Security Software Publishing in the US
When people think of personal safety, their minds often default to assaults, burglaries and fires; meanwhile, in today's digital age, financial and emotional damage from a cyberattack can be far more devastating while lurking unseen for years. Cybersecurity software attempts to protect people f...
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| Format: | Market Research |
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| Language: | eng |
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| Online Access: | Request full text |
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| Summary: | When people think of personal safety, their minds often default to assaults, burglaries and fires; meanwhile, in today's digital age, financial and emotional damage from a cyberattack can be far more devastating while lurking unseen for years. Cybersecurity software attempts to protect people from digital threats by hardening systems to risk, identifying malicious activity and taking remediation action. The explosion of data, internet-enabled solutions and cloud services have stimulated the expansion of security software to new markets, particularly for small businesses. Revenue has skyrocketed at a CAGR of 10.3% over the past five years to reach $52.1 billion, with a profit of 28.9% in 2023. Even so, revenue increased just 2.8% in 2023 as the post-COVID spending explosion tailed off with inflation.
A shift in paradigms addressing cyber risks became inevitable with the advent of remote work models. The protective sphere that cloaked businesses pre-COVID was disintegrated, unleashing unique threats into businesses unprepared to deal with them. Security software, specifically VPNs and anti-malware programs, emerged as essential utilities for businesses, arming laptops and other devices — gatekeepers against virtual onslaughts. In this period, data sharing soared securely over individualized networks, even as cyber crimes took on an inflated persona — fear was stoked and transformed into buying decisions.
Federal investment in IT and cybersecurity has grown faster each year since the mid-2010s as the US attempts to prepare for an era of cyberwarfare, but these projects are limited to specialized contractors. Governments have also been implementing minimum breach reporting and security mandates, increasing the utility of software.
Like other software sectors, cybersecurity has leveraged cloud and SaaS services to analyze threats using enhanced computing resources while minimizing the computational burden on end devices; this also enables subscription pricing models that lower revenue volatility. Machine learning will also be essential to detect novel and mutating threats as human analytics continue to prove feeble at navigating risks in electronic worlds. Consequently, revenue will rise at a CAGR of 10.1% over the next five years to reach an impressive $84.2 billion in 2028. |
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