Market Insights Technology Cybersecurity Cyber Solutions

Cloud Security - North America

North America

The Cloud Security market in North America is expected to witness substantial growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$0.95bn by 2024.
Furthermore, it is anticipated that the market will experience a robust compound annual growth rate (CAGR) of 26.02% from 2024 to 2029, resulting in a market volume of US$3.02bn by the end of the forecast period.
When considering the spending patterns in this sector, it is interesting to note that the average Spend per Employee is projected to reach US$3.72 in 2024.
This figure provides an indication of the financial commitment made by organizations towards cloud security measures.
In terms of global comparison, United States is expected to generate the highest revenue in the Cloud Security market.
It is estimated that United States will generate US$869.2m in revenue by 2024.
This emphasizes the significant contribution of the United States to the overall market performance.
Overall, the Cloud Security market in North America is poised for substantial growth, with United States playing a pivotal role in driving revenue generation.
North America is experiencing a surge in demand for cloud security solutions as companies prioritize protecting their data.

Key regions: Canada, Chile, Brazil, Spain, Germany

Market

Region

Region comparison

Currency

Methodology

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.