North America Security Services Market Size

North America Security Services Market Analysis

The North America Security Services Market size is estimated at USD 44.75 billion in 2024, and is expected to reach USD 65.53 billion by 2029, growing at a CAGR of 5.60% during the forecast period (2024-2029).

• The emergence of advanced technologies, such as threat intelligence, machine learning, and artificial intelligence, creates a need for sophisticated security services that can effectively address the increasing threats. As AI-based technologies advance, the security services market is likely to continue to witness the development of specialized tools by experienced developers to address specific issues. The result of technological solutions has also led to an increase in acquisition activity as companies seek to gain a deeper understanding of emerging markets.
• Organizations are shifting to cloud-based services for scalability and flexibility. The importance of cloud security solutions in safeguarding data and applications is on the rise. For instance, in July 2023, the Government of the United States asserted that cloud computing can offer enhanced security, improved efficiency, and decreased expenses. Increased reliance on cloud services can enable the federal government to strengthen the provision of services to its citizens and protect its networks.
• The North American financial services sector is particularly vulnerable to cybercriminals, as it is home to a wealth of financial data. This data is held by banks, insurance companies, and financial technology companies and is the driving force behind the need for comprehensive security solutions to combat financial fraud and cyber-attacks. According to the FTC (Federal Trade Commission), financial fraud involving bank transfers or payments in the United States in 2022 caused losses of USD 1.59 billion. The evolving tactics of cybercriminals drive the demand for advanced security services and continuous monitoring.
• Cybercrime remains a significant issue in North America and influences the security services market. There has been a considerable increase in data breaches caused by phishing, credential theft, and ransomware. Data security is becoming increasingly difficult as the use of artificial intelligence and IoT technologies increases. As new cyberattack vectors emerge, organizations can be put at risk if security services are inadequate, thus impeding market development.
• Moreover, since the pandemic outbreak, economies of multiple countries, which feel significant, are still unable to recover as anticipated, which is bringing a shadow of economic recession, especially in North America. For instance, according to the International Monitory Fund (IMF) estimates, the real GDP growth of the United States is anticipated to remain in a slowdown phase till 2024 before regaining momentum again.