December 17, 2018
WELLESLEY, Mass., Dec. 17, 2018 – North America, especially the U.S., is expected to be a hotspot for cybercrime as BYOD (bring your own device) and cloud-based enterprise systems create new access points for hackers. As a result, demand is forecast to surge for cyber security measures, according to a new report by BCC Research.
The North American cyber security market was valued at $51.6 billion in 2018 and is expected to reach $82.5 billion by 2023, indicating a compound annual growth rate (CAGR) of 9.8% according to the report “Cyber Security: North American Markets.”
“The evolution of the internet is one of the biggest technological revolutions in the world,” said analyst and report author Soumya Swarup Sahoo. “The increasing usability of the internet has, however, led to different types of security vulnerabilities. Businesses currently face the possibility of substantial losses due to a broad range of cyberattacks.”
Use of Pirated Products Could Hinder Market Growth
The use of pirated products is a major hindrance to the adoption of internet security solutions in countries, such as the U.S. and Mexico. Users may assume they have full protection from pirated or free versions of security solutions, which could limit market growth. Falling prices of security solutions and rising consumer awareness of internet security solutions could diminish this threat in the future.
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Cyber Security: North American Markets( IFT174A )
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