Market Trends of North America Security Services Industry
The IT and Infrastructure Segment is Expected to Hold Significant Market Share
- The IT and infrastructure sector is a significant driver of the need for security services, as they play a fundamental role in contemporary business operations, and security threats have become increasingly complex. Furthermore, with the increasing intricacy of network architectures and the proliferation of interconnected devices, the demand for network security services to identify and mitigate threats within IT infrastructures is growing.
- For instance, in April 2023, IBM introduced the QRadar Security Suite, designed to facilitate detecting and responding to threats. This suite includes a modernized, unified interface that simplifies the response of analysts throughout the entire attack lifecycle. Additionally, the suite is equipped with advanced artificial intelligence and automation capabilities that have been demonstrated to reduce alert triage times by an average of 55%.
- IAM (Identity and Access Management) solutions safeguard IT resources from unauthorized access. Security services provide organizations with the necessary tools to implement IAM best practices. For instance, in September 2023, Oracle announced updates to its Oracle Access Governance service to assist IT teams in better assigning, monitoring, and managing user access to applications and other technology resources. The cloud-native service offers comprehensive visibility into user interactions with technology resources, helping to mitigate risk by enabling only authorized users to access, view, and interact with restricted assets, including patents and databases, applications, and infrastructure resources such as cloud servers and services.
- The IT and infrastructure sectors are increasingly adopting advanced technologies such as AI (artificial intelligence), machine learning, and security analytics to detect and analyze potential threats. Security services are taking advantage of these technologies to improve their security. Furthermore, the shift toward cloud-based Managed Security Services is further supported by the growing adoption of advanced technologies, such as big data analytics, threat intelligence, and advanced automation platforms. To meet the industry's ever-changing needs, several market players are introducing comprehensive services through innovative and collaborative approaches.
- Network intrusion is a significant source of demand for security services in the IT and infrastructure sectors, as it can considerably impact the security of data, critical systems, and other sensitive information. According to BakerHostetler, network intrusion was identified as the most prevalent cybercrime attack on United States-based companies in 2022, which made up 45% of all incidents. In second place was the business e-mail compromise (BEC), accounting for 30% of all data security incidents in US-based companies, with 12% reporting inadvertent disclosure.
Understand The Key Trends Shaping This Market
Download Sample
The United States Holds the Largest Market Share
- The prevalence of demand for security services in the United States results from a complex combination of factors, including its economic importance, its position as a technological and innovation center, its vast critical infrastructure resources, and the ever-changing threat environment. Innovative city solutions in the United States are expected to experience a surge in demand as investments in modernizing urban telecommunications networks to 5G technology will increase the digitization of city infrastructure and services, which in turn will create a need for security services.
- The United States is confronted with many cyber-attacks, such as nation-state cyber-attacks, ransomware, and data breaches. Organizations in various industries require cybersecurity services to protect themselves from these threats.
- For instance, in September 2023, the Cybersecurity Infrastructure Security Agency declared the launch of the "Secure Our World" program, a national cybersecurity public awareness initiative to teach all Americans how to protect themselves online. This program focuses on four basic steps individuals can take to remain secure online: using strong passwords, multi-factor authentication, recognizing and reporting phishing, and updating software.
- The United States has adopted advanced technologies such as 5G, internet of things (IoT), and artificial intelligence (AI). These technologies present novel security issues and stimulate the need for specialized security solutions. The implementation of 5G technology has enabled the rapid expansion of the Internet of IoT and sensors. However, many IoT devices possess limited security capabilities, making them susceptible to malicious attacks. As a result, the demand for security services is increasing due to the need to protect IoT ecosystems.
- The United States is home to one of the world's largest and most diversified economies, encompassing many businesses and industries. Defending this economic infrastructure against cyberattacks, physical security threats, and other vulnerabilities is a primary focus of security services. The Identity Theft Resource Center reported that 3,205 data compromises occurred in the United States in 2023, while more than 353.02 million individuals were exposed to data breaches, leaks, and exposures in the same year. While these three incidents are distinct, they all have one commonality: an unauthorized threat actor gains access to the sensitive data.
Get Analysis on Important Geographic Markets
Download Sample
