Nordics Cybersecurity Market Size (2024 - 2029)

Nordics Cybersecurity Market Analysis

The Nordics Cybersecurity Market size is estimated at USD 12.70 billion in 2024, and is expected to reach USD 19.06 billion by 2029, growing at a CAGR of 8.46% during the forecast period (2024-2029).

The upswing of cyberattacks in various end-user industries primarily drives the Nordic cybersecurity market. Furthermore, as digitalization advances, cyberattackers are developing new methods of conducting cyberattacks; these factors are expected to increase demand for cybersecurity solutions in the country.

• Cybersecurity primarily prevents unauthorized computer, network, program, and data access. The importance of cybersecurity has recently grown as organizations, governments, and individuals collect, store, and send huge volumes of confidential information and data across networks.
• With the growing digitization across the end-user sectors in the country, cyberattacks have also increased over the past few years. With new destructive practices in cyberspace, further cyberattacks can be carried out relatively easily, at low cost, and with a relatively low risk for the attacker. This has made more end-user industries in this region want cybersecurity solutions to stop these kinds of cyberattacks.
• Many companies are building new data centers in the region, which is boosting the market under consideration. For instance, in October last year, Acronis, the global provider of cyber protection, announced the availability of a new Acronis Cyber Cloud Data Center in Norway. The new data center, which is one of the company's 111 new data centers, gives service provider partners access to a full range of cyber protection solutions so they can build new services and give their clients faster access, constant data availability, and data sovereignty.
• Moreover, in April this year, Truesec launched the IoT Cybersecurity Domain in Sweden and recruited IoT cybersecurity expert Patrik Axelsson as CEO from Telia's IoT group, Division X.
• One of the major causes of growing cyberattacks is the lack of skilled cybersecurity personnel in each industry. Experienced cybersecurity professionals are less in demand than security professionals, especially in Europe, Asia-Pacific, Latin America, and the Middle East. Security professionals are needed to handle cyber threats for financial institutions, government organizations, private sector businesses, and industrial businesses.
• This region's cybersecurity market comprises several global and regional players vying for attention in a somewhat contested market space. Even though it's hard for new players to get into the market, a number of newcomers have been successful.
• This market is characterized by moderate-to-high product differentiation, growing levels of product penetration, and high levels of competition. Generally, the solutions are offered as a package, making the consolidated offering look like a part of the product's service.
• Most of the cyber threats intensified because of the opportunities during the COVID-19 outbreak. The fact that some small and medium-sized businesses adopted a "Bring Your Device" (BYOD) strategy (as opposed to a "Corporate Owned Personally Enabled" (COPE) strategy) and permitted employees to access corporate data using their devices (phones, tablets, or laptops) could be one of the causes of the rise in cyberattacks. The same level of cybersecurity was not provided when working from home as it was in an office setting. Users are more vulnerable to cyberattacks while accessing corporate files and data on a personal computer or laptop (even with the security of an MDM system). For instance, employees might not use antivirus or anti-malware software.
• Small and medium-sized businesses were severely impacted by the COVID-19 outbreak but recovered within two years. However, many organizations continue to prefer that their employees work from home, resulting in a hybrid work culture that poses cyber threat issues.

Nordics Cybersecurity Industry Segmentation

Cybersecurity solutions help an organization monitor, detect, report, and counter cyber threats, which are internet-based attempts to damage or disrupt information systems and hack critical information using spyware, malware, and phishing to maintain data confidentiality.

The Nordics Cybersecurity Market is divided into four sections: product (solutions (application security, cloud security, consumer security software, data security, identity access management, infrastructure protection, integrated risk management, network security equipment), services (professional, managed), deployment (on-premise, cloud), end-user industry (BFSI, healthcare, aerospace and defense, IT and telecommunication, government, retail, manufacturing), and geography (Denmark, Norway, Sweden, Finland)).

The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.