Market Trends of North America Cyber Security Industry
Aerospace, Defense, and Intelligence Industry to Drive the Market Growth
- The region invests heavily in cybersecurity solutions to avoid intellectual property theft and compromise systems that monitor and control the country’s defense systems and capabilities. To keep pace with modern defense advancements, countries like the United States have developed new technologies, such as unmanned vehicles, hypersonic weapons, etc. These advancements depend highly on data and connectivity, making them susceptible to breaches and attacks. Thus, there is a growing necessity for the region to focus on developing countermeasures to safeguard critical information.
- The US Aerospace Industries Association focused on promoting policies strengthening the aerospace and defense industry. Defense companies, such as BAE Systems PLC, General Dynamics Corporation, and Finmeccanica SpA, are engaged in developing cybersecurity solutions in the defense industry, especially in developing network security solutions and software, preventing cyber-attacks on military software systems, indicating the demand for these solutions in the aerospace and defense sector.
- Moreover, the Canadian Government is taking initiatives in collaboration with the Canadian military and North American Aerospace Defence Command (Norad) to identify and mitigate cyber threats to critical civilian sites. The critical sites, like power grids, water treatment plants, or traffic systems, are especially focused on preventing attacks that could shut down civilian infrastructure.
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United States to Hold Significant Market Share
- The country is strategically positioned to combat cybersecurity threats with key players like Symantec, Intel Security, IBM Security, and Dell EMC based in the country, along with the support of start-ups playing a major role in cyberspace. With a focus on innovations and multiple strategic partnerships, the studied market in the United States has become one of the prominent industries in the technological space.
- For the fiscal year 2023, the government of the United States proposed a USD 10.89 billion budget for cyber security, representing an increase from the previous fiscal year. These federal resources for cyber security are set to support a broad-based cyber security strategy for securing the government and enhancing the security of critical infrastructure and essential technologies.
- According to the world economic forum's Global Security Outlook 2022 report, Ransomware attacks saw a significant boost in the first six months of 2021, with global attack volume increasing by 151%. The United States Federal Bureau of Investigation (FBI) has warned that 100 different ransomware strains are circulating globally.
- Moreover, in light of the Russia - Ukraine conflict and a virtually endless cycle of threat campaigns and vulnerability disclosures towards the country, the US State Department, in April 2022, launched a new agency, the Bureau of Cyberspace and Digital Policy (CDP), responsible for developing online defense and privacy-protection policies and direction as the Biden administration seeks to integrate cybersecurity into America's foreign relations. The bureau, supervised by a cyber ambassador confirmed in the Senate, opened the door when physical war could flow into cyber warfare anytime.
- Increased investments in the industry mark the country for cybersecurity solutions and cyber threat detecting software. With the increased awareness amongst companies from small to large enterprises, US companies are deploying more rigid solutions to protect data and installing fraud and threat detection programs to find risks at an earlier stage to respond at an earlier stage driving the injection of funds into the industry.
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