Market Insights Technology Cybersecurity

Security Services - Sweden

Sweden

The Security Services market in Sweden is expected to witness a significant growth in revenue, reaching €0.79bn in 2024.
This projection indicates a positive trend for the market in the country.
Furthermore, it is anticipated that the market will continue to expand at an annual growth rate of 4.62% (CAGR 2024-2029).
As a result, the market volume is forecasted to reach €0.99bn by 2029.
These figures demonstrate the potential for growth and opportunities within the Security Services market sector in Sweden.
Moreover, when analyzing the market, it is important to consider the average Spend per Employee.
In 2024, it is projected to reach €136.90 in Sweden.
This metric provides insights into the investment made by companies in their security services, indicating the significance placed on safeguarding assets and operations.
In a global context, it is worth noting that United States is expected to generate the highest revenue in the Security Services market.
In 2024, the projected revenue for the United States is estimated to be €41,020.0m.
This demonstrates the dominance of the US market in terms of revenue generation within the Security Services market sector.
Overall, the Security Services market in Sweden shows promising growth potential, with revenue projections, average Spend per Employee, and global comparisons indicating a positive outlook for the sector.
"Sweden's security services market is witnessing an increasing demand for advanced surveillance technologies to combat rising cyber threats."

Key regions: Brazil, Canada, Germany, India, Belgium

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Comparación de regiones

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Analyst Opinion

Driven by the development of digital technologies such as the Internet of Things, data pooling, and AI, company processes were automated, and more of their infrastructures were reliant on IT systems. As more processes were done digitally, hackers had more opportunities to steal company information. Especially during the COVID-19 pandemic, when many industries rushed to find solutions for their employees to work remotely, data vulnerabilities were exposed that led to malicious activities in the form of phishing, malware, and ransomware.

In addition, there are different types of cyberattacks, and to prevent them from damaging company operations, core businesses, and employees, each security service requires a different approach. This complexity has sped up the development of cybersecurity services, which include overarching processes, such as design and integration, consulting, implementation, risk, and threat assessment, as well as professional training and education. By providing a comprehensive security strategy, these services help to protect companies against common cybercrimes.

The Security Services market is the largest part of the Cybersecurity industry in 2023, with US$88 billion, and is expected to reach US$114.7 billion by 2028.

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.