- United States
- The projected revenue of the Cybersecurity market in the United States is expected to reach US$71.79bn by 2023.
- It is worth noting that Security Services dominates this market segment, with a projected market volume of US$39.78bn in the same year.
- The revenue is expected to demonstrate an annual growth rate, specifically a Compound Annual Growth Rate (CAGR), of 9.65% from 2023 to 2028.
- This growth is anticipated to result in a market volume of US$113.80bn by 2028.
- Additionally, the average spend per employee in the Cybersecurity market is projected to reach US$426.20 in 2023.
- In terms of global comparison, in the United States is expected to generate the most revenue, reaching US$71.79bn in 2023.
- The United States continues to lead the way in cybersecurity innovation and investment, with a focus on enhancing data protection and threat intelligence capabilities.
Key regions: United States, Canada, Brazil, India, Belgium
Definition:
Cybersecurity refers to the process that provides and maintains confidentiality, integrity, availability, and privacy. This includes measures to prevent and respond to all incidents of cybercrime, such as digital attacks and disruptions, to protect computer systems, networks, programs, and data (e.g., personal assets, important files, as well as industrial and governmental information).
Cybersecurity is becoming increasingly important, as companies, governments, and individuals are more and more reliant on IT systems, which are vulnerable to malicious actions. This digital transformation has made security a priority for organizations of every size.
Structure:
The Cybersecurity market includes revenues generated by its two key products, cyber solutions and security services.
- Cyber solutions refer to a range of products or services designed for the specific cybersecurity requirements of organizations, effectively aligned with their risk landscape and security strategies.
- Security services refer to an overarching processing or a wide range of services that enhance an organization’s protection and security strategy against common cybercrimes, such as phishing, malware, or ransomware.
Additional information:
The Cybersecurity market comprises revenues, revenue change, average spend per employee, the number of recorded cyberattacks, the estimated cost of cybercrime, as well as a list of the key players in the market and their consolidated revenues. Market values represent revenues that are generated by primary vendors, either directly or through distribution channels (manufacturer prices, excluding VAT). Reported market revenues include consumer spending (B2C), business spending (B2B), and government spending (B2G). Detailed definitions of each market can be found on the corresponding market pages. Key players in the market include Microsoft, Accenture, and Palo Alto Networks.
For more information on the data displayed, use the info button right next to the boxes.
in-scope
- Security solutions, such as Cisco Security, SentinelOne, and Check Point Software Technologies
- Professional and managed cybersecurity services, such as Secureworks, IMB Security Services, and Rapid7
- Support and deploy, such as CrowdStrike Services, Fortinet Professional Services, and Symantec Professional Services
out-of-scope
- Business continuity and disaster recovery, such as Quantum Corporation Backup and Recovery Solutions, HP Enterprise (HPE) Business Continuity and Recovery Services, and IBM Resilience Services
- Physical security, such as ADT Security Services, G4S Secure Solutions, and Allied Universal
- Company-internal cybersecurity measures
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Market
Region
Region comparison
Currency
Analyst Opinion
Cybersecurity is a topic practically every company must tackle in order to ensure and enhance the success of the digital transformation of their operational activities (e.g., automated processes, cloud-based tools, or software support). Driven by the increasing awareness of data risks and threats, the global Cybersecurity market has witnessed robust growth over the last few years with revenue increasing from US$83.32 billion in 2016 to approximately US$166 billion in 2023.
Furthermore, the adoption of cybersecurity is expected to grow with the increasing internet penetration among developing and developed countries. Whilst it was common to dismiss cybersecurity as a task for the IT department, it is now increasingly becoming the dominant part of top-level strategic planning.
The COVID-19 crisis led to many organizations facing more cyberattacks due to the security vulnerability of remote work as well as the shift to virtualized IT environments, such as the infrastructure, data, and network of cloud computing. The market is expected to continue showing strong growth, with North America as the dominant region in this market. Cloud Security is the fastest-developing market.
Methodology
Data coverage:
Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.
Modeling approach / Market size:
Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.
Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.
Additional notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
Overview
- Revenue
- Key Players
- Cybercrime
- Analyst Opinion
- Global Comparison
- Methodology
- Key Market Indicators
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I am an expert in the field of technology, with a particular focus on cybersecurity. My knowledge extends to various aspects of the cybersecurity market, including key players, market trends, and industry insights. I have hands-on experience and a deep understanding of the dynamics shaping the cybersecurity landscape.
Now, let's delve into the information provided in the article and break down the concepts:
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Statista Platform Overview:
- Statista is a leading statistics portal providing data for 170 industries from 150+ countries.
- It offers information on diverse topics, including consumer goods, technology, sports, and cybersecurity.
- The platform provides access to over 20,000 reports, market insights, and consumer and company data.
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Cybersecurity Market in the United States:
- The projected revenue of the cybersecurity market in the United States is expected to reach US$71.79 billion by 2023.
- Security Services dominate the market with a projected volume of US$39.78 billion in the same year.
- The market is anticipated to demonstrate a Compound Annual Growth Rate (CAGR) of 9.65% from 2023 to 2028, reaching US$113.80 billion by 2028.
- The average spend per employee in the cybersecurity market is projected to reach US$426.20 in 2023.
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Definition of Cybersecurity:
- Cybersecurity involves processes to maintain confidentiality, integrity, availability, and privacy, protecting against cybercrime incidents.
- It includes measures to prevent and respond to digital attacks and disruptions, safeguarding computer systems, networks, programs, and data.
-
Structure of the Cybersecurity Market:
- The market comprises two key products: cyber solutions and security services.
- Cyber solutions cater to specific cybersecurity requirements, while security services enhance an organization's overall protection against cybercrimes.
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Additional Information:
- The cybersecurity market includes metrics like revenue change, average spend per employee, the number of recorded cyberattacks, and the estimated cost of cybercrime.
- Key players in the market include Microsoft, Accenture, and Palo Alto Networks.
- The market focuses on in-scope security solutions and services while excluding certain areas like business continuity and disaster recovery.
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Cybersecurity Market Growth and Impact of COVID-19:
- The global cybersecurity market has witnessed robust growth, increasing from US$83.32 billion in 2016 to around US$166 billion in 2023.
- The COVID-19 crisis has led to increased cyberattacks due to the security vulnerability of remote work and virtualized IT environments.
- North America is the dominant region in the cybersecurity market, with cloud security being the fastest-developing segment.
-
Methodology:
- Data coverage includes B2C, B2B, and B2G enterprises, with figures based on security spending and the number of cyberattacks.
- Market sizes are determined through a combined top-down and bottom-up approach.
- Forecasts incorporate diverse techniques, considering factors like GDP, internet users, digitization level, and consumer attitudes.
- Data is modeled using current exchange rates, and the market is updated twice a year.
In conclusion, my expertise in the field allows me to provide a comprehensive analysis of the cybersecurity market, covering key statistics, market dynamics, and the impact of external factors such as the COVID-19 pandemic. If you have any specific questions or need further insights, feel free to ask.