Market Insights Technology Cybersecurity Cyber Solutions

Data Security - Belgium

Belgium

The Data Security market in Belgium is expected to witness a significant growth in revenue, with projections indicating that it will reach US$12.82m in 2024.
Furthermore, the market is anticipated to display a strong annual growth rate (CAGR 2024-2029) of 9.86%, resulting in a substantial market volume of US$20.52m by 2029.
In terms of Spend per Employee, Belgium's Data Security market is projected to reach an average of US$2.37 in 2024.
This indicates the level of investment and expenditure dedicated to data security within organizations operating in the country.
Despite the promising prospects in Belgium, it is noteworthy that United States is projected to generate the highest revenue in the Data Security market globally.
In 2024 alone, United States is expected to generate a staggering US$2,891.0m in revenue.
This highlights the dominance of the United States in this market segment on a global scale.
Belgium is leading the way in data security with its stringent regulations and focus on cross-border collaboration.

Key regions: Brazil, Saudi Arabia, Chile, Germany, Belgium

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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.