Report Overview

United States Cybersecurity Market- Industry Trends & Forecast Report 2027

United States cybersecurity market was worth USD 50.2 billion in 2020 and is further projected to reach USD 85.6 billion by the year 2027, growing at the CAGR of 8.0% in the forecast period. The market is growing at a high rate because of the high concentration of technology giants such as Amazon, Microsoft, Google, etc., who are significantly investing in adopting strong cybersecurity services. Furthermore, stringent government policies surrounding privacy laws and data theft are also projected to drive the market during the forecast period.

Source: BlueWeave Consulting

United States Cybersecurity Market- Overview

Security refers to the ability to protect systems, programs, and networks from cyberattack. The purpose of these cyberattacks is usually to gain access to, change, or destroy sensitive information; extort money from users; or disrupt the normal functioning of businesses. The number of cyberattacks is rapidly increasing in order to gain unauthorized access to computers and computer networks, which is a cause for concern for several industries in the US. In addition to providing overall protection from data theft and damage, cybersecurity reduces the chances of data breaches and attacks on IT systems.

United States Cybersecurity Market Forecast and Trends

Growth Drivers

Growing Cases of Cyberattacks in The United States

Among all countries, the United States ranks first in terms of the number of cyberattacks. The United States Federal Bureau of Investigation (FBI) received a record-breaking 791,790 cybercrime complaints in 2020 alone. It has been estimated that cybercrimes in the US rose by 69% as compared to 2019. The majority of these cases concerned aid packages and pandemic relief funds. In light of the increasing number of cybercrime cases, businesses and individuals are seeking cybersecurity solutions to protect their data, fueling the market's growth.

Increasing Government Attention Towards Cybersecurity

Increasing cybercrime rates and the lack of structured regulations and laws have resulted in companies losing an enormous volume of valuable data and money. Due to this, the government has finally begun paying attention to this domain. For instance, the US Senate Homeland Security and Governmental Affairs Committee approved bipartisan bills on cybersecurity and infrastructure in October 2021. They are now on their way to the full Senate for a vote. By passing these bills, the United States may be able to control the growing number of cyberattacks.

Restraints

Absence of Federal Laws Regarding Cybersecurity

The United States does not have a single federal law regulating information security, cybersecurity, and privacy. In spite of several states having their own cybersecurity laws, the lack of federal laws may increase the risks of cyberattacks. This puts the business working digitally or on cloud computing on a very sensitive spot and may let the cybersecurity providers get away with the responsibility in cases of cyberattacks and data breaches. This acts as a major threat to the growth of the United States cybersecurity market.

Impact of COVID-19 on United States Cybersecurity Market

Because of the nationwide lockdown imposed by the United States government, the sudden outbreak of COVID-19 prompted businesses to adopt cloud computing and conduct their operations digitally. Consequently, the United States cybersecurity market experienced tremendous growth. Cybersecurity is emerging as the major center for businesses as the country and companies move rapidly toward digital transformation. As a result, they are increasingly turning to cybersecurity services and solutions to mitigate cyberattacks’ risks and comply with legal obligations.

United States Cybersecurity Market - By Component

Based on components, the United States cybersecurity market is segmented into hardware, software, and services. Among these, the services segment accounts for the largest share as they cater to advanced security needs without the need for IT infrastructure deployment. Furthermore, outsourced professionals manage the cybersecurity services, which decreases the risk of mismanagement and potential cyberattacks. On the other hand, the hardware segment also holds a significant share in the market because of large organizations’ high investment in cybersecurity hardware.

United States Cybersecurity Market - By Security Type

Based on security types, the United States cybersecurity market is segmented into network security, endpoint security, application security, cloud security, and others. Among these, network security accounts for the biggest share of the market due to the fact that it minimizes the vulnerabilities on the system during times of increased traffic. However, the cloud security segment is anticipated to witness the highest growth rate during the forecast period because of the increasing adoption of cloud computing among various industries and the growing risks associated with cloud computing.

United States Cybersecurity Market - By Deployment Mode

Based on deployment, the United States cybersecurity market is segmented into on-premises and cloud. The on-premise segment holds the largest share in the market as it offers better security and control, especially to large organizations. However, cloud deployment is expected to witness the highest CAGR during the forecast period due to better scalability and enhanced security. In the wake of the COVID-19 outbreak, cloud deployments became very popular since the demand for cybersecurity soared, but on-premises deployments were restricted due to lockdown protocols.

Competitive Landscape

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 the largest market share held by global giants. These companies are significantly investing in adopting advanced cybersecurity technologies such as artificial intelligence and deep learning, behavioral analytics, zero trust model, etc., for expanding their security services and grabbing a larger market share. Moreover, this market is also characterized by competitive strategies like mergers, acquisitions, partnerships, joint ventures, etc.

Recent Developments

• In October 2021, Evolution Equity Partners, an international venture capital investor, announced the closing of a new fund and total capital commitments of USD 400 million to make investments in cybersecurity and enterprise software companies.
• In September 2021, Akamai Technologies, a public US cybersecurity firm, announced the acquisition of Israeli Cybersecurity startup Guardicore for around USD 600 million to expand its solutions against malware and ransomware.

Scope of the Report

By Component

• Hardware
• Software
• Services

1. Professional Services
2. Managed 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 (BFSI)
• IT
• Healthcare
• Retail
• Manufacturing
• Energy and Utilities
• Telecommunication
• Media and Entertainment
• Others

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Key Market Segments
2. Research Methodology
   1. Qualitative Research
   2. Methodology
   3. Regional Split of Primary & Secondary Research
   4. Secondary Research
   5. Primary Research
      1. Breakdown of Primary Research Respondents, By Region
      2. Breakdown of Primary Research Respondents, By Industry Participants
   6. Market Size Estimation
   7. Assumptions for the Study
   8. Market Breakdown & Data Triangulation
3. Executive Summary
4. Industry Insight and Growth Strategy
   1. Value Chain Analysis
   2. DROC Analysis
      1. Market Drivers
         1. Growing Cases Of Cyberattacks In The United States
         2. Increasing Government Attention Towards Cybersecurity
      2. Market Restraints
         1. No Established Federal Laws Regarding Cybersecurity
      3. Market Challenges
         1. High Cost of Cybersecurity Solutions and Services
      4. Market Opportunity
         1. High Concentration of Global Giants Investing in Cybersecurity
         2. Increasing Adoption Cybersecurity in Government Sector
   3. Recent Developments
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Buyers
      2. Bargaining Power of Suppliers
      3. Intensity of Rivalry
      4. Threat of New Entrants
      5. Threat of Substitutes
5. United States Cybersecurity Market Overview
   1. Market Size & Forecast by Value, 2017-2027
   2. Market Size and Forecast, By Segment
      1. By Component
         1. Hardware
         2. Software
         3. Services
            1. Professional Services
            2. Managed Services
      2. By Software
         1. Antivirus/Antimalware
         2. Disaster Recovery
         3. Advanced Persistent Threat
         4. Encryption
         5. Network Access Control
         6. Threat Intelligence
         7. Intrusion Detection and Prevention System
         8. Security and Information Event Management
         9. Firewall
         10. Security and Vulnerability Management
         11. Secure Web Gateway
         12. Risk and Compliance Management
         13. Security Orchestration Automation and Response
         14. Identity and Access Management
         15. Others
      3. By Security Type
         1. Network Security
         2. Endpoint Security
         3. Application Security
         4. Cloud Security
         5. Others
      4. By Deployment Mode
         1. On–Premises
         2. Cloud
      5. By Organization Size
         1. Small and Medium–Sized Enterprises
         2. Large Enterprises
      6. By End-User
         1. Aerospace and Defense
         2. Government
         3. Banking, Financial Services, And Insurance (BFSI)
         4. IT
         5. Healthcare
         6. Retail
         7. Manufacturing
         8. Energy and Utilities
         9. Telecommunication
         10. Media and Entertainment
         11. Others
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Market Share Analysis (2020)
   3. Competitive Benchmarking by Operating Parameters
7. Impact of COVID-19 on United States Cybersecurity Market
8. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
   1. ScienceSoft
   2. Cisco
   3. McAfee
   4. IBM
   5. Amazon
   6. Trend Micro Inc.
   7. HackerOne
   8. QAwerk
   9. SecurityHQ
   10. Intruder
   11. Vipre
   12. Other Prominent Players
9. Key Strategic Recommendations

List of Figures

Figure 1: United States Cybersecurity Market Segmentation

Figure 2: United States Cybersecurity Market Value Chain Analysis,

Figure 3: Company Market Share Analysis, 2020

Figure 4: United States Cybersecurity Market Size, By Value (USD Million), 2017-2027

Figure 5: United States Cybersecurity Market Share (%), By Component, By Value, 2017-2027

Figure 6: United States Cybersecurity Market Share (%), By Software, By Value, 2017-2027

Figure 7: United States Cybersecurity Market Share (%), By Security Type, By Value, 2017-2027

Figure 8: United States Cybersecurity Market Share (%), By Deployment Mode, By Value, 2017-2027

Figure 9: United States Cybersecurity Market Share (%), By Organization Size, By Value, 2017-2027

Figure 10: United States Cybersecurity Market Share (%), By End User, By Value, 2017-2027

List of Tables

Table 1: United States Cybersecurity Market Size, By Component, By Value, 2017-2027

Table 2: United States Cybersecurity Market Size, By Software, By Value (USD Million), 2017-2027

Table 3: United States Cybersecurity Market Size, By Security Type, By Value (USD Million), 2017-2027

Table 4: United States Cybersecurity Market Size, By Deployment Mode, By Value (USD Million), 2017-2027

Table 5: United States Cybersecurity Market Size, By Organization Size, By Value (USD Million), 2017-2027

Table 6: United States Cybersecurity Market Size, By End User, By Value (USD Million), 2017-2027

Table 7: ScienceSoft Financial Analysis

Table 8: ScienceSoft Business Overview

Table 9: Cisco Financial Analysis

Table 10: Cisco Business Overview

Table 11: McAfee Financial Analysis

Table 12: McAfee Business Overview

Table 13: IBM Financial Analysis

Table 14: IBM Business Overview

Table 15: Amazon Financial Analysis

Table 16: Amazon Business Overview

Table 17: Trend Micro Inc. Financial Analysis

Table 18: Trend Micro Inc. Business Overview

Table 19: HackerOne Financial Analysis

Table 20: HackerOne Business Overview

Table 21: QAwerk Financial Analysis

Table 22: QAwerk Business Overview

Table 23: SecurityHQ Financial Analysis

Table 24: SecurityHQ Business Overview

Table 25: Intruder Financial Analysis

Table 26: Intruder Business Overview

Table 27: Vipre Financial Analysis

Table 28: Vipre Business Overview