The United States cyber security market is expected to witness significant growth for the next five years. Cybersecurity solutions help enterprises to detect, monitor and prevent the cyber threats for maintaining the data confidentiality. The need to protect the critical infrastructure across government, utilities and other prominent sectors is leading in adoption of cyber security service providers. Security service providers troubleshoot software issues and provide services through security operation centers. Large enterprises are increasing the spending on security services and solutions to ensure protection against cyber-attacks. Increase in number of attacks such as phishing, malware threats, IoT threats, crypto jacking is leading to huge organizational losses which is creating the need to adopt cyber security solutions.
The COVID-19 outbreak across the world which has been declared as pandemic by World Health Organization has affected countries adversely. Leading authorities in United States imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus affected patients started suffering from shortness of breath along with coughing and sneezing. United States authorities increased the capacity of hospitals as a greater number of patients were getting affected daily and getting admitted into the hospital facilities. Corporate asked employees to work from home as a precautionary measure which has increased the adoption of video conferencing and communication platforms at a large scale which has surged the demand for security measure to prevent data leak or loss thereby bolstering the growth of cybersecurity market.
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United States cyber security market is segmented into security type, solutions type, deployment mode, end use industry, regional distribution, and company. Based on end use industry, market can be further divided into BFSI, IT & telecom, defense, energy & power, retail, healthcare, and others. The Defense end use industry segment is expected to account for major market share for the forecast period, 2022-2026. Airplane navigation systems are highly prone to cyber-attacks need strong security measures. Surge in adoption of machine-to-machine technology in aerospace domain and efforts by leading authorities to ensure security is expected to boost the cyber security market. Rise in research and development activities to prevent cyber attacks and develop network security solutions and software is expected to fuel the cyber security market growth. Based on solutions type, cyber security market can be fragmented into identity & access management, risk & compliance management, encryption & decryption, data loss prevention, unified threat management, firewall, antivirus & malware, intrusion detection/prevention system, infrastructure security and others. The Identity and Access Management solution segment is expected to dominate the market for the next five years. Growing importance of trackers and employee activity solutions is crucial for viewing applications and programs contributing to adoption of identity and access management solutions. Rise in need to automate several user-related security incidences and surge in number of cyber attacks is increasing the adoption of password and privilege management in organizations.
IBM Corporation, Cisco Systems Inc., Dell Technologies Inc., Check Point Software Technologies, CyberArk Software Ltd., FireEye Inc., Fortinet Inc., Imperva Inc., Intel Security (Intel Corporation), Trend Micro Inc. are the leading players operating in United States cyber security market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several cyber security manufacturers are coming up with their technologically advanced offerings.
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“Increase in adoption of emerging trends and technologies such as internet of things, machine learning, artificial intelligence and bring your own device is rising which is creating lucrative opportunities for the cybersecurity market growth. High demand for wearable devices, connected cars, smart consumer electronics and increase in number of smart cities is expected to raise security concerns which is ultimately leading to fuel the cyber security market growth until 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.