Market Overview

The Europe cybersecurity market size was valued at USD 75.4 Billion in 2024 and is projected to reach USD 157.7 Billion by 2033, growing at a CAGR of 8.5% during the forecast period 2025-2033. Market growth is driven by escalating cyber threats, stringent regulatory frameworks, and significant investments in cybersecurity infrastructure across industries and governments. The rise in sophisticated cyberattacks and increased digital transformation intensifies the demand for advanced cybersecurity solutions.

Study Assumption Years

• Base Year: 2024
• Historical Years: 2019-2024
• Forecast Period: 2025-2033

Europe Cybersecurity Market Key Takeaways

• Current Market Size: USD 75.4 Billion in 2024
• CAGR: 8.5%
• Forecast Period: 2025-2033
• Rising threats such as phishing, ransomware, and data breaches are key market drivers.
• Increased cybersecurity investment by governments and private sectors protects critical infrastructure like energy systems and transport networks.
• Shift to remote and hybrid work expands vulnerabilities, boosting demand for endpoint protection, VPNs, and identity management.
• Growing awareness and education campaigns enhance proactive security measures and employee training.
• Cloud computing adoption fuels demand for cloud security solutions due to increased risks of data breaches and unauthorized access.
• IoT device proliferation introduces new vulnerabilities, prompting IoT-specific security solutions.

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Market Growth Factors

Increasing cyber-attacks with government regulations drive the European cybersecurity market. Organizations and governments invest a lot in cybersecurity products and services because cybersecurity attacks such as phishing, ransomware, and other data breaches increase. They are focusing upon securing infrastructure, sensitive data, and intellectual property. More frequent cyberattacks against energy infrastructure, transportation, and water systems are increasing awareness and funding for research and development of effective cyber security protocols in those areas.

In the era of remote working and hybrid working environments, it is important to supplement previous countermeasures with endpoint protection, secure VPNs and identity management systems. Employees accessing systems outside of the workplace may not be able to implement the same levels of controls to protect such systems. As awareness of cyber threats has increased through media reports and campaigns, organizations have proactively implemented training programs and awareness initiatives targeting individuals to minimize human errors that can expose individuals.

Public, private, and hybrid clouds are increasingly adopted to conduct business. Consequently, the risks of cyber threats to cloud computing have increased, including data breaches, insider threats and unauthorized access. This has led to an increased demand for cloud security products such as access controls, encryption, and monitoring. Since many IoT devices are being used across healthcare, smart cities and manufacturing, the new attack vectors are being actively exploited by hackers. This makes specific IoT security protocols essential, such as secure update, authentication, and real-time monitoring.

Market Segmentation

Analysis by Component:

• Solutions:
• Identity and Access Management (IAM): Ensures access is granted only to authorized users to protect systems and data.
• Infrastructure Security: Protects network systems from breaches and malware threats.
• Governance, Risk and Compliance: Helps organizations meet regulatory requirements and mitigate risks.
• Unified Vulnerability Management Service Offering: Provides a comprehensive view of system vulnerabilities for timely remediation.
• Data Security and Privacy Service Offering: Focuses on encryption, safe data storage, and protection against data loss.
• Others
• Services:
• Professional Services: Consulting, implementation, and evaluation to help design and adopt security frameworks.
• Managed Services: Continuous threat monitoring and incident management provided typically by Security Operations Centers (SOCs).

Analysis by Deployment Type:

• Cloud-based: Favored for scalability, cost-effectiveness, and adaptability; widely adopted by SMEs; includes security platforms like SASE, CASBs, and EDR.
• On-premises: Preferred by sectors requiring full control and stringent data protection, such as defense and banking; involves dedicated hardware and tailored security.

Analysis by User Type:

• Large Enterprises: Significant cybersecurity budgets for advanced protocols, AI/ML integration, and managed security services.
• Small and Medium Enterprises (SMEs): Adoption of affordable cloud-driven security and managed services spurred by increased awareness and regulatory needs.

Analysis by Industry Vertical:

• IT and Telecom: Largest contributor with need for robust network and data protection solutions.
• Retail: Faces challenges from payment fraud and breaches, investing in encryption and regulation adherence.
• BFSI: Prioritizes fraud detection, secure online banking, and multi-factor authentication.
• Healthcare: Sensitive data protection and IoT device security are key investment areas.
• Defense/Government: Focus on national security with advanced threat intelligence and secure communication networks.
• Manufacturing: Adoption of Industry 4.0 increases cyber risk; security targets operational technology and supply chains.
• Energy: Protects critical utilities and grids from economic and societal disruption.
• Others: Includes education, transportation, and media, each addressing sector-specific cybersecurity needs.

Regional Insights

Germany dominates the Europe cybersecurity market due to its highly digitized economy and strong manufacturing sector reliant on secure networks. Robust government initiatives bolster critical infrastructure protection and automotive cybersecurity, giving Germany a leadership position in specialized security solutions. The region's expanding focus on digital innovation across countries like the Netherlands, Sweden, and Poland further drives demand for customized and scalable cybersecurity services throughout Europe.

Recent Developments & News

• November 2024: CrowdStrike Holdings, Inc. expanded its cybersecurity offerings in Europe by launching its Falcon platform in Ireland and implementing AI Red Team Services to enhance AI system security.
• June 2024: Vienna Insurance Group (VIG) initiated a Cyber Defence Center (CDC) supported by the EU to identify and prevent cyber incidents.
• May 2024: Mastercard opened its European Cyber Resilience Centre in Waterloo, Belgium to improve cybersecurity collaboration across sectors.
• January 2024: The European Commission launched the EU Cybersecurity Certification Scheme for ICT products (EUCC) to standardize cybersecurity regulations.
• November 2023: Google invested $10 million to start a cybersecurity training initiative in Europe, backed by its Google Safety Engineering Center in Málaga.

Competitive Landscape

• Vodafone UK
• CybSafe
• CrowdStrike Holdings, Inc.
• Ignition Technology
• Vienna Insurance Group (VIG)
• Mastercard
• Google
• Stoïk

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