Portugal Cybersecurity Market Size (2024 - 2029)

Portugal Cybersecurity Market Analysis

The Portuguese cybersecurity market is anticipated to record a CAGR of 7.7% throughout the forecast period. The vulnerability and exposure to various cyber-attacks increased, along with the number of Internet of Things (IoT) devices. The market is also anticipated to record significant growth in the cloud deployment sector. Security has been critical at each stage of the cloud adoption cycle as IT provision moved from being on-premise to outside a company's borders.

• Small and medium-sized businesses (SMEs) favor cloud deployment as it allows them to focus on their core competencies rather than spending their limited cybersecurity budgets on the security infrastructure. According to Eurostat, around 945,649 SMEs were operating in Portugal in 2022, the vast majority of which (901,496) were micro-sized businesses with 0-9 employees. In addition, there were 5,997 medium-sized firms and 38,156 small companies with 10-49 employees. Hence, with the rising SMEs, cloud adoption may also increase significantly, thereby facilitating the market's growth in the region.
• As per SurfShark, in Portugal, around 244.9 thousand data breaches were recorded between April and June 2022. In the previous quarter, the total number of data breach count reached only 29.46 thousand. This rise in the total count of data breaches is driving the overall cybersecurity market in Portugal.
• Phishing campaigns (68,9%) were more common than malware (31,1%) during Q2 2022, according to the Threat Report Portugal: Q2 2022. Phishing submissions showed an upward trend in Q2 (2630), with malware accounting for 31.1% of the total, up from 6.9% in Q1 2022. Criminals also changed their phishing templates in the first quarter of 2022, focusing on Portuguese banking institutions.
• The well-known QakBot trojan banker was noted as a more significant hazard in Portugal in Q2 2022 regarding malware. Several techniques, tactics, and procedures (TTP) have been developed over time, including its delivery mechanisms, C2 approaches, anti-analysis, and reverse features. This malware primarily focuses on obtaining banking passwords and the secrets of its victims. The most severely impacted industry in terms of affected sectors was banking, with phishing and malware campaigns targeting Portuguese residents in Q2 2022. Retail and health were also most impacted by this problem.
• A major obstacle to preventing cyberattacks is the shortage of cybersecurity experts in various firms. The excessive reliance on conventional authentication techniques and the lack of readiness may be important factors limiting the market's overall growth.
• The need for improved internet safety has received significant attention since the COVID-19 outbreak. People have improved their internet presence to retain their personal and professional relationships. Businesses implemented work-from-home (WFH) policies in response to the measures taken during the pademic and a surge in home-based workers, which transferred the emphasis of information security from enterprise infrastructure to cloud and virtualized infrastructure. However, on the other hand, the healthcare system, e-commerce, and e-payment industries have all been targeted by hackers, who have benefited significantly from the situation.

Portugal Cybersecurity Industry Segmentation

Cybersecurity solutions help a company to monitor, detect, report, and thwart cyber threats, which are internet-based attempts to compromise sensitive data via spyware, malware, and phishing and to disrupt or damage information systems.

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