U.S. Cyber Security Market Size, Share & COVID-19 Impact Analysis, By Security Type (Network Security, Cloud Application Security, End-point Security, Secure Web Gateway, Application Security, and Others), By Enterprise Size (Small & Medium Enterprise and Large Enterprises), By Industry (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities, and Others), 2023-2030

The U.S. cyber security market size was valued at USD 53.45 billion in 2022. The market is projected to grow from USD 59.06 billion in 2023 to USD 128.99 billion by 2030, exhibiting a CAGR of 11.8% during the forecast period.

The cyber security market is mainly driven by emerging online e-commerce platforms and the advent of core technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud security, and others. Key industry players focus on developing internet security solutions based on AI platforms. For instance, in January 2021, Fortinet, Inc. launched FortiXDR, an AI-enabled, fully automated online cyber threat detection XDR solution. The growing demand for solutions is anticipated to gain traction with cumulative investments from Germany, France, India, Spain, South Korea, Italy, Canada, Qatar, and others.

COVID-19 IMPACT

Rising Remote Working Culture in the U.S. During Pandemic Generated Demand for Security Solutions

Due to the coronavirus pandemic, working from home has increased, contributing to the positive growth of the market during Covid-19. Cyber attackers observed the pandemic as an opportunity to exploit the vulnerabilities of employees working from home to bolster their criminal activities. The increase in remote working generated greater attention on online security due to better exposure to cyber risk. For instance, according to Tessian Survey, 47% of individuals fall for a phishing scam while working from home.

LATEST TRENDS

Increasing Cloud Security Threats and Cloud Services to Boost Market Growth 

Cloud vulnerabilities continue to be one of the biggest trends in the industry. The rapid and widespread adoption of remote work post-pandemic has significantly increased the need for cloud-based services and infrastructure, impacting enterprise security. Cloud services offer many advantages such as cost savings, scalability, and efficiency. Misconfigured cloud settings are a leading cause of data breaches, unauthorized access, insecure interfaces and account theft. Due to the above facts, the need for cyber security is growing.

DRIVING FACTORS

Increasing Smart City and Digitization Projects to Boost the Cyber Security Market Growth

Smart cities have emerged as the new picture of urban living by harnessing the potential of enormous data, digital technologies, and innovative designs. This has resulted in boosting the effectiveness and efficiency of smart city operational services. This smart city infrastructure involves massive data exchanges and IoT device integrations. The dynamically evolving processes create a new cyber threat intensified by the complexities in the developing technology-based ecosystem. Thus, with the growing vulnerabilities across supply chains and digital communications networks, the rising online base demands for an efficient and fail-proof cyber security solution are expected to boost the U.S. market's growth.

RESTRAINING FACTORS

High Cost of Innovation for Security Technologies and Budget Constraints for SMEs Limit the Market Growth

Enormous amounts of money are required for cyber security solution providers to develop technologically advanced counterparts. The high cost of such solutions has severely limited their acceptance by enterprises, especially small & medium enterprises. Also, the capital expenditure of the online security solution providers increases as the R&D team expands. Despite piracy-related risks, SMEs often prefer pirated software due to minimal cost and ease of availability to downloading. The constant use of pirated security software is a major restraining factor for the U.S. cyber security market growth.

SEGMENTATION

By Security Type Analysis

Increasing Bring Your Own Device (BYOD) by Enterprises in the U.S. to Boost Market Growth

Based on security type, the market is analyzed into network security, end-point security, cloud application security, secure web gateway, application security, and others.

Among these, network security contributed the highest U.S. cyber security market share in 2022, owing to increased number of cyber-attacks and rising adoption of bring your own device (BYOD) trend in the U.S. Whereas, cloud application security will grow at the highest CAGR due to increased digitization, cybercrime, and cyber espionage campaigns.

By Enterprise Size Analysis

Presence of Prominent Players in the U.S. Contributing to the Segmental Growth

Based on enterprise size, the market is segmented into Small & Medium Enterprises (SMEs) and large enterprises.

The large enterprise segment is growing considerably due to the presence of prominent and key industry players such as IBM Corporation, Microsoft Corporation and Cisco Systems, Inc. in the U.S. Whereas, SMEs segment is projected to grow at the highest CAGR in the forecast period (2023-2030) due to adoption of the hybrid working model by several firms.

By Industry Analysis

Rapid Adoption of Technological Systems across the BFSI Industry to Boost Market Growth

Based on industry, the market is segmented into BFSI, IT and telecommunications, retail, government, manufacturing, travel and transportation, healthcare, energy and utilities, and others.

The BFSI segment captured the highest market share in 2022. The rapid adoption of technologies such as machine learning, artificial intelligence, and block chain in the BFSI sector poses a significant threat to protected data. Thus, necessity of online security in BFSI is one of the growth factors for the market. At the same time, the healthcare segment is growing at the highest CAGR over the 2023-30 period.  Rise in cyberattacks and growing demand for cloud services are driving the growth of the healthcare cyber security industry. 

KEY INDUSTRY PLAYERS:

Players are Developing Advanced Cyber Securities Technology to Expand Market Opportunities

The U.S. market has many key industry players, such as CyberArk Software Ltd, Dell, Inc., Juniper Networks, Inc., and Sophos Ltd., which aim to deliver advanced technologies in online security.

List of the Key Companies Profiled:

• CyberArk Software Ltd (U.S.)


• Dell. Inc. (U.S.)


• SentinelOne (U.S.)


• Secureden, Inc. (U.S.)


• Qualys, Inc. (U.S)


• Juniper Networks, Inc. (U.S.)


• SonicWall (U.S.)


• Zscaler, Inc. (U.S.)


• ForcePoint (U.S.)


• Sophos Ltd. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• January 2023: SentinelOne, a cyber security platform company, partnered with accounting, tax and advisory firm KPMG LLP to accelerate the cyberattack investigation and response. This partnership enables incident-focused deployments and is a long-term benefit that helps customers get the most out of their online security investments. 


• October 2022: Dell Technologies announced a new set of cyber security resources to help customers simplify their Zero Trust deployments and improve their cyber resilience. These include a new Zero Trust Center of Excellence to validate Zero Trust architectures for commercial enterprises and a new security consultancy with vulnerability management services and products. 


• October 2022: Sophos Ltd. introduced third-party security technology compatibility with its Managed Detection and Response (MDR), which currently protects over 12,000 customers worldwide. Further extend threat detection and response by adding a third-party endpoint, authentication, cloud, email, firewall and network solutions. 


• May 2022: Nokia launched Advanced Security Testing and Research (ASTaR) lab in Dallas, Texas. This is the U.S.'s first end-to-end testing lab focusing solely on online security. 

REPORT COVERAGE

The research report highlights leading regions worldwide to understand the user better. Furthermore, the report provides insights into the latest industry and market trends and analyzes technologies deployed rapidly across the country. It further highlights some growth-driving factors and restraints, SWOT analysis, and market size to help the reader gain in-depth knowledge of the market.

REPORT SCOPE & SEGMENTATION