Market Insights Technology Cybersecurity Cyber Solutions

Cloud Security - Lithuania

Lithuania

The Cloud Security market in Lithuania is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$0.71m by 2024.
Furthermore, it is anticipated that there will be a steady annual growth rate (CAGR 2024-2029) of 26.39%, leading to a market volume of US$2.29m by 2029.
In terms of spending, the average Spend per Employee in the Cloud Security market is projected to be US$0.46 in 2024.
This indicates the level of investment companies in Lithuania are willing to make to ensure the security of their cloud infrastructure.
When comparing the global market, it is evident that United States will generate the highest revenue in the Cloud Security market.
In 2024 alone, United States is expected to generate a revenue of US$869.2m.
This highlights the dominant position of the United States in this market segment.
Lithuania, with its strong cybersecurity expertise and growing tech sector, is becoming a hub for innovative cloud security solutions.

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.