Market Insights Technology Cybersecurity Cyber Solutions

Data Security - Worldwide

Worldwide

The projected revenue in the Data Security market worldwide is expected to reach US$7.06bn by 2024.
This represents a significant growth potential for the market.
Furthermore, it is anticipated that the revenue will continue to grow at a compound annual growth rate (CAGR) of 11.28% from 2024 to 2029, resulting in a market volume of US$12.05bn by the end of the forecast period.
This indicates a positive outlook for the Data Security market in the coming years.
Moreover, it is worth noting that the average Spend per Employee in the Data Security market is projected to reach US$1.98 by 2024.
This metric provides insights into the level of investment made by companies in their data security measures.
It reflects the importance placed on safeguarding sensitive information and protecting against potential threats.
In terms of global comparison, it is expected that the United States will generate the highest revenue in the Data Security market.
Specifically, the United States is projected to generate US$2,891.0m in revenue by 2024.
This highlights the dominance of the United States in the global Data Security market and its significance as a key player in this sector.
In the worldwide market for data security, the United States leads the way with its robust cybersecurity infrastructure and extensive regulations.

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

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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.