Greece Cybersecurity Market Size (2024 - 2029)

Greece Cybersecurity Market Analysis

The Greece cybersecurity market is anticipated to grow with a CAGR of 7.7% throughout the forecast period (2022 - 2027). The number of Internet of Things (IoT) devices has expanded along with the susceptibility and exposure to various cyber-attacks. The industry is also predicted to grow significantly in the cloud deployment. As IT provision has shifted from being on-premises to being outside of a company's borders, security has become increasingly crucial at each stage of the cloud adoption cycle.

• Small and medium-sized organizations (SMEs) mostly choose cloud deployment technology since it frees up their limited cybersecurity expenditures to spend on core skills rather than security infrastructure. According to Eurostat, there are over 719,296 SMEs in Greece in 2022, with 673,561 (67.3%) micro-sized businesses with between 0 and 9 employees. There were also around 4,151 medium-sized firms and 41,584 small companies with 10 and 49 employees. Hence, with the growth in the overall number of SMEs, the adoption of cloud-based solutions will increase considerably, enhancing the market's growth.
• Greece is going through a digital transition as part of a comprehensive strategy to digitize the nation entirely by 2025. The ICT (Information and Communications Technology) sector plays a driving force behind this undergoing transformation that the Government of Greece has initiated to reduce bureaucracy, simplify procedures, and help the country converge with the European Union (EU) average Digital Economy and Society Index (DESI).
• Additionally, Greece's removal from the USTR 301 watchlist demonstrates the government's dedication to spending money on the nation's digital transformation and raising its standards to the pinnacle of European excellence. Such elements have influenced US companies, including Microsoft, IBM, Digital Reality, Amazon, and CISCO, to declare significant investments in the nation. For instance, Starlink, a satellite internet constellation operated by SpaceX, providing satellite Internet access coverage, was launched in Greece in 2022. Major American companies are pioneers in offering cloud, database, applications infrastructure and software, communication, developer tools, business analytics, enterprise management, and cybersecurity solutions in the public and private sectors.
• The lack of cybersecurity professionals in diverse businesses is a significant barrier to averting cyberattacks. Furthermore, excessive reliance on conventional authentication methods and a lack of readiness can be considerable obstacles preventing the industry from expanding.
• The COVID-19 pandemic significantly accelerated the pace of digital transformation by moving many public services online, and Greece was one of the first nations to have a digital vaccination certification and vaccine appointment platform. Moreover, people have strengthened their online presence to maintain interpersonal and professional connections. In response to the rise in home-based workers, businesses established work-from-home (WFH) policies, which shifted the focus of information security from enterprise infrastructure to cloud and virtualized infrastructure.

Greece Cybersecurity Industry Segmentation

Cybersecurity solutions help organizations monitor, report, and counter cyber threats to maintain data confidentiality. The adoption of cybersecurity solutions is expected to grow in line with the rising internet penetration among developing and developed countries. The need for cybersecurity has increased as every system in today's world is connected to the internet, making data more accessible to cybercriminals.

The Greece cybersecurity market is segmented by offering ( security type (cloud, data security, identity access management, network security, consumer security, infrastructure protection), services), deployment (cloud, on-premise), and end user ( BFSI, healthcare, manufacturing, government and defense, IT and telecommunication).