sector also holds a substantial share in the market due to the increasing number of online transactions and cases of data breaches and unauthorized theft.
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United States Cybersecurity Market - By Software
Based on software, the United States cybersecurity market is segmented into antivirus/antimalware, encryption, network access control, disaster recovery, threat intelligence, advanced persistent threat, security & information event management, intrusion detection & prevention system, firewall, security, and vulnerability management, secure web gateway, risk and compliance management, security orchestration automation & response, identity & access management, and others. The identity access management solution accounts for the largest share in the market because of the increasing cases of unauthorized access into the storage systems and data thefts. Therefore, companies of all sizes are adopting identity access management solutions to ensure that only authorized personnel can access sensitive information.
Impact of COVID-19 on United States Cybersecurity Market
The demand for cybersecurity solutions and services witnessed a huge spike in the United States after the unprecedented outbreak of the COVID-19 pandemic. The businesses faced immense security concerns as they switched to cloud computing for their continuity. Remote working has become the norm. Data is generated and transferred through shared networks every day, making them highly vulnerable to cyberattacks and data theft. Therefore, companies are taking cybersecurity measures to prevent becoming victims of cybercrime. Furthermore, the surge in cybercrimes after the COVID-19 also prompts the companies to invest in adopting cybersecurity, which is likely to contribute to the overall United States cybersecurity market growth in the post-COVID-19 period.
The leading players in the United States cybersecurity market are ScienceSoft, Cisco, McAfee, IBM, Amazon, Trend Micro Inc., HackerOne, QAwerk, SecurityHQ, Intruder, Vipre, and other prominent players.
The market is highly concentrated, with global giants holding the largest share in market revenue. These companies are significantly investing in adopting advanced cybersecurity technologies, such as artificial intelligence and deep learning, behavioral analytics, zero trust model, etc., in expanding their security services and grabbing a larger market share. Partnerships, mergers and acquisitions, joint ventures, and other competitive strategies are also prevalent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United States cybersecurity market. The report also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the United States cybersecurity market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- United States Cybersecurity Market- Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2017-2027, Segmented By Component (Hardware, Software, Services), By Software (Antivirus/Antimalware, Disaster Recovery, Advanced Persistent Threat, Encryption, Network Access Control, Threat Intelligence, Intrusion Detection And Prevention System, Security And Information Event Management, Firewall, Security And Vulnerability Management, Secure Web Gateway, Risk And Compliance Management, Security Orchestration Automation And Response, Identity And Access Management, Others), By Security Type (Network Security, Endpoint Security, Application Security, Cloud Security, Others), By Deployment Mode (On–Premises, Cloud), By Organization Size (Small And Medium–Sized Enterprises, Large Enterprises), By End-User (Aerospace And Defense, Government, Banking, Financial Services, And Insurance, IT, Healthcare, Retail, Manufacturing, Energy And Utilities, Telecommunication, Media And Entertainment, Others)
Publish Date: October 2021
Cybersecurity in the United States is experiencing a rapid growth rate due to the concentration of technology giants such as Amazon, Microsoft, Google, etc., which are significantly investing in adopting strong cybersecurity services.
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