Market Insights Technology Cybersecurity Security Services

Professional Services - North America

North America

The Professional Services market in North America is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$37.26bn by 2024.
Furthermore, it is anticipated that the market will show a steady annual growth rate of 5.31% from 2024 to 2029, resulting in a market volume of US$48.27bn by 2029.
In terms of average spend per employee, it is forecasted that it will reach US$146.00 in 2024.
This indicates the level of investment and expenditure within the Professional Services market sector in North America.
When looking at the global perspective, United States is expected to generate the highest revenue in the Professional Services market.
In 2024, it is projected to account for approximately US$34,430.0m of the total revenue, highlighting its dominant position in the industry.
In North America, the professional services market is experiencing a surge in demand for virtual consulting services due to the increasing reliance on remote work.

Key regions: India, Chile, Spain, Saudi Arabia, Belgium

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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.