Market Insights Technology Cybersecurity Cyber Solutions

Application Security - Serbia

Serbia

The Application Security market in Serbia is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$1.65m in 2024.
Furthermore, it is expected to exhibit a compound annual growth rate (CAGR) of 15.08% between 2024 and 2029, resulting in a market volume of US$3.33m by 2029.
In terms of spending, the average Spend per Employee in the Application Security market is projected to reach US$0.51 in 2024.
Comparatively, United States is anticipated to generate the highest revenue in this market, with a staggering US$3,004.0m in 2024.
This showcases the dominance of the United States in the global Application Security market.
Serbia is experiencing a growing demand for application security solutions, driven by the increasing number of cyber threats targeting businesses and organizations in the country.

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

Market

Region

Region comparison

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.