Cybersecurity - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030

QY Research Inc. (Global Market Report Research Publisher) announces the release of 2024 latest report "Cybersecurity- Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030". Based on current situation and impact historical analysis (2019-2023) and forecast calculations (2024-2030), this report provides a comprehensive analysis of the global Wire Drawing Dies market, including market size, share, demand, industry development status, and forecasts for the next few years.



Cybersecurity is the practice of protecting critical systems and sensitive information from digital attacks. Also known as information technology (IT) security, cybersecurity measures are designed to combat threats against networked systems and applications, whether those threats originate from inside or outside of an organization.



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Expansion of Uniqkey in the Cybersecurity Market for SMEs in Europe Growth Regulations and Investment Opportunities in 2024

Porto, Portugal - August 30, 2024



Denmark-based cybersecurity company Uniqkey has raised €5.35 million to expand its password and access management solutions across Europe, focusing on boosting cybersecurity for small and medium-sized enterprises (SMEs). Uniqkey's solution offers military-grade security by integrating encrypted password protection and mobile authentication, similar to widely used banking apps like MitID in Denmark and BankID in Sweden. This approach makes it both easy and secure for employees to access company systems.

Europe's cybersecurity landscape is facing significant challenges, with 50% of its 24.3 million SMEs lacking a cybersecurity plan, posing a major risk to the continent's economy. As stricter regulations such as NIS2 and DORA are set to hold company directors and boards personally accountable for cybersecurity failures, the demand for robust security solutions is growing. Uniqkey aims to address these concerns by offering advanced security that minimizes the risk of data breaches, which are often caused by weak password management.

Hakan Yagci, CEO and founder of Uniqkey, noted the growing importance of mobile phones in securing online activities, emphasizing that Uniqkey's mobile-based solution is designed to provide a simple, fast, and secure way for employees to access company networks. The company currently protects over 500 SMEs across Europe and has seen its business double annually over the past two years.

The recent investment round was led by BackingMinds, along with contributions from cybersecurity industry veterans and notable angel investors. Susanne Najafi, Founding Partner at BackingMinds, highlighted Uniqkey's unique position as a standout Nordic cybersecurity startup, noting the underrepresentation of immigrants and Nordic startups in the global cybersecurity sector.



Policy Analysis

The cybersecurity landscape in Europe is undergoing significant transformation as digital threats become more sophisticated and pervasive. With small and medium-sized enterprises (SMEs) making up 99.8% of all companies in Europe, the lack of comprehensive cybersecurity measures among these businesses presents a substantial risk to economic stability. Recent developments, such as the introduction of regulations like NIS2 and DORA, signal a shift towards stricter cybersecurity compliance, which aims to protect both businesses and the broader economy from cyber threats.

Current State of Cybersecurity Among SMEs in Europe:Despite their economic importance, many European SMEs are vulnerable to cyber attacks. Approximately 50% of SMEs lack a formal cybersecurity plan, making them prime targets for cybercriminals. The low adoption of cybersecurity measures is often due to limited resources, lack of expertise, and underestimation of the risks involved. Cyber-attacks on SMEs can lead to severe consequences, including financial losses, data breaches, and reputational damage, which can be debilitating for smaller businesses with limited capacity to recover.
Emerging Regulatory Landscape:Two significant regulations are poised to reshape the cybersecurity environment in Europe:
NIS2 Directive:The Network and Information Security Directive (NIS2) is a proposed update to the original NIS Directive, focusing on improving cybersecurity resilience across essential and important sectors. NIS2 expands the scope to include more businesses and sectors, imposes stricter security requirements, and enhances the reporting obligations for cybersecurity incidents. Companies that fail to comply with NIS2 regulations could face substantial fines, and top executives could be held personally liable for lapses in cybersecurity.
Digital Operational Resilience Act (DORA):DORA aims to establish a harmonized framework for financial entities to manage digital risks. It emphasizes the importance of operational resilience in the financial sector, ensuring that firms can withstand and recover from all types of ICT-related disruptions. DORA sets standards for ICT risk management, incident reporting, and third-party risk management, emphasizing the need for robust cybersecurity protocols.
Key Challenges:
Resource Constraints:Many SMEs operate with limited budgets and cannot afford the high costs associated with advanced cybersecurity solutions or hiring specialized staff.
Awareness and Training:There is often a lack of awareness about the importance of cybersecurity. Additionally, SMEs may not have access to adequate training programs that educate employees about cyber hygiene and threat detection.
Regulatory Compliance:Keeping up with evolving regulations such as NIS2 and DORA can be challenging for SMEs, which may not have the legal or technical expertise to ensure compliance.
Technological Solutions and Market Innovations:Companies like Uniqkey are at the forefront of developing solutions tailored for SMEs. Uniqkey's password and access management solutions provide military-grade security that is user-friendly, making it feasible for smaller businesses to implement without significant technical knowledge. By integrating mobile-based authentication and encrypted password protection, such solutions can significantly reduce the risk of cyber attacks that exploit weak passwords or unsecured access points.
Policy Recommendations:
Incentives for SMEs:Governments could introduce financial incentives, such as tax breaks or subsidies, for SMEs that invest in cybersecurity measures. This would lower the financial barriers to adopting robust cybersecurity practices.
Public-Private Partnerships:Collaboration between governments, industry leaders, and cybersecurity firms can foster the development of affordable and effective cybersecurity solutions tailored for SMEs.
Awareness Campaigns and Training:National and EU-wide initiatives to raise awareness about the importance of cybersecurity, coupled with training programs, could equip SMEs with the knowledge needed to protect their businesses.
Simplified Compliance Frameworks:Developing guidelines and tools that simplify compliance with NIS2, DORA, and other relevant regulations would help SMEs navigate the regulatory landscape more effectively.






Market Overview

Market Size and Growth:The European cybersecurity market is one of the fastest-growing sectors within the IT industry. As of 2023, the market size was estimated to be over €30 billion, with projections suggesting it will continue to grow at a compound annual growth rate (CAGR) of around 10-12% over the next five years. This growth is fueled by increased cybercrime activity, greater reliance on digital platforms due to remote working trends, and stringent regulatory requirements mandating enhanced cybersecurity measures.
Key Market Segments:
Network Security:This segment includes firewall protection, intrusion detection systems (IDS), and virtual private networks (VPNs). Network security solutions are critical for preventing unauthorized access and protecting the integrity of data as it travels across networks.
Endpoint Security:With the proliferation of remote work and bring-your-own-device (BYOD) policies, endpoint security has become a significant concern. Solutions in this segment include antivirus software, endpoint detection and response (EDR), and mobile device management (MDM).
Cloud Security:As businesses increasingly migrate to cloud environments, protecting cloud infrastructure and data has become essential. Cloud security solutions provide encryption, identity access management (IAM), and secure data storage.
Identity and Access Management (IAM):IAM solutions control user access to systems and data, ensuring only authorized individuals can access sensitive information. These solutions are crucial for compliance with regulations like GDPR and NIS2.
Threat Intelligence and Management:This segment involves monitoring, detecting, and responding to potential cyber threats. It includes security information and event management (SIEM) systems, advanced threat protection (ATP), and vulnerability management tools.
Regulatory Landscape:Europe has one of the world's most stringent cybersecurity regulatory frameworks, impacting market dynamics significantly. Key regulations influencing the market include:
General Data Protection Regulation (GDPR):Introduced in 2018, GDPR mandates stringent data protection standards and heavy penalties for non-compliance. It has driven organizations to adopt robust cybersecurity measures to protect personal data.
Network and Information Systems Directive (NIS2):The upcoming NIS2 directive extends cybersecurity requirements to a broader range of sectors, including healthcare, digital infrastructure, and public administration. NIS2 aims to improve the overall cybersecurity resilience of essential services across Europe.
Digital Operational Resilience Act (DORA):DORA focuses on the financial sector, establishing a unified framework for managing ICT risks. It mandates that financial institutions have comprehensive cybersecurity measures to ensure operational resilience against digital disruptions.
Key Market Drivers:
Increasing Cyber Threats:Europe has witnessed a surge in cyber-attacks, including ransomware, phishing, and data breaches. These threats have targeted both large corporations and SMEs, driving demand for advanced cybersecurity solutions.
Digital Transformation:The adoption of cloud computing, IoT devices, and digital services has expanded the attack surface, necessitating enhanced cybersecurity measures to protect data and infrastructure.
Remote Work Trends:The shift to remote and hybrid work models has increased vulnerabilities, particularly around secure access and data protection, leading to greater investment in cybersecurity tools.
Regulatory Compliance:The need to comply with regulations like GDPR, NIS2, and DORA is compelling businesses to implement rigorous cybersecurity protocols to avoid fines and reputational damage.
Challenges Facing the Market:
Skills Shortage:A significant challenge for the European cybersecurity market is the shortage of skilled professionals. This talent gap makes it difficult for organizations to implement and maintain effective cybersecurity strategies.
Resource Constraints for SMEs:Smaller businesses often struggle with limited budgets and lack of expertise, making it challenging to invest in comprehensive cybersecurity measures.
Complexity of Threat Landscape:As cyber threats evolve, so does the complexity of managing and mitigating these risks. Keeping up with the latest threats and developing effective countermeasures remains a continual challenge.
Opportunities and Innovations:
Emerging Technologies:The development and integration of artificial intelligence (AI) and machine learning (ML) in cybersecurity are providing more sophisticated threat detection and response capabilities. These technologies can automate threat identification and reduce response times.
Public-Private Partnerships:Collaboration between governments, industry bodies, and private cybersecurity firms can enhance information sharing and the development of effective cybersecurity strategies.
Focus on SME Market:Given that many SMEs are underprepared for cyber threats, there is a significant market opportunity for tailored cybersecurity solutions that are cost-effective and easy to implement.


Regulation Differences

General Data Protection Regulation (GDPR) vs. National Data Protection Laws:
GDPR Overview:The GDPR, enforced since May 2018, is the cornerstone of data privacy and protection in Europe. It applies to all organizations processing the personal data of EU residents, regardless of the organization's location. GDPR mandates strict consent requirements, data breach notification protocols, data subject rights (like access and erasure), and substantial fines for non-compliance (up to €20 million or 4% of global annual turnover, whichever is higher).
National Variations:While GDPR provides a unified framework, member states have certain flexibilities. For example, Germany's implementation includes stricter rules around employee data protection, while France's CNIL (Commission Nationale de l'Informatique et des Libertés) is known for imposing significant fines and focusing on specific industries. National Data Protection Authorities (DPAs) also interpret GDPR provisions differently, leading to varied enforcement approaches and compliance expectations across the EU.
Network and Information Security Directive (NIS2) vs. National Implementations:
NIS2 Directive:NIS2 is an update to the original NIS Directive, set to enhance the cybersecurity of critical infrastructure across the EU. It broadens the scope to include more sectors (such as healthcare, digital infrastructure, and public administration) and imposes stricter security requirements and incident reporting obligations.
National Adaptations:Each EU member state is responsible for transposing NIS2 into national law, which can lead to differences in implementation. For instance, some countries may impose additional security measures or stricter reporting timelines. Variations may also occur in how national regulatory bodies are structured and the resources allocated to enforcing compliance.
Digital Operational Resilience Act (DORA) for the Financial Sector:
DORA Overview:DORA aims to establish a unified regulatory framework for digital operational resilience in the financial sector. It requires financial entities, including banks, insurance companies, and investment firms, to have robust cybersecurity risk management practices, third-party risk management, and incident reporting mechanisms.
National Differences:While DORA seeks to harmonize regulations across the EU, national supervisory authorities may still enforce additional local rules or guidelines. For instance, the UK's approach post-Brexit may differ, with the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) potentially setting distinct standards for UK-based financial firms, compared to their EU counterparts.
EU Cybersecurity Act vs. Non-EU Standards:
EU Cybersecurity Act:This act establishes the European Union Agency for Cybersecurity (ENISA) as a permanent body and introduces a cybersecurity certification framework for ICT products, services, and processes across the EU. The certification aims to ensure a high standard of cybersecurity and to boost consumer trust.
Non-EU Variations:Countries outside the EU, such as Norway and Switzerland, while aligning with EU standards due to their close economic ties, may have different regulatory bodies and certification schemes. For example, Norway follows the Norwegian National Security Authority (NSM) guidelines, which align closely with EU regulations but may have specific national requirements.
Cybersecurity Regulations in the UK Post-Brexit:
UK's Approach:Post-Brexit, the UK is no longer bound by EU cybersecurity laws. However, it has retained GDPR principles under the UK GDPR and continues to adopt a similar approach to data protection and cybersecurity. The UK has also published its National Cyber Security Strategy, which outlines specific goals and measures for enhancing cybersecurity resilience, focusing on collaboration between the public and private sectors.
Divergence Potential:Over time, the UK may diverge from EU regulations to create a more tailored framework. This divergence could introduce complexities for businesses operating in both the EU and UK markets, requiring compliance with two separate regulatory regimes.
National Cybersecurity Strategies and Compliance:
Country-Specific Strategies:Various European countries have developed national cybersecurity strategies that reflect their unique risk profiles and priorities. For example, Germany's IT Security Act (IT-Sicherheitsgesetz) focuses on securing critical infrastructure, while France's cybersecurity strategy emphasizes state control and monitoring through agencies like ANSSI (Agence Nationale de la Sécurité des Systèmes d'Information).
Sectoral Regulations:Different industries, such as healthcare, energy, and telecommunications, may be subject to specific national regulations that go beyond EU-wide directives. These sectoral regulations can include additional compliance requirements and security standards tailored to the particular risks associated with each industry.


Investment Opportunities

Growing Demand for Cybersecurity Solutions:
Market Growth:The European cybersecurity market is projected to grow at a compound annual growth rate (CAGR) of approximately 10-12% over the next five years, reaching over €50 billion by 2027. This growth is driven by the increasing number of cyber-attacks, stringent regulatory requirements, and the widespread adoption of digital technologies.
Rising Cyber Threats:Europe has experienced a surge in sophisticated cyber threats, including ransomware, phishing, and data breaches, impacting both public and private sectors. This has heightened the need for comprehensive cybersecurity solutions, creating opportunities for investors to support companies that can address these challenges.
Emerging Technologies and Innovative Solutions:
Artificial Intelligence (AI) and Machine Learning (ML):AI and ML are being increasingly integrated into cybersecurity solutions to enhance threat detection, predictive analytics, and automated response mechanisms. Investment in startups and companies leveraging AI/ML for cybersecurity can provide significant returns, as these technologies are essential for managing evolving cyber threats.
Cloud Security:As more organizations migrate to cloud environments, securing these platforms becomes crucial. Companies offering cloud security solutions, such as cloud access security brokers (CASBs), cloud workload protection platforms (CWPPs), and cloud security posture management (CSPM), are attractive investment targets. The cloud security market is expected to grow substantially due to the increasing adoption of cloud services across industries.
Zero Trust Architecture:The Zero Trust security model, which assumes that threats could exist both inside and outside the network, is gaining traction. Investments in companies that develop Zero Trust frameworks and solutions-such as identity and access management (IAM), multi-factor authentication (MFA), and secure access service edge (SASE)-are likely to see robust demand.
Focus on Small and Medium-Sized Enterprises (SMEs):
Underserved Market:SMEs constitute a significant portion of the European economy but often lack the resources and expertise to implement advanced cybersecurity measures. There is a growing market opportunity for affordable, easy-to-deploy cybersecurity solutions tailored to the needs of SMEs. Companies offering scalable and cost-effective cybersecurity products are well-positioned for growth.
Regulatory Compliance:With regulations like GDPR, NIS2, and DORA becoming more stringent, SMEs are under increasing pressure to comply with cybersecurity standards. Investment in companies that offer compliance-as-a-service (CaaS) or cybersecurity services tailored to regulatory compliance needs can capture a growing market segment.
Cybersecurity for Critical Infrastructure:
Securing Critical Sectors:The protection of critical infrastructure, such as energy, transportation, healthcare, and finance, is a top priority in Europe. Investment opportunities exist in companies specializing in securing operational technology (OT) and industrial control systems (ICS) against cyber threats. These sectors are increasingly targeted by cybercriminals, making robust security measures essential.
Public-Private Partnerships:Governments are partnering with private companies to secure critical infrastructure. Investment in firms that participate in public-private cybersecurity initiatives or offer solutions for critical infrastructure protection is likely to benefit from government funding and contracts.
Cybersecurity Services and Managed Security Service Providers (MSSPs):
Outsourcing Security:Many organizations, especially SMEs, lack the internal capacity to manage cybersecurity effectively. This has led to a growing demand for cybersecurity services and MSSPs that provide continuous monitoring, threat detection, incident response, and compliance management. Investments in MSSPs and cybersecurity consulting firms offer stable returns as these services become essential for businesses of all sizes.
Incident Response and Threat Intelligence:Companies offering specialized services in incident response, digital forensics, and threat intelligence are in high demand. These services help organizations quickly detect, respond to, and recover from cyber incidents, minimizing damage and downtime.
Investment in Cybersecurity Startups:
Venture Capital and Early-Stage Funding:The European cybersecurity startup ecosystem is vibrant, with numerous startups developing innovative solutions to address specific cybersecurity challenges. Investment in early-stage cybersecurity startups can provide high returns, particularly in niche areas such as IoT security, blockchain-based security, and AI-driven threat detection.
Incubators and Accelerators:Partnering with or investing in cybersecurity incubators and accelerators can provide exposure to promising startups and access to the latest technological advancements. These programs often support startups with mentorship, funding, and networking opportunities, enhancing their growth potential.
Regional Focus and Strategic Alliances:
Nordic and Baltic Regions:Countries in the Nordic and Baltic regions, known for their technological innovation, have a strong presence in the cybersecurity sector. Investment in companies based in these regions, which are often at the forefront of cybersecurity innovation, can be particularly rewarding.
Strategic Partnerships:Forming alliances with European cybersecurity firms can provide strategic advantages, such as access to new markets, technological expertise, and expanded customer bases. Partnerships between established companies and innovative startups can accelerate growth and enhance product offerings.
Government Initiatives and Funding Programs:
EU Funding Programs:The European Union has launched several funding programs to support cybersecurity research and development. Investors can leverage these programs, such as Horizon Europe and the Digital Europe Programme, to co-fund projects and gain access to cutting-edge cybersecurity innovations.
National Cybersecurity Strategies:Many European countries have national cybersecurity strategies that include funding for cybersecurity initiatives. Investment in companies that align with these national priorities can benefit from government support and incentives.


Related Market Reports From QY Research

QY Research Releases Comprehensive Market Reports on the cybersecurity Market, as shown in the links below. These reports provide an in-depth analysis of the current market landscape, key trends, and future growth opportunities.

Global Cybersecurity Industry Research Report, Growth Trends and Competitive Analysis 2024-2030

https://www.qyresearch.com/reports/2696240/cybersecurity



Global Cybersecurity Risk Assessment Market Research Report 2024

https://www.qyresearch.com/reports/3217465/cybersecurity-risk-assessment

Global Cybersecurity Assessment Service Market Insights, Forecast to 2030

https://www.qyresearch.com/reports/2949269/cybersecurity-assessment-service





The report provides a detailed analysis of the market size, growth potential, and key trends for each segment. Through detailed analysis, industry players can identify profit opportunities, develop strategies for specific customer segments, and allocate resources effectively.



The Cybersecurity market is segmented as below:

By Company

Palo Alto Networks
Cisco
IBM
Fortinet
Check Point
McAfee
Trend Micro
Broadcom (Symantec)
RSA Security
QI-ANXIN
Venustech
Sangfor Technologies
CyberArk
TOPSEC
Rapid7
NSFOCUS
DAS-security
Asiainfo Security
Hillstone Networks
Dptech



Segment by Type

Hardware
Software
Service



Segment by Application

BFSI
IT & Telecom
Retail
Healthcare
Government
Manufacturing
Energy
Others



Each chapter of the report provides detailed information for readers to further understand the Cybersecurity market:

Chapter 1: Introduces the report scope of the Cybersecurity report, global total market size (valve, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry. (2019-2030)

Chapter 2: Detailed analysis of Cybersecurity manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc. (2019-2024)

Chapter 3: Provides the analysis of various Cybersecurity market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments. (2019-2030)

Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.(2019-2030)

Chapter 5: Sales, revenue of Cybersecurity in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world..(2019-2030)

Chapter 6: Sales, revenue of Cybersecurity in country level. It provides sigmate data by Type, and by Application for each country/region.(2019-2030)

Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc. (2019-2024)

Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.

Chapter 9: Conclusion.



Benefits of purchasing QYResearch report:

Competitive Analysis: QYResearch provides in-depth Cybersecurity competitive analysis, including information on key company profiles, new entrants, acquisitions, mergers, large market shear, opportunities, and challenges. These analyses provide clients with a comprehensive understanding of market conditions and competitive dynamics, enabling them to develop effective market strategies and maintain their competitive edge.

Industry Analysis: QYResearch provides Cybersecurity comprehensive industry data and trend analysis, including raw material analysis, market application analysis, product type analysis, market demand analysis, market supply analysis, downstream market analysis, and supply chain analysis.

and trend analysis. These analyses help clients understand the direction of industry development and make informed business decisions.

Market Size: QYResearch provides Cybersecurity market size analysis, including capacity, production, sales, production value, price, cost, and profit analysis. This data helps clients understand market size and development potential, and is an important reference for business development.



Other relevant reports of QYResearch:

Global Cybersecurity Industry Research Report, Growth Trends and Competitive Analysis 2024-2030
Global Cybersecurity Market Size, Manufacturers, Supply Chain, Sales Channel and Clients, 2024-2030
Global Cybersecurity Market Insights, Forecast to 2030
Global Cybersecurity Market Research Report 2024
Global AI Cybersecurity Market Insights, Forecast to 2030
Global 5G Cybersecurity Market Insights, Forecast to 2030
Global Cybersecurity AI Market Insights, Forecast to 2030
Global AI Cybersecurity Market Research Report 2024
Global 5G Cybersecurity Market Research Report 2024
Global Cybersecurity AI Market Research Report 2024
5G Cybersecurity - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030
Global IoT Cybersecurity Market Insights, Forecast to 2030
Global V2X Cybersecurity Market Insights, Forecast to 2030
V2X Cybersecurity - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030
Global V2X Cybersecurity Market Research Report 2024
IoT Cybersecurity - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030
Global IoT Cybersecurity Market Research Report 2024
Global Cybersecurity Mesh Market Insights, Forecast to 2030
Global Cybersecurity Mesh Market Research Report 2024
Global Drone Cybersecurity Market Insights, Forecast to 2030

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