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Belgium Cybersecurity Market Size (2024 - 2029)

The Belgium cybersecurity market is poised for significant growth, driven by the increasing internet penetration and the expanding wireless network, which have heightened data vulnerability. As cybersecurity becomes a critical component of strategic planning rather than just an IT responsibility, the demand for cybersecurity solutions is expected to rise. Despite the challenges posed by a shortage of skilled professionals, particularly in the face of advanced cyber threats, the market is set to expand, especially as remote work and virtualized IT environments continue to present security challenges.

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Market Size of Belgium Cybersecurity Industry

Belgium Cybersecurity Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 11.14 %
Market Concentration Low

Major Players

Belgium Cybersecurity Market Major Players

*Disclaimer: Major Players sorted in no particular order

Belgium Cybersecurity Market Analysis

The Belgium Cyber Security Market is expected to register a CAGR of 11.14 % during the forecast period. The adoption of cybersecurity solutions is expected to increase with the increasing penetration of the internet throughout Belgium. Also, the expanding wireless network catering to mobile devices has enhanced data vulnerability.

  • Cybersecurity solutions are security measures designed to reduce the risk of interruption or unauthorized access to information and communication technology (ICT) systems.
  • Cybersecurity adoption is likely to expand with increased internet penetration in Belgium. While it was common to consider cybersecurity a responsibility for the IT department, it is now becoming an increasingly important component of top-level strategic planning.
  • The Belgian organizations have various development options for the presence and development of digital services and technology. However, governments, consumers, and enterprises are increasingly encountering (advanced) cyber threats, which can increase the risks and limit the potential of digital services and technology.
  • A key difficulty in increased cyberattacks is many firms' lack of skilled cybersecurity professionals. Compared to the demand for security specialists to manage cyber threats for financial institutions, government organizations, and private sector/industrial firms, the number of skilled cybersecurity professionals is low, particularly in Belgium.
  • Due to COVID-19, many firm employees are working remotely, and there is an increased cyberattack due to remote work's security vulnerability and the change to virtualized IT environments, such as cloud computing's infrastructure, data, and network. After the pandemic, the cybersecurity market is likely to continue its rapid growth.

Belgium Cybersecurity Industry Segmentation

Cybersecurity solutions help an organization monitor, detect, report, and counter cyber threats that are internet-based attempts to damage or disrupt information systems and hack critical information using spyware and malware, and phishing, to maintain data confidentiality. The study is structured to track the revenues accrued by cybersecurity vendors through sales of various solutions and allied services.

Belgium Cybersecurity Market is Segmented by By Offering( by Security Type ( Cloud Security, Data Security, Identity Access Management, Network Security, Consumer Security, Infrastructure Protection), Services), by Deployment (Cloud, On-premise), by end-user ( BFSI, Healthcare, Manufacturing, Government & Defense, IT and Telecommunication)

By Offering
Security Type
Cloud Security
Data Security
Identity Access Management
Network Security
Consumer Security
Infrastructure Protection
Other Types
Services
By Deployment
Cloud
On-premise
By End User
BFSI
Healthcare
Manufacturing
Government & Defense
IT and Telecommunication
Other End Users
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Belgium Cybersecurity Market Size Summary

The Belgium cybersecurity market is poised for significant growth, driven by the increasing penetration of the internet and the expansion of wireless networks, which have heightened data vulnerability. As organizations across Belgium face advanced cyber threats, the importance of cybersecurity has shifted from being an IT department responsibility to a critical component of strategic planning. The market is experiencing a surge in demand for cybersecurity solutions due to the growing dependency on technology and digital infrastructure, which introduces new risks and vulnerabilities. The Belgian government's Cybersecurity Strategy 2.0 plays a pivotal role in safeguarding the cyber landscape, with initiatives aimed at enhancing awareness and protection against cyber hazards. The market's growth is further fueled by the rise in internet usage and online payments, necessitating robust cybersecurity measures to protect sensitive data.

Belgium's cybersecurity market is characterized by a competitive landscape with both global and local players vying for market share through strategic partnerships, product launches, and acquisitions. The establishment of innovation centers, such as the Cyber Green House, aims to promote cybersecurity innovation by evaluating breakthrough solutions in a risk-free environment. The market is also witnessing increased investments in cybersecurity, as companies seek to bolster their defenses against evolving cyber threats. Notable developments include the establishment of a European Cybersecurity Centre of Excellence and strategic acquisitions by major players like Thales to enhance their cybersecurity capabilities. These efforts underscore Belgium's commitment to strengthening its cybersecurity infrastructure and its role in European cybersecurity initiatives.

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Belgium Cybersecurity Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Value Chain Analysis

    3. 1.3 Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitutes

      5. 1.3.5 Intensity of Competitive Rivalry

    4. 1.4 Impact of Covid-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Offering

      1. 2.1.1 Security Type

        1. 2.1.1.1 Cloud Security

        2. 2.1.1.2 Data Security

        3. 2.1.1.3 Identity Access Management

        4. 2.1.1.4 Network Security

        5. 2.1.1.5 Consumer Security

        6. 2.1.1.6 Infrastructure Protection

        7. 2.1.1.7 Other Types

      2. 2.1.2 Services

    2. 2.2 By Deployment

      1. 2.2.1 Cloud

      2. 2.2.2 On-premise

    3. 2.3 By End User

      1. 2.3.1 BFSI

      2. 2.3.2 Healthcare

      3. 2.3.3 Manufacturing

      4. 2.3.4 Government & Defense

      5. 2.3.5 IT and Telecommunication

      6. 2.3.6 Other End Users

Belgium Cybersecurity Market Size FAQs

The Belgium Cybersecurity Market is projected to register a CAGR of 11.14% during the forecast period (2024-2029)

IBM Corporation, Cisco Systems, Inc., Thales, Sweepatic and RHEA Group are the major companies operating in the Belgium Cybersecurity Market.

Belgium Cybersecurity Market Report Snapshots

Belgium Cybersecurity Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)