Cybersecurity - Slovakia

Slovakia

The Cybersecurity market in Slovakia is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$143.70m in 2024.
Among the various segments within the market, Security Services is projected to dominate with a market volume of US$75.81m in the same year.
This indicates the importance of security services in safeguarding digital assets and preventing cyber threats.
Looking ahead, the market is expected to maintain a steady growth rate.
The annual growth rate, also known as the compound annual growth rate (CAGR), between 2024 and 2029 is projected to be 8.39%.
As a result, the market volume is anticipated to reach US$215.00m by 2029.
This growth rate reflects the increasing demand for cybersecurity solutions and the continuous efforts to combat evolving cyber threats.
When it comes to the average Spend per Employee in the Cybersecurity market, it is estimated to reach US$50.59 in 2024.
This metric indicates the amount of investment made per employee in cybersecurity measures, highlighting the importance given to protecting digital infrastructure and sensitive data.
In terms of global comparison, United States is expected to generate the highest revenue in the Cybersecurity market.
In 2024, the projected revenue for the United States stands at US$81,370.0m.
This highlights the strong presence and market potential of the United States in the cybersecurity industry.
Overall, these figures demonstrate the growth and significance of the Cybersecurity market in Slovakia.
As the digital landscape continues to expand and cyber threats become more sophisticated, the demand for robust cybersecurity solutions is expected to rise.
Slovakia's growing digital economy is driving a surge in demand for cybersecurity solutions, making it a promising market for international providers.

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.