Market Insights Technology Cybersecurity Cyber Solutions

Application Security - Belgium

Belgium

The Application Security market in Belgium is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is forecasted to reach US$12.28m by 2024.
Furthermore, it is expected to experience a steady annual growth rate of 11.43% (CAGR 2024-2029), resulting in a market volume of US$21.10m by 2029.
This indicates a positive outlook for the Application Security market sector in Belgium.
In terms of spending, the average Spend per Employee in the Application Security market is estimated to reach US$2.27 in 2024.
This suggests that businesses in Belgium are willing to invest in robust security measures to protect their applications from potential threats.
When comparing the global market, it is noteworthy that United States is projected to generate the highest revenue in the Application Security market.
In 2024 alone, the revenue generated United States is expected to reach a staggering US$3,004.0m.
This signifies the significance of the US market in driving the growth of the global Application Security market industry.
Overall, the Application Security market in Belgium is poised for growth, with increasing revenue and a commitment to investing in security measures.
Belgium, known for its strong cybersecurity culture, is witnessing a surge in demand for application security solutions to safeguard its digital infrastructure.

Key regions: Spain, Belgium, Brazil, India, Chile

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Currency

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.