Market Insights Technology Cybersecurity Cyber Solutions

Application Security - Lithuania

Lithuania

The Application Security market in Lithuania is expected to achieve a revenue of US$1.45m in 2024.
Furthermore, it is projected to demonstrate an annual growth rate (CAGR 2024-2029) of 12.65%, ultimately resulting in a market volume of US$2.63m by 2029.
Considering the average Spend per Employee, it is estimated to reach US$0.94 in 2024.
In a global context, United States is anticipated to generate the highest revenue, amounting to US$3,004.0m in 2024.
Lithuania is emerging as a leading hub for application security, with its skilled workforce and strong focus on cybersecurity.

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

Market

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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.