San Antonio, Texas-based market research firm Frost & Sullivan has identified Booz Allen Hamilton as the largest single market shareholder in the American managed and professional security services sector for the third year in a row.
The report, titled â€œManaged and Professional Security Services Market in the Americas, Forecast to 2024â€, states that Booz Allenâ€™s role as an established U.S. defense and federal contractor enabled it to reach its current market share of 10.7 percent, Booz Allen said Tuesday.
Frost & Sullivan also cited the companyâ€™s capacity for providing and scaling cybersecurity as well as intelligence-focused technologies for large organizations as a key contributor to its market position.
In 2019, Booz Allen topped the research firm's list for the same market at 11.4 percent.
Brad Medairy, executive vice president and head of Booz Allen's cyber and engineering practice, said the company works to implement a â€œcomprehensive approachâ€ to addressing emerging cyber threats that entail the combination of threat-hunting concepts and intelligence-grade tradecraft.
Frost & Sullivanâ€™s report forecasts the managed and professional security services sector in the Americas to reach $18.81B in 2024 at an 11.6 percent growth rate.Â
The firm recorded a $10.88B revenue for that market last year.