Cybersecurity - Denmark

Denmark

Denmark's Cybersecurity market is expected to witness significant growth in the coming years.
By 2024, the revenue in this market is projected to reach €395.80m.
Among the various segments, Cyber Solutions dominate the market, with a projected market volume of €219.50m in 2024.
This indicates the high demand for security services in Denmark to protect against cyber threats.
Furthermore, the Cybersecurity market in Denmark is anticipated to experience a steady annual growth rate of 7.44% (CAGR 2024-2029).
This growth is expected to result in a market volume of €566.60m by 2029.
This demonstrates the increasing importance of cybersecurity in the country as organizations strive to safeguard their sensitive data and digital infrastructure.
In terms of employee expenditure, the average Spend per Employee in the Cybersecurity market is projected to reach €121.60 in 2024.
This indicates the level of investment that organizations in Denmark are willing to make to ensure the security of their operations.
When comparing Denmark's revenue in the Cybersecurity market globally, it is important to note that United States is expected to generate the highest revenue, with €74,670.0m in 2024.
This highlights the strong presence and market dominance of the United States in the cybersecurity industry.
Overall, Denmark's Cybersecurity market is poised for growth, with increasing revenue, market volume, and investment in security services.
As the country continues to prioritize cybersecurity, it is expected to strengthen its position in this vital market segment.
Denmark's strong focus on innovation and its robust cybersecurity infrastructure make it a leading market for cutting-edge solutions.

Key regions: United States, Canada, Brazil, India, Belgium

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Analyst Opinion

Cybersecurity is a topic practically every company must tackle in order to ensure and enhance the success of the digital transformation of their operational activities (e.g., automated processes, cloud-based tools, or software support). Driven by the increasing awareness of data risks and threats, the global Cybersecurity market has witnessed robust growth over the last few years with revenue increasing from US$83.32 billion in 2016 to approximately US$166 billion in 2023.

Furthermore, the adoption of cybersecurity is expected to grow with the increasing internet penetration among developing and developed countries. Whilst it was common to dismiss cybersecurity as a task for the IT department, it is now increasingly becoming the dominant part of top-level strategic planning.

The COVID-19 crisis led to many organizations facing more cyberattacks due to the security vulnerability of remote work as well as the shift to virtualized IT environments, such as the infrastructure, data, and network of cloud computing. The market is expected to continue showing strong growth, with North America as the dominant region in this market. Cloud Security is the fastest-developing market.

Methodology

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.