Market Trends of Portugal Cybersecurity Industry
This section covers the major market trends shaping the Portugal Cybersecurity Market according to our research experts:
Smartphone and Internet Penetration to Drive the Market
- Portugal is a modest market, expanding rapidly as the country's internet infrastructure develops and the penetration of smartphones keeps increasing. This rise in smartphone users, as well as the expanding internet penetration, plays a very significant role in fueling the demand for cybersecurity in the region.
- According to the GSMA data, Portugal had 16.07 million mobile connections at the start of 2022. However, several people have multiple mobile connections, such as one for personal use and another for work. In Portugal, 158.3% of the population was connected to a mobile network in January 2022, according to data from the GSMA. There were 303,000 (+1.9%) more mobile connections in Portugal between 2021 and 2022.
- As per Eurostat, in Portugal, the proportion of homes with internet access grew by 3% from the previous year. The proportion of homes with internet access reached its greatest level during the examined period, at 87%. Notably, during the past few years, the percentage of households with an internet connection has been steadily rising, enhancing the market growth opportunities.
- According to data from Ookla, at the beginning of 2022, the median fixed internet connection speed was 94.84 Mbps, and the median mobile internet connection speed through cellular networks was 45.77 Mbps. Ookla data show that, in the previous year, Portugal's median mobile internet connection speed increased by 17.07 Mbps (+59.5%). Meanwhile, fixed internet connection speeds in Portugal increased by 10.35 Mbps (+12.2%) during the same period, according to the same source, which is yet another encouraging development for the region's market.
- According to Eurostat, there were 5% more daily internet users in Portugal in 2021 than in 2020. Consequently, the percentage of daily internet users in Portugal peaked in 2021 at 75%. Notably, the share of daily internet users has continuously increased over the last few years. This rise in the internet users is driving the overall need for cybersecurity in the region, thereby creating ample opportunities for the market.
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Rise in the Usage of Internet Shoppers and Mobile Payment Apps to Drive the Market
- Around 5.5 million people in Portugal made online purchases in 2020, which increased to 1.67 million in 2021, according to the PPRO. Additionally, buyers in Portugal increased the number of times they made purchases each month, with 73% shopping three to five times more frequently. Such statistics indicate the pandemic-induced boom in the e-commerce sector in Portugal, which has facilitated the adoption of mobile wallets due to the convenience and rewards offered to users. This rise in the utilization of mobile wallets creates a need for payments in a more secure way, thereby boosting the demand for cybersecurity solutions in the region.
- According to Statistics Portugal, in 2020, less than 15% of respondents reported making more than 10 online purchases in the same period, with the majority of e-commerce users in Portugal placing between 3 and 5 buys in the previous three months. Given the convenience and benefits offered to users, mobile wallet usage has been assisted by the pandemic-induced rise in Portugal's e-commerce sector.
- Portugal's top three online payment methods are bank cards, bank transfers, and direct debit. However, open invoices, commonly known as multiblanco, are among the second-most popular choices. Mobioe wallet use is also growing gradually across the nation, and with the expansion of e-commerce, this demand may increase considerably, facilitating the market's growth.
- Multibanco and PayPal have collaborated to enable money transfers to virtual wallets. Portugal now accepts Google Pay and Apple Pay for mobile payments. However, businesses offer a variety of payment methods and heavily rely on card usage (including Multibanco).
- According to Statistics Portugal, in 2020, the average order value for Portuguese internet shoppers was between EUR 100 and EUR 499. The percentage of online shoppers who spend less than EUR 50 has declined over the years, reaching roughly 18% in 2021. Only 6.4% of the respondents claimed to have spent EUR 1,000 or more online in the same year. According to Statistics Portugal, more than half of the respondents used e-commerce for shopping in 2021, an increase of 7% from the previous year. This trend indicates the popularity of online shopping among the Portuguese populace.
