Market Trends of Greece Cybersecurity Industry
This section covers the major market trends shaping the Greece Cybersecurity Market according to our research experts:
Growing usage of Contactless Payments are Anticipated to drive the market
- Over the past five years, the retail payments industry in Greece has developed significantly and become more interconnected. While other traditional payment methods like cheques have reduced considerably, electronic payment instruments and services have become more common.
- The Greek market may benefit from Euronet's expansion of the REN payments platform's capabilities by receiving a range of improved digital payment solutions, including QR codes and other tokenized payment methods in digital wallets and payment apps, that may be offered both directly to customers and third-party companies like banks, fintech, and retailers.
- As per PPRO, in Greece, card-based payments, which come under contactless-based payments, hold a significant share of payment type, accounting for 49% of the total share, followed by cash-based payments, which accounted for a share of 24%.
- In contrast to various significant developments in the European Union, in Greece, there is a visible trend toward the broader use of electronic payment instruments (mainly payment cards and e-money schemes), as well as a decline in the use of (paper) cheques. This growing trend toward using electronic payment instruments will bring ample growth opportunities to the market.
- As per ECB (European Central Bank), the total number of transactions made through the cashless payments processing system in Greece was 315.906 in the year 2021, whereas, in 2020, it was only 292.526. This rise in the overall number of transactions made through cashless payment processing systems indicates an increased adoption of Contactless Payments, thereby increasing the market's growth opportunities within the country.
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Growing usage of Internet and Increasing Demand for Digitalization
- Greece has put significant effort into promoting cloud-based solutions and services used during the last five years. All relevant stakeholders, including the public and private sectors, the National Central Bank, banks, trade, consumer organizations, and the state, play a crucial role in supporting this effort.
- As per Eurostat, the share of households with internet access in Greece increased by 5% in 2021 compared to the previous year. With 85%, the share of households with internet access reached its highest value in the observed period.
- Greece is one of the most significant countries in enhancing the growth opportunities in the entire cybersecurity industry. Most prominent retail players in Greece have adopted adequate cloud-based solutions, acknowledging digitalization's importance. Additionally, the market is witnessing mergers and acquisitions, leading to growth in cybersecurity.
- Moreover, various significant firms are undergoing various crucial investments, product launches, etc., in the region, enhancing the market's growth prospects throughout the forecasted period. For instance, in September 2022, Alphabet Inc.'s Google stated that it would set up its first cloud region in Greece, boosting its efforts to become a global cloud computing hub.
- As per Eurostat, in 2021, the share of urban households with internet access in Greece increased by 3% since 2020. With 89%, the share of urban households with internet access reached its highest value in the observed period. Additionally, Greece's share of suburban households with internet access increased by 6% in 2021 compared to the previous year. Therefore, Greece's share of suburban households with internet access peaked in 2021 at 88%. Moreover, In 2021, the share of rural households with internet access in Greece increased by 7% since 2020. Therefore, Greece's share of rural households with internet access peaked in 2021 at 76%. Hence, with the rise in internet access in urban, suburban, and rural households, the market is expected to witness significant growth opportunities during the forecasted time frame.
