Market Insights Technology Cybersecurity Cyber Solutions

Cloud Security - Europe

Europe

The Cloud Security market in Europe is set to achieve a remarkable revenue of US$538.80m by the year 2024.
It is anticipated that the market will witness a steady growth rate of 25.98% annually from 2024 to 2029, resulting in a market volume of US$1,710.00m by the end of 2029.
Furthermore, the projected average Spend per Employee in the Cloud Security market sector is expected to reach US$1.29 in 2024.
In terms of global comparison, United States is expected to generate the highest revenue in this market, with an impressive figure of US$869.2m in 2024.
In Europe, the demand for cloud security solutions is rapidly growing in Germany, driven by strict data protection regulations and a strong emphasis on privacy.

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

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.