Bangladesh Cybersecurity Market Size (2024 - 2029)

Bangladesh Cybersecurity Market Analysis

The Bangladesh Cybersecurity Market size is estimated at USD 185.24 million in 2024, and is expected to reach USD 358.58 million by 2029, growing at a CAGR of 14.12% during the forecast period (2024-2029).

• The rise in global cyberattacks, coupled with the expanding digital landscape, is driving both government and private entities to adopt data-intensive strategies. As digitalization increases, the potential damage to internet-linked digital infrastructure becomes more significant. This urgency for robust data-driven decisions and approaches is crucial to mitigate the risks posed by cyber threats, thereby significantly driving the market growth rate.
• Bangladesh has become increasingly vulnerable in cyberspace. As the number of internet users grows and threats become more sophisticated, the country experiences a corresponding rise in cyberattacks. The Bangladeshi government's Computer Incident Response Team (BGD e-GOV CIRT) issued a warning about a potential attack in August 2023. The alert targeted critical information infrastructures (CII) such as banks, financial institutions, healthcare, and various government and private organizations.
• Only 46% of firms in Bangladesh utilized computers between 2019 and 2022, with 50% having internet access, as per the Digital Progress and Trends Report 2023. The report also highlights a concerning statistic: internet services in Bangladesh are anticipated to face an average of seven crashes per month. These frequent disruptions pose significant challenges, hindering business continuity and the country's ability to compete effectively in the global digital landscape.
• The government is supporting in strengthening the cybersecurity landscape across the country. In September 2023, Bangladesh launched the "Bangabandhu International Cyber Security Awareness Award 2023" in collaboration with the Bangladesh Hi-tech Park Authority, Digital Security Agency, and UNDP. The award aims to bolster a secure digital landscape, transcending borders and industries to combat the ever-evolving cyber threats. Such instances boost the interest of market players to remain involved in launching enhanced cybersecurity offerings.

Bangladesh Cybersecurity Industry Segmentation

The Bangladeshi cybersecurity market's scope encompasses the revenues derived from solutions and services utilized across end-user industries. The analysis draws from a blend of secondary research and primary sources, providing a comprehensive view of the market. The market also delves into the key drivers and restraints shaping its growth trajectory.

The Bangladeshi cybersecurity market is segmented by offering (solutions (application security, cloud security, consumer security software, data security, identity and access management, infrastructure protection, integrated risk management, network security equipment, and other solutions), services (professional services and managed services), deployment (cloud, on-premise), and end-user industry (IT and telecom, BFSI, retail and e-commerce, oil, gas, and energy, manufacturing, government and defense, and other end-user industries). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.