North America Security Testing Market Forecast 2021-2028
The North America security testing market is set to evolve at a CAGR of 21.98% during the forecast period, 2021-2028. The region encompasses prominent cloud service providers, like Amazon and Microsoft, which is estimated to play a considerable role in the cloud based security testing growth. Such factors are projected to propel market growth.
Canada and the United States are assessed for the North America security testing market growth analysis. The cybersecurity regulatory landscape in Canada is driven by the enforcement of Bill S-4, the Digital Privacy Act. This has resulted in several businesses optimizing their compliance programs by leveraging automation, analytics, testing, external experts, etc. The country loses more than CAD 3.2 billion every year due to cybercrime, as per the Department of Public Safety. Also, SMEs account for almost 71% of data breaches. The country’s budget of 2018 saw CAD 507.7 million being allotted for emboldening the protection and response capabilities in the event of cyberattacks. This is estimated to be a major driver for the increasing demand for testing solutions.
In the United States, there is a rising trend of Distributed Denial-of-Service (DDoS) attacks by IoT devices turned into IoT botnets. For instance, several hundreds of thousands of IoT devices were infected by the Mirai botnet. Also, there is an increase in the number of data breaches and exposed records. The exposed records due to data breach in the country saw a significant rise in 2017 from that of 2016. Such factors are expected to fuel market growth in the US.
Some of the eminent companies operating in the market include, Veracode Inc, IBM Corporation, Hewlett-Packard Company, Cisco Systems Inc, MacAfee Llc, etc.
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