LONDON--(BUSINESS WIRE)--The government cyber security market in US is expected to grow by USD 11.50 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Deployment models such as on-premise and cloud models have several prevalent issues. The on-premise deployment model requires high capital and the cloud-based model is more prone to instances such as loss of confidential data. Hence, many enterprises including government organizations are adopting hybrid deployment models to ensure the protection of critical information without the need for skilled workers, thus lowering the total cost of ownership. Also, hybrid cybersecurity solutions are offered in the pay-per-use model and are less expensive compared to full license security solutions. The increasing adoption of the hybrid deployment model is one of the key factors driving the growth of the government cybersecurity market in the US.
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As per Technavio, the increasing IT security budget will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Government Cyber Security Market in US: Increasing IT Security Budget
The rise in the number of cybercrime activities and security threats is forcing government organizations to increase the budget allocation for IT security. For instance, during 2018-2019, there was over 10% increase in the cybersecurity budget in the US. Similarly, in California, USD 38.8 million was allocated in the 2020 budget for statewide cybersecurity operations. With the increasing complexity of cyberattacks and the rising awareness about security risks, the demand for cybersecurity solutions in the government sector will increase significantly during the forecast period.
“Firewall as a disruptive deception capability and the declining cost of cybersecurity services will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Government Cyber Security Market in US: Segmentation Analysis
This market research report segments the government cyber security market in US by product (services and solutions), end-user (US intelligence community, Department of defense, and Department of homeland security), and deployment (on-premises and cloud-based).
The services segment led the government cyber security market in 2019. During the forecast period, the services segment is expected to register the highest incremental growth due to an increase in the number of vendors providing cyber security services to the US government organizations.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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