Benelux Cybersecurity Market Size (2024 - 2029)

Benelux Cybersecurity Market Analysis

The Benelux Cybersecurity Market size is estimated at USD 4.04 billion in 2024, and is expected to reach USD 5.90 billion by 2029, growing at a CAGR of 7.90% during the forecast period (2024-2029).

• In the current market environment, cybersecurity clusters can arise naturally or through local governments' deliberate, frequent top-down activities. Regulations and policies of local governments have a considerable impact on the growth of these clusters.
• Increasing cyberattacks in the Benelux Union have propelled it to strengthen its defensive capabilities. The surge in demand for digitalization and scalable IT infrastructure, the increasing need to tackle risks from third-party vendor risks, and the adoption of a cloud-first strategy have been driving the growth of cybersecurity solutions and services in the region. Additionally, as the number of Internet of Things (IoT) devices has expanded, so has the vulnerability and exposure to various cyber-attacks.
• The cloud deployment segment is estimated to register significant growth in the market. As IT provision has shifted from being on-premise to being outside of a company's borders, security has been extremely crucial at every stage of the cloud adoption cycle. SMEs prefer cloud deployment since it frees them up to concentrate on their core skills rather than investing their limited cybersecurity funds in security infrastructure.
• In 2022, there were around 2 million small and medium-sized businesses (SMEs) in Belgium, the Netherlands, and Luxembourg (Benelux). The Netherlands possesses about 1.28 million SME businesses operating in non-financial business sectors this year, according to DIW forecasts. This was a lot more SMEs than there were in Belgium and Luxembourg. Hence, the rise in the number of SMEs also acts as a key driver in this market.
• The lack of cybersecurity professionals in several businesses is a crucial challenge in terms of facing cyberattacks. Also, the high reliance on traditional authentication methods and low preparedness could be significant factors that could hamper the market's overall growth.
• The COVID-19 outbreak has brought severe attention to the need for increased online safety. In order to maintain their interpersonal and professional connections, people have boosted their online presence. On the other hand, hackers have profited from the circumstance and have targeted the healthcare system, e-commerce, and e-payment businesses. On a workforce level, businesses are having difficulty deciding how to strike the optimum balance between employee flexibility and corporate culture. The various advantages of a cloud-first design are being compared on a technological level to the difficulties in controlling complexity and expense in a multi-cloud environment.

Benelux Cybersecurity Industry Segmentation

Cybersecurity solutions help an organization monitor, detect, report, and counter cyber threats that are internet-based attempts to damage or disrupt information systems and hack critical information using spyware, malware, and phishing. The study is structured to track the revenues accrued by cybersecurity vendors through sales of various solutions and allied services.

The Benelux Cybersecurity Market is segmented by Offering (Security type (Cloud, Data Security, Identity Access Management, Network Security, Consumer Security, Infrastructure Protection) and Services), Deployment (Cloud and On-premise), and End User (BFSI, Healthcare, Manufacturing, Government and Defense, IT, and Telecommunication, and Other End Users).

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.