Finland Cybersecurity Market Size (2024 - 2029)

Finland Cybersecurity Market Analysis

The Finland Cybersecurity Market size is estimated at USD 325.78 million in 2024, and is expected to reach USD 455.89 million by 2029, growing at a CAGR of 6.95% during the forecast period (2024-2029).

• In recent years, the demand for cybersecurity in Finland has experienced a significant surge. This growth is driven by various factors, ranging from increasing cyber threats to the rapid digital transformation of industries. As cyber-attacks become more sophisticated and frequent, businesses, government entities, and individuals recognize the necessity of robust cybersecurity measures.
• For instance, in May 2024, Finland made a notable move to enhance its cybersecurity framework by presenting a proposal (HE 57/2024 vp) to Parliament. The proposal seeks to enact the EU Directive (EU) 2022/2555, emphasizing a unified approach to cybersecurity across the Union. This legislative push underscores Finland's commitment to elevating cybersecurity standards, particularly in critical sectors, with a sharper emphasis on risk management and incident reporting.
• Also, the Finnish government has taken proactive steps to tackle cybersecurity challenges, enacting strict regulations and initiatives to bolster the nation's cyber resilience. Their National Cyber Security Strategy serves as a blueprint for combating cyber threats and fortifying the digital infrastructure. Adherence to the EU's GDPR has also pushed organizations to ramp up their cybersecurity efforts, aiming to sidestep the substantial penalties linked to data breaches. Beyond safeguarding sensitive data, these regulations play a pivotal role in instilling trust in digital services, both for businesses and consumers.
• Finland's government plans to boost its cybersecurity spending by 30% in 2024, explicitly targeting AI-based cyber threats. This increase is set to elevate the budget to an estimated EUR 280 million (USD 306.13 million). The funds will bolster the nation's cyber AI capabilities, which are still in progress and will be finalized in the 2024 budget.
• Furthermore, as Finland's economy grows and undergoes digital transformation, businesses are turning to digital solutions for innovation and efficiency. Yet, this shift also heightens their vulnerability to cyber threats. Cybersecurity investments are pivotal, safeguarding operations and fostering trust among stakeholders. E-commerce is imperative for platforms to secure online transactions to retain customer trust. Hence, bolstering cybersecurity is paramount for Finland's digital economy's enduring growth.

Finland Cybersecurity Industry Segmentation

The Finland 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 covers the major factors impacting its growth in terms of drivers and restraints.

The scope of the study has been segmented based on offerings (solutions (application security, cloud security, data security, identity access management, infrastructure protection, integrated risk management, network security, and other solution types) and services (professional services and managed services)), deployment (On-premise, and cloud), and end-user vertical (IT and telecommunication, BFSI, retail and e-commerce, oil gas and energy, manufacturing, government and defense, and other end-user industries). The market sizes and forecasts regarding value (USD) for all the above segments are provided.