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 Internet of Things is already huge in the US, grabbing a big slice of the market! And with giants like Google, Cisco, and IBM playing in the space, expect some serious growth. These life-changing IoT innovations are making things better through all sorts of smart platforms, connecting digital, cyber-physical, and social systems. Now, here’s the thingour current risk assessment methods were around before we had to deal with these new challenges. These IoT challenges? They're mostly about security and trust management. Because of that, the market has a real chance to take off in the coming years. Basically, as more and more people adopt the Internet of Things, it could lead to some awesome new opportunities for the market to grow, and at a pretty impressive CAGR too!

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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Okay, so when we look at the different Service Types out there, the market breaks down into things like Penetrating Testing, Remediation Services, Vulnerability Scanning, Web Application Testing, and even Physical Breach Testing. Turns out, Penetrating Testing was the big winner in 2021, grabbing the biggest slice of the pie. And get this, it's expected to keep growing like crazy, at a rate of 22.97% each year! Now, what's Penetrating Testing all about? Well, think of it as a "pen test" where companies try to find any holes in their defenses that a hacker could sneak through to steal data or mess things up. These holes could be in anything from operating systems and apps to simple misconfigurations or even risky stuff employees are doing.

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

When we look at who's using cybersecurity assessment services in the US, we can break it down by industryBanking, Financial Services, and Insurance (BFSI), Government and Defense, Technology, Healthcare, Retail, Energy & Utility Companies, and Others. Right now, the Banking, Financial Services, and Insurance (BFSI) sector is leading the pack, grabbing the biggest slice of the market in 2021. And it's not slowing down; it's actually expected to grow the fastest, with a whopping 24.25% growth rate predicted! Why? Well, financial institutions are constantly battling financial crimes, and these cyberattacks are getting nastier and more complex all the time. Even though these companies are throwing everything they've got at fighting cybercrime, cybercriminals are still siphoning off huge amounts of cash - the FBI says they stole around USD 4.2 billion just in 2020.

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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