North America Internet Security Market

North America Internet Security Market Size (2024 to 2029)

The North America Internet Security Market is expected to reach USD 20.18 billion in 2024 and USD 33.08 billion by 2029, growing at a CAGR of 10.39% during the forecast period.

Internet security solutions are used to protect the computer system and ensure the perfect execution of activities. The Internet is an insecure channel for sharing information based on intrusions such as fraud or phishing. The protection and transmission of data over the Internet use a variety of methods, including data encryption, firewalls, antivirus and more. As more people and organizations connect to the Internet through the web and email, VoIP and other services worldwide, threats to security increase day by day. Such attacks continue to evolve with more sophisticated and technological advances.

North America Internet Security Market Drivers 

The main drivers of the North America Internet security market are the greater use of the Internet due to advances in wireless communications technology, Internet security through cloud services, strict government regulations and increased financial activity online.

Internet security and defense against online threats are even more critical in today's digital transformation environment. Fraud, cybercrime, risks, threats and vulnerabilities have multiplied and become important within an organization.

Internet security solutions cover a wide range of industries, including banking financial institutions and services, retail, telecommunications and information technology, government, manufacturing, education, defense, aerospace and others.  In the fiscal year 2016, government agencies reported 30,889 cases related to information security. A good example is the United States and Russian coalition on the first bilateral agreement on confidence-building measures in the cyber domain. These events highlight threats and problems to recognize people and turn them into potential customers of companies in the Internet security market. Antivirus solutions are the most widely used method to prevent Internet threats since they have the ability to prevent malware from physical and remote access points. 

North America Internet Security Market Restraints

With the advent of AI, cyber attackers are now taking advantage of AI along with machine learning to make cybercrime harder and harder to detect. Responding to these improved forms of intrusion with cheap Internet security products is the most challenging task on the market. The need for innovative and efficient Internet security will arise in the coming years.

REPORT COVERAGE

This research report on the North American Internet Security market has been segmented and sub-segmented based on the following categories.

North America Internet Security Market Analysis By Type

• Hardware
• Software  
• Services    

Based on the type, the North American Internet security market is divided into software, hardware and services. The software was the segment with the highest revenue in 2018, and the service segment is foreseen to record the highest growth rate during the estimated period. The increasing adoption of antivirus and firewall securities by large, small and medium enterprises has contributed to the growth of the software segment in the regional market.

North America Internet Security Market Analysis By Technology

• Authentication      
• Access Control       
• Content Filtering  
• Cryptography         

Based on technology, the North America Internet security market is classified as an authentication technology, access control technology, content filtering and encryption technology. Of these, the authentication segment was the most profitable sector in 2018, owing to the strict login mechanisms required to protect the confidential information from extruders or unauthorized access.

North America Internet Security Market Analysis By Application

• BFSI            
• Information Technology    
• Telecommunications          
• Retail         
• Government/Defence       
• Education
• Healthcare              
• Aerospace               

Based on the application, the defense/government applications sector led the regional market in 2018, representing almost 27.0% of total sales. High spending on security solutions and concerns about data leakage from intelligence, research and development and financial activities can lead to cyber terrorism, which is acting as a catalyst for the development of this sector.

North America Internet Security Market Analysis By Region

• The United States
• Canada
• Rest of North America

North America dominated the market in 2018, representing 38.3% of total sales. Its growth is due to the presence of prominent players that provide advanced solutions and services to all sectors of the region. In addition, as SMEs become more aware of internet security, it is expected that demand for cybersecurity solutions increase during the forecast period.

The United States internet security market is expected to represent more than half of the North American business. It has also been reported that the average cost of cybercrime in the United States is rising continuously. This is one of the main reasons why the United States invests significant sums in prioritizing internet security and addressing cyber threats. Canada internet security market is also expected to witness a high growth rate during the forecast period.

Leading Company

Symantec Corporation provides a platform for integrated security analysis provides analysis of big data, improves security applications Symantec and third parties, and provides visibility of global threats in real time.

KEY MARKET PARTICIPANTS

Major industry players include MacAfee, AVG Technologies, Palo Alto Networks, Kaspersky Lab, Trend Micro Inc., Symantec Corporation, Cisco Systems, IBM Corporation, Dell Root 9B, Fortinet Inc., Imperva Inc., CyberArk Software Ltd, and others.

RECENT HAPPENINGS IN THE MARKET

• In 2017, New York announced a regulation that requires financial institutions to organize detailed programs to protect customer data and train employees from identifying threats.
• Dell's January 2019 press release recreated the endpoint security portfolio through strategic collaboration with Secureworks and CrowdStrike to close the cybersecurity technology gap and help organizations address these issues. Introducing Dell SafeGuard and Response, a collection of next-generation endpoint security solutions.
• In the 2018 annual report, Microsoft stated that cybersecurity is a critical challenge in the digital age and is innovating to provide end-to-end security to customers with a global security operation that analyzes more than 6.5 billion signals from security every day. Microsoft leads the Cybersecurity Technology Agreement, signed by 61 global organizations, and urges the government to do more to ensure Internet security.