North America Cyber Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Cyber Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Norway Cyber Security Market is expected to register a CAGR of 11.5% during the forecast period. The adoption of cybersecurity solutions is expected to increase with the increasing penetration of the internet throughout Norway. Also, the expanding wireless network catering to mobile devices has enhanced data vulnerability.

Key Highlights

• Norway is one of the world's leading digital nations. Over the next few years, technology will bring about significant changes. Robotics, sensor technology, 3D printing, big data, and artificial intelligence are all examples of technological developments that have the potential to change society. As digitization increases, the nation's data security needs to be increased.
• Norway's government 2022 has planned to spend NOK 10 million to increase digital resilience in society through the development of digital tools for enterprises to assess the security of their systems, a single digital security portal for authorities to be used by citizens, businesses, and municipalities, and information campaigns to raise awareness among citizens and companies.
• Norwegian companies are increasingly outsourcing operational and systems development tasks to suppliers in other countries and continents, resulting in many security and emergency challenges. For example, local operating conditions and other national regulations and practices may differ from Norwegian ICT security requirements or regulations for privacy and personal information. The lack of transparency makes it difficult for Norwegian authorities to conduct inspections and control activities.
• The rising usage of new service platforms, such as online and cloud computing, results in less transparent solutions, making it more difficult for users to assess risk and vulnerability and document their security.
• The COVID-19 epidemic has emphasized the necessity for increased digital security. People have increased their internet access to maintain personal and professional work. On the other hand, hackers have taken advantage of the situation, focusing on e-commerce, e-payment businesses, and the healthcare system.

Key Market TrendsAerospace, 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.
• The Canadian Centre for Cyber Security (CCCS) was aware of over a thousand malicious impersonations of Government of Canada (GC) websites employing COVID-19-themed lures as of April 27, 2020, and provided information to initiate their elimination. The majority of these cybercriminals targeted the Canada Revenue Agency (CRA) and the Canadian Emergency Response Benefit (CERB).
• Moreover, the Canadian Government is taking initiatives in collaboration with the Canadian military and North American Aerospace Defence Command (Norad) to identify and mitigate the cyberthreats 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.

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.
• 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 attacks 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. For instance, In June 2021, Horizon3.ai, a cybersecurity company based in California, raised an investment of USD 5 million in the Series A round of investment led by SignalFire.
• The country also marked the increase of ransomware and phishing attacks targeted at organizations that involved less manual effort and were highly automated in 2021. In July 2021, the New York and Miami-based IT service management vendor, Kaseya, met with a ransomware attack on its VSA remote monitoring and management software, affecting nearly 40 of the company's on-premises MSP customers.

Competitive Landscape

The North America cybersecurity market is fragmented as it comprises several global and regional players. The key players are focusing on innovation in production technologies to improve efficiency. Moreover, players adopt strategic initiatives such as partnerships, mergers, and acquisitions. Some of the key developments in the market are:

• In March 2022, Google Cloud announced it is acquiring cybersecurity firm Mandiant, a player in proactive SaaS-based security. The acquisition underscores the importance of security for all businesses, regardless of scale, as cybercrime is increasingly affecting all companies in the nation. The acquisition is all cash, valuing Mandiant at USD 23 per share in a deal worth USD 5.4 Billion. Mandiant will become a part of Google Cloud once the deal receives requisite stockholder and regulatory approvals.
• In July 2021, Microsoft Corp acquired security software vendor RiskIQ. RiskIQ provides management tools and threat intelligence to collect against various cyber-attacks across Microsoft's cloud services, AWS, on-premises servers, and supply chain attacks. Cloud-based RiskIQ software detects network and device-wide security issues, and the company lists Box, US Postal Service, BMW, Facebook, and American Express as customers.

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• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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