North America Cyber Security Market Size Analysis Report - Market Share, Forecast Trends and Outlook (2025-2034)

North America Cyber Security Market Growth

In 2021, an astonishing 85% of Canadian businesses experienced the impact of cybercriminal activities, marking a 7% rise from the previous year. In response to the increasing frequency of cyberattacks, both corporate entities and government institutions in Canada are allocating resources towards enhancing cybersecurity measures. Given that the average financial loss from a data breach for Canadian firms amounts to approximately 5.4 million, there is a concerted effort from both the private and public sectors to bolster cybersecurity at both organisational and national levels. On average, a Canadian company dedicates 11.1% of its IT budget to security initiatives.

The United States boasts the largest and most liquid financial markets globally. In 2020, finance and insurance made up 8.3% of the U.S. gross domestic product, amounting to $1.7 trillion. In the same year, the U.S. exported $151.9 billion in financial services and insurance, resulting in a $60 billion surplus in financial services and insurance trade. Additionally, the insurance sector's net premiums written totalled $1.32 trillion in the same year. According to the 2021 edition of the Global Findex, North America has the highest percentage of people who own an account, with 99.6% of the adult population in Canada and 95% in the United States owning an account with a financial institution or mobile money provider. This rapid digital transformation of financial services and the advancement of cybercriminal activities have left the sector susceptible to cyber threats.

Key Trends and Developments

Surging sophistication of cyberattacks; favourable government initiatives; expanding use of IoT gadgets and devices; and the deployment of AI and ML in cyber security are aiding the North America cyber security market expansion

August 2024

US-based GuidePoint Security announced the launch of its Phishing as a Service (PhaaS) offering to support organisations boost their cyber security and maximise the value of security investments. The new offering is designed to seamlessly align with organisational goals, easily integrate into the workforce, and provide customised results in real-time.

June 2024

Microsoft launched a new cybersecurity programme aimed at supporting hospitals serving over 60 million people in rural United States. The Microsoft Cybersecurity Program for Rural Hospitals is designed to aid the unique cybersecurity needs of rural hospitals.

May 2024

The Canadian government released its first Enterprise Cyber Security Strategy, supported by Budget 2024’s investment of $11.1 million over 5 years. The strategy aims to protect Canadians’ information, safeguard government systems, and strengthen the resilience of digital government.

March 2023

Viasat Inc. announced the launch of its Trusted Cybersecurity Services (TCS) solution, a cyber security solution that integrates classified government threat intelligence to identify potential, existing, and emerging threats on organisations’ networks, hence protecting businesses and critical infrastructure in the United States.

Increasing Sophistication of Cyberattacks

The increasing sophistication of cyberattacks, the evolving digital threat landscape, the rising powerful hacking tools, and the proliferation of nation-state-sponsored hacking groups are boosting the demand for effective cyber security solutions.

Favourable Government Initiatives

The introduction of favourable government initiatives aimed at strengthening cybersecurity resilience, empowering users to protect themselves from hackers, and resisting and preventing cyberattacks more effectively is aiding the market.

Expanding Use of IoT Gadgets and Devices

The increasing number of IoT vulnerabilities and the expansion of IoT devices are resulting in new susceptible within digital threat environments. This is boosting the requirement for cybersecurity solutions.

The Deployment of ML and AI in Cyber Security

Companies are deploying machine learning (ML) and artificial intelligence (AI) in cyber security solutions for detecting threats, detecting anomalies, and mitigating and identifying cyber threats.

North America Cyber Security Market Trends

In 2023, the United States FBI reported that the healthcare sector was more prone to ransomware than other critical infrastructure and attacks featuring ransomware in the healthcare sector increased by 130%, negatively impacting access to critical care. This is driving the demand for effective cyber security solutions that can block threats and patient data breaches, encrypt mail messages, protect clinicians from being targeted by advanced attacks, and improve security awareness.

There is a growing adoption of automation in cyber security to automate operations such as threat detection, compliance management, incident response, and vulnerability management, minimise the risk of human error, and lower the workload of security teams. Improved accuracy, better insights, reduced cost and validation time, and better application security are further driving the adoption of automated cyber security solutions.

North America Cyber Security Industry Segmentation

North America Cyber Security Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Market Breakup by Offering

• Solutions
  • Identity and Access Management
  • Antivirus/Antimalware
  • Encryption and Tokenisation
  • Compliance and Policy Management
  • Firewall
  • Others
• Services

Market Breakup by Deployment Mode

• On-Premises
• Cloud

Market Breakup by Organisation Size

• Large Enterprises
• Small and Medium Enterprises (SMEs)

Market Breakup by Security

• Network Security
• Cloud Security
• End Point and IOT Security
• Application Security

Market Breakup by Industry Vertical

• BFSI
• Government
• Healthcare and Life Sciences
• Aerospace and Defence
• Manufacturing
• Others

Market Breakup by Region

• United States
• Canada

North America Cyber Security Market Share

Based on the industry vertical, the market is segmented into BFSI, government, healthcare and life sciences, aerospace and defence, and manufacturing, among others. The BFSI sector is projected to grow at a CAGR of 9.9% during the forecast period of 2025-2034 amid the rising digitisation of banking services in the region.

Leading Companies in the North America Cyber Security Market

Major players are focusing on the adoption of artificial intelligence and machine learning to gain a competitive edge in the market.

• IBM Corporation
• Cisco Systems Inc.
• Broadcom Inc.
• Oracle Corporation
• Intel Corp.
• Dell Inc.
• Fortinet Inc.
• F5 Inc.
• Cyberark Software Ltd.
• Trend Micro Inc.
• Palo Alto Networks Inc.
• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.