Market Insights Technology Cybersecurity Cyber Solutions

Cloud Security - EU-27

EU-27

The Cloud Security market in the EU-25.60% is anticipated to witness a significant growth, with projected revenues reaching US$339.50m by 2024.
Moreover, it is expected to exhibit a strong compound annual growth rate (CAGR 2024-2029) of 25.60%, resulting in a substantial market volume of US$1,061.00m by 2029.
Furthermore, the average Spend per Employee in the Cloud Security market is projected to reach US$1.51 in 2024.
This metric highlights the level of investment and resource allocation within the industry.
In terms of global comparison, United States is expected to generate the highest revenue in the Cloud Security market, with an estimated amount of US$869.2m in 2024.
This underscores the dominant position of the United States in this particular market segment.
In Germany, the adoption of cloud security solutions is driven by strict data protection regulations and the need to comply with the General Data Protection Regulation (GDPR).

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.