Cybersecurity - Serbia

Serbia

The Serbian Cybersecurity market is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is forecasted to reach US$103.60m in 2024.
Among the various segments, Cyber Solutions dominate the market with a projected market volume of US$76.35m in 2024.
This indicates the increasing importance of security services in protecting businesses and individuals from cyber threats.
Furthermore, the revenue in the Cybersecurity market is anticipated to exhibit a compound annual growth rate (CAGR) of 11.38% from 2024 to 2029.
This consistent growth is expected to result in a market volume of US$177.60m by 2029.
Such growth prospects highlight the growing demand for cybersecurity solutions and services in Serbia.
When it comes to the average Spend per Employee in the Cybersecurity market, it is projected to reach US$31.90 in 2024.
This metric indicates the investment made by companies and organizations in ensuring the security of their digital assets and infrastructure.
The higher the spend per employee, the greater the emphasis on cybersecurity measures.
In terms of global comparison, it is noteworthy that United States is expected to generate the highest revenue in the Cybersecurity market, with an estimated US$81,370.0m in 2024.
This demonstrates the dominant position of the United States in the global cybersecurity landscape.
However, it is important to note that in Serbia also plays a significant role in this market and is poised to capitalize on the growing demand for cybersecurity solutions and services.
Serbia has emerged as a rising star in the cybersecurity market, with its highly skilled workforce and favorable business environment attracting international companies.

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

Market

Region

Region comparison

Currency

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.