United States Cybersecurity Assessment Services Market Size By Service Type (Penetrating Testing, Remediation Services, Vulnerability Scanning), By End-User Industries (Government and Defense, Technology, Healthcare, Retail), And Forecast

United States Cybersecurity Assessment Services Market Size And Forecast

United States Cybersecurity Assessment Services Market size was valued at USD 958.26 Million in 2021 and is projected to reach USD 7,272.99 Million by 2030, growing at a CAGR of 24.53% from 2022 to 2030.

The introduction of the federal regulation concerning cyber-attacks drives the market growth. The United States report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market

United States Cybersecurity Assessment Services Market Definition

A cybersecurity assessment is a process that is used to evaluate the security controls and examine the overall organization’s security infrastructure. The various services are provided to remediate the vulnerabilities and risk assessments. Cyber security services are critical for evaluating the organization’s defense against a range of threats. The main focus of an assessment is to identify the vulnerabilities and minimize the security gaps.

A wide range of cybersecurity frameworks is available depending upon the end-use industry and region. Two of the broader frameworks include the ISO 27000 and NIST cybersecurity framework. The substantial increase in the number of data breaches across several industries boosts assessment services.

For instance, according to the White House Council of Economic Adviser, the Unites States economy witnessed a loss of nearly USD 57 billion to USD 109 billion per annum owing to the dangerous cyber activities.

The United States is a technological hub and early adopter of all types of technology. The rapid deployment of connected devices in the region increases the cyber-attacks in the region. The nation signed the law to establish the Cyber Security and Infrastructure Security Agency (CISA) to improve the national defense against cyberattacks.

The National Institute of Standards and Technology (NIST) cybersecurity framework is designed in collaboration with government agencies and the private sector. This has been widely deployed by companies in the United States. It is designed to address the essential component of cybersecurity that includes(identification, detection, protection, response, and recovery).

United States Cybersecurity Assessment Services Market Overview

With rapid digitalization, cybersecurity assessment services have become the key focus of the banking and financial sector (BFSI). The BFSI industry handles the sensitive, personal and financial information of users and employees that are constantly threatened by cybercriminals.

Following Forbes, the analysis in 2015 suggests that cybercriminals targeted financial organizations four times more than the other industries. Recently, in 2019 the same survey evaluated that the financial organization is experiencing 300 times more cyber-attacks than other organizations. Therefore, the banks and financial sector are treated as the biggest target for cyber-attacks.

Cyber-attacks are one of the most devastating threats for large, medium, and small business corporations. The primary targets of the malicious attackers are the small and medium businesses that are making up 43 percent of all attacks versus all other entity types. The federal, state and international regulation introduces certain cyber security protocols that need to be followed by an organization. The company/organization has to be subject to cyber security compliance to avoid data breaches and legal consequences.

The introduction of the federal regulation concerning cyber-attacks drives the market growth. The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is known for the introduction of protecting the privacy of patient health information. It is also equipped with a security concern that protects the use, transfer, and maintenance of electronic personal health information.

The penetration of the IoT in the United States is large and holds a major market share. With the availability of giant players such as Google, Cisco, and IBM, the market is expected to experience significant growth. The life-changing innovations of the internet of things have led to benefits through a range of smart platforms and the coupling of digital, cyber-physical, and social systems. The existing risk assessment methodologies were introduced (established) prior existence of challenges. These IoT challenges have been associated with a security and trust management perspective. Owing to this factor, the market has a potential opportunity to grow in the forecast period. Therefore, increasing adoption of the internet of things can create new opportunities for the market to grow with a higher CAGR.

However, the high cost of deployment of the services is one of the major factors that hamper the growth of the market. Small and medium business (SMBs) enterprises have typically weaker security and are very easy to exploit. In addition, the cost of conducting the security assessment varies depending upon the size of the organization. According to the number of employees and complexity of the operation, security assessments are generally priced between USD 5,000 and USD 50,000.

United States Cybersecurity Assessment Services MarketSegmentation Analysis

The United States Cybersecurity Assessment Services Market is segmented on the basis of Service Type, and End-User Industries.

United States Cybersecurity Assessment Services Market, By Service Type

• Penetrating Testing• Remediation Services• Vulnerability Scanning• Web Application Testing• Physical Breach Testing

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Based on Service Type, the market is bifurcated into Penetrating Testing, Remediation Services, Vulnerability Scanning, Web Application Testing, and Physical Breach Testing. The Penetrating Testing segment is accounted for the largest market share in 2021 and is projected to grow at the CAGR of 22.97% during the forecast period. Penetration tests, also known as pen tests, are used by organizations to find flaws or vulnerabilities in their system that could allow a hacker or other unauthorized person to gain access to its features or data. These flaws could be found in operating systems, services, and applications, as well as incorrect configurations and risky end-user behavior.

In recent years, penetration testing has become a popular security practice among businesses. This is especially true for industries that store and access sensitive or private information, such as banks and healthcare providers. For instance, as part of the Cyber Security Maturity Certification, the Department of Defense contractors must have adequate processes in place to protect Controlled Unclassified Information (CUI) (CMMC).

United States Cybersecurity Assessment Services Market, By End-User Industries

• Banking, Financial Services, and Insurance (BFSI)• Government and Defense• Technology• Healthcare• Retail• Energy & Utility Companies• Others

Based on End-User Industries, the United States Cybersecurity Assessment Services Market has been segmented into Banking, Financial Services, and Insurance (BFSI), Government and Defense, Technology, Healthcare, Retail, Energy & Utility Companies, and Others. In 2021, the Banking, Financial Services, and Insurance (BFSI) segment is accounted for the largest market share and is projected to grow at the highest CAGR of 24.25% during the forecast period. Financial institutions are plagued by financial crimes, and cyberattacks are becoming more sophisticated every year. Financial services companies are working hard to combat cybercrime, yet huge amounts of money are still being drained every year by cybercriminals, with USD 4.2 billion in 2020 alone, according to the FBI.

According to recent trends, the finance sector continues to experience higher rates of confirmed social engineering incidents than the majority of other industries, particularly phishing. No other industry experienced as many DDoS attacks in 2020. During the COVID months, certain industries, including the banking industry, saw an increase in attacks, most likely due to increased online traffic volumes.

Key Players

The “United States Cybersecurity Assessment Services Market” study report will provide a valuable insight with an emphasis on the U.S. market including some of the major players such as IBM, KPMG, Check Point Software Technologies, Rapid7, Qualyst, and Others. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.

Key Developments

• In February 2022, IBM announced Cyber Vault, FlashSystem, and SVC Solutions

• In January 2022, KPMG India and Qualys announced a partnership to bring Qualys solutions to KPMG’s Managed Security offering.• KPMG’s industry-leading and globally recognized cybersecurity services in India will be combined with Qualys’ world-class cybersecurity innovations to enable enterprises to protect their network, applications, endpoints, and cloud workloads from security vulnerabilities, provide visibility, and ensure compliance.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors.• Provision of market value (USD Billion) data for each segment and sub-segment.• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market.• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region.• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled.• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions.• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis.• Provides insight into the market through Value Chain.• Market dynamics scenario, along with growth opportunities of the market in the years to come.• 6-month post-sales analyst support.

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