Cybersecurity - Eastern Europe

Eastern Europe

The Cybersecurity market in Eastern Europe is expected to see a significant increase in revenue, with projections indicating it will reach US$4.18bn in 2024.
Among the various segments, Security Services dominates the market, with a projected market volume of US$2.14bn in the same year.
This indicates the importance and demand for security services in the region.
Looking ahead, the market is expected to continue growing at a steady pace, with an annual growth rate (CAGR 2024-2029) of 5.95%.
This growth trajectory suggests that the market volume will reach US$5.58bn by 2029.
This indicates a positive outlook for the Cybersecurity market in Eastern Europe, with sustained growth anticipated in the coming years.
In terms of the average Spend per Employee, it is projected to reach US$35.35 in 2024.
This metric provides insight into the investment made by companies in Cybersecurity market measures to protect their operations and data.
The higher the spend per employee, the greater the emphasis placed on safeguarding against cyber threats.
When comparing the regional distribution of revenue, it is worth noting that United States is expected to generate the most revenue in the Cybersecurity market globally.
Projections indicate that United States will generate US$81,370.0m in 2024.
This highlights the dominance of the United States in the Cybersecurity market and underscores the significance of the market segment on a global scale.
In Eastern Europe, Poland has emerged as a leading hub for cybersecurity, with a strong talent pool and a growing number of innovative startups.

Key regions: United States, Canada, Brazil, India, Belgium

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Analyst Opinion

Cybersecurity is a topic practically every company must tackle in order to ensure and enhance the success of the digital transformation of their operational activities (e.g., automated processes, cloud-based tools, or software support). Driven by the increasing awareness of data risks and threats, the global Cybersecurity market has witnessed robust growth over the last few years with revenue increasing from US$83.32 billion in 2016 to approximately US$166 billion in 2023.

Furthermore, the adoption of cybersecurity is expected to grow with the increasing internet penetration among developing and developed countries. Whilst it was common to dismiss cybersecurity as a task for the IT department, it is now increasingly becoming the dominant part of top-level strategic planning.

The COVID-19 crisis led to many organizations facing more cyberattacks due to the security vulnerability of remote work as well as the shift to virtualized IT environments, such as the infrastructure, data, and network of cloud computing. The market is expected to continue showing strong growth, with North America as the dominant region in this market. Cloud Security is the fastest-developing market.

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.