Market Insights Technology Cybersecurity Cyber Solutions

Cloud Security - Belgium

Belgium

Belgium is expected to witness significant growth in the Cloud Security market.
By 2024, the projected revenue in this market segment is estimated to reach US$7.10m.
Furthermore, it is anticipated that the market will experience a steady annual growth rate (CAGR 2024-2029) of 25.18%.
As a result, the market volume is projected to reach US$21.82m by 2029.
In terms of spending, the average Spend per Employee in the Cloud Security market is expected to reach US$1.31 in 2024.
This indicates the level of investment made by companies to ensure the security of their cloud infrastructure in Belgium.
When comparing global revenue generation in the Cloud Security market, it is noteworthy that United States is anticipated to generate the highest revenue.
In 2024, the revenue generated by United States alone is projected to be a staggering US$869.2m.
This highlights the dominance of the United States in this market segment.
Overall, Belgium's Cloud Security market is expected to witness substantial growth and investment, contributing to the larger global landscape of this industry.
Belgium is experiencing a growing demand for cloud security solutions as businesses prioritize data protection and compliance in the digital era.

Key regions: Canada, Chile, Brazil, Spain, Germany

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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.