Market Insights Technology Cybersecurity

Cyber Solutions - Serbia

Serbia

The Cyber Solutions market in Serbia is expected to witness significant growth in the coming years.
According to projections, the market's revenue is set to reach US$76.35m in 2024.
This growth is further expected to continue with an annual growth rate (CAGR 2024-2029) of 12.71%, eventually resulting in a market volume of US$138.90m by 2029.
In terms of average Spend per Employee, the Cyber Solutions market in Serbia is forecasted to reach US$23.50 in 2024.
This indicates a positive trend in terms of investment and expenditure within the industry.
When compared globally, it is worth noting that United States is projected to generate the highest revenue in the Cyber Solutions market.
In 2024, United States is expected to generate a staggering amount of US$36,670.0m.
This showcases the dominance and significance of the US market in this sector.
These figures highlight the potential and growth prospects of the Cyber Solutions market in Serbia, as well as the leading role played by United States in the global market.
Serbia is emerging as a hub for cybersecurity solutions, with a growing number of innovative companies and a supportive government fostering the industry's growth.

Key regions: Canada, Chile, United States, Europe, Brazil

Definition:
Cyber solutions refer to automated security technologies that help monitor and secure IT systems, data, networks, and digital assets, protecting against cyberattacks, which can cause, among other things, phishing, information extortion, and/or data breaches. These technologies are also used to detect, report, and counter cyberattacks. They consist of a range of products, services, and approaches that are designed to minimize the impacts of cyber threats on governments, organizations, and individuals based on their unique cybersecurity profile, the industry landscape, and regulation policies.

Structure:

The Cyber Solutions market is divided into six distinct markets, based on different types of security solutions:

Application security refers to a solution that ensures the development, deployment, and continuous maintenance of software applications that are of great importance within the context of cybersecurity.
Cloud security refers to a solution that is designed to assure the security of applications, data, and IT infrastructure within a cloud computing environment.
Data security refers to a solution that encrypts sensitive data and prevents unauthorized access as well as data leaks.
Network security refers to a solution that employs robust firewalls and advanced detection and prevention systems, along with the effective design of a secure network architecture. This constitutes a foundational defense strategy against malicious actions.
Endpoint security refers to endpoint protection, i.e., a comprehensive security approach to protect end user devices, such as laptops, servers, and mobile devices, from being attacked by cybercriminals.
The Other Solutions market aggregates revenues of the security solutions that are not specifically mentioned in the other cyber solution markets, such as identity and access management or risk management.

Additional information:

The Cyber Solutions market comprises revenues, revenue change, average spend per employee, as well as a list of the key players in the market and their consolidated revenues. Market values represent revenues that are generated by primary vendors, either directly or through distribution channels (manufacturer prices, excluding VAT). Reported market revenues include consumer spending (B2C), business spending (B2B), and government spending (B2G). Detailed definitions of each market can be found on the corresponding market pages. Key players in the market include IBM, Broadcom, and Cisco.

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Analyst Opinion

The Cyber Solutions market covers cybersecurity products that support organizations in detecting cyber vulnerabilities in networks, software, database, and cloud-based networks/devices, among others. Until now, no solutions have been able to guard against cyber threats and vulnerabilities completely. As a result, this market is still achieving significant growth, with US$67.6 billion in 2022 and an estimated US$158.8 billion by 2028.

The COVID-19 pandemic drove the rapid shift toward digital transformation. As digital transformation has grown, the security market has grown with it. What's clear is that there is a huge demand for cybersecurity solutions in 2023. After an initial decrease in 2020, this market bounced back strongly and is predicted to reach a peak in response to Russia’s invasion of Ukraine.

With more and more devices connected to the cloud, an increasing number of organizations have been adding cybersecurity to their focus. Therefore, in the revenue contribution of the Cyber Solutions market, the sub-market Cloud Security has demonstrated the highest and most robust development: around 40% in 2023.

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.