North America Application Security Market Forecast 2021-2028
The North America application security market is anticipated to project a CAGR of 11.23%, during the forecast years of 2021 to 2028. The market growth of the region is accredited to chief factors, such as, the increasing adoption of cloud solutions, the growing expenditure on defense activities, and the rising rates of cybercrimes and security challenges.
The North America application security market growth is determined by studying Canada and the United States. The cybersecurity regulatory landscape in Canada is supplemented by Bill S-4’s enforcement. It has also resulted in businesses optimizing their compliance programs, in order to satisfy the increasing cyber scrutiny. The approach entails leveraging external experts, analytics testing, automation, and others, for fueling actual as well as risk-based cybersecurity improvements.
As per Canada’s Department of Public Safety, the nation suffers losses of over CAD 3.2 billion, annually, owing to cybercrime, while SMEs accounted for nearly 71% of all data breaches. Moreover, the country’s government allotted CAD 507.7 million over five years in the 2018 budget, to reinforce Canada’s protection and response potential, in case of a cyber-attack. This factor is anticipated to drive the demand for testing solutions, across the country.
Canada has continued to remain at the forefront of data protection, through its Personal Information Protection and Electronic Documents Act (PIPEDA). Mobile devices like tablets and smartphones have extended rapidly across the Government of Canada, as well. Although they bolster efficiency and productivity, they can significantly increase the risk of compromising the government’s networks and information. These factors are projected to influence the country’s market growth.
Some of the eminent companies in the market include, IBM Corporation, Contrast Security, etc.
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