Market Trends of Spain Cybersecurity Industry
Network Security Type Offering Segment is Expected to Hold Significant Market Share
- Traditional network security tools monitor and control incoming and outgoing network traffic based on predetermined security rules. These systems monitor network traffic for suspicious activity, violations, or pre-established security policies.
- The development of 5G security in Spain to protect 5G infrastructure and 5G-enabled devices against cyberattacks, data loss, malware, hackers, and other threats due to the 5G network's increasing use of virtualization, network slicing, and software-defined networking (SDN), making it vulnerable to network attacks, and fueling the adoption of network security solutions.
- The increasing cyberattacks on Spain due to the conflicts between Russia and the European Union have raised the need for cyber security solutions in the country's enterprise and governmental service level, fueling market growth. For instance, in October 2023, the Spanish government reported that many public and private websites, including the city of Granada's bus service application, were targeted in a distributed denial-of-service (DDoS) attack claimed by pro-Russian hackers, showing the importance of cybersecurity solutions for applications, network, and infrastructure security of the country, which is expected to fuel the adoption of cybersecurity solutions in Spain during the forecast period.
- The increasing connectivity and digital transformation initiatives across industries contribute significantly to the demand for network security. The expansion of connected devices, the Internet of Things (IoT), and the adoption of emerging technologies result in expanded network landscapes.
- The expansion of IoT, 5G, and connected devices strengthens the potential attack surface, necessitating robust security measures to safeguard against unauthorized access and potential vulnerabilities. Network security plays a pivotal role in securing the complex web of interconnected systems, devices, and applications that serve as the basis of modern enterprises.
- 5G facilitates the proliferation of mobile and IoT devices with high-speed, low-latency connectivity. Consequently, there is a greater need for mobile security solutions, including mobile device management (MDM), mobile threats defense (MTD), and secure containerization to protect sensitive data and applications on mobile devices. According to the European 5G Observatory, the 5G population coverage in September 2023 in Spain was 82.3%.
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IT and Telecommunication End-user Segment is Expected to Hold Significant Market Share
- Information technology (IT) and telecommunications play a vital role in businesses, government agencies, and organizations in Spain. The need for robust cybersecurity measures has become crucial with the increasing reliance on interconnected networks, cloud computing, and digital communication. IT and telecom end users form a substantial portion of the Spanish cybersecurity market as they seek to protect their sensitive data, networks, and communications from evolving cyber threats.
- The IT and telecom sector is experiencing robust growth in the Spanish cybersecurity market, driven by several key factors. Firstly, the rising frequency and complexity of cyber threats targeting IT and telecom infrastructure have significantly driven organizations in this sector to enhance their cybersecurity measures.
- Further, cloud deployment is expected to gain prominence in the market, owing to the industry's increased recognition of the need for comprehensive cloud security solutions. In February 2024, Microsoft planned to quadruple its investments in artificial intelligence (AI) and cloud infrastructure in Spain, spending EUR 1.95 billion (USD 2.1 billion) in the next two years.
- Furthermore, in April 2024, IBM and the government of Spain collaborated to advance the national AI strategy and build the world's leading Spanish language AI models. The strategic collaboration will strengthen Spain's open and ethical AI initiatives to stimulate economic and technical efforts.
- According to Mastercard, technology and services were the industries with the highest share of cyberattacks in Spain, accounting for 32 occurrences between January 2021 and August 2023. Meanwhile, the energy industry in Spain's strategic sector had the most cybersecurity incidents registered in Spain in 2022, with around 203 occurrences, while the tax and financial systems ranked second, with 95 incidents registered in the same year.
