Cybersecurity - Bangladesh

Bangladesh

The Bangladesh Cybersecurity market is expected to witness a significant increase in revenue, reaching US$189.50m by 2024.
Among the various segments, Cyber Solutions is projected to dominate the market, with a market volume of US$105.50m in the same year.
This indicates the growing importance of cybersecurity in Bangladesh.
Furthermore, the market is anticipated to experience a steady growth rate, with an annual growth rate (CAGR 2024-2029) of 14.24%.
As a result, the market volume is expected to reach US$368.80m by 2029.
This highlights the long-term potential and opportunities in the cybersecurity sector in Bangladesh.
When considering the average Spend per Employee in the Cybersecurity market, it is projected to reach US$2.42 in 2024.
This indicates the investment and resources allocated towards ensuring robust cybersecurity measures in the country.
In comparison to other countries, United States is expected to generate the highest revenue in the global cybersecurity market, with an estimated US$81,370.0m in 2024.
This showcases the dominant position of the United States in the cybersecurity industry.
Overall, the projected revenue, market volume, and growth rate in the Bangladesh Cybersecurity market signify the increasing importance and investments in cybersecurity measures to protect critical information and infrastructure in the country.
In Bangladesh, there is a growing demand for cybersecurity services due to the increased digitalization and a rise in cyber threats.

Key regions: United States, Canada, Brazil, India, Belgium

Market

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Analyst Opinion

Cybersecurity is a topic practically every company must tackle in order to ensure and enhance the success of the digital transformation of their operational activities (e.g., automated processes, cloud-based tools, or software support). Driven by the increasing awareness of data risks and threats, the global Cybersecurity market has witnessed robust growth over the last few years with revenue increasing from US$83.32 billion in 2016 to approximately US$166 billion in 2023.

Furthermore, the adoption of cybersecurity is expected to grow with the increasing internet penetration among developing and developed countries. Whilst it was common to dismiss cybersecurity as a task for the IT department, it is now increasingly becoming the dominant part of top-level strategic planning.

The COVID-19 crisis led to many organizations facing more cyberattacks due to the security vulnerability of remote work as well as the shift to virtualized IT environments, such as the infrastructure, data, and network of cloud computing. The market is expected to continue showing strong growth, with North America as the dominant region in this market. Cloud Security is the fastest-developing market.

Methodology

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.