Canada Cybersecurity Market Size (2024 - 2029)

Canada Cybersecurity Market Analysis

The Canada Cybersecurity Market size is estimated at USD 12.96 billion in 2024, and is expected to reach USD 21.83 billion by 2029, growing at a CAGR of 10.99% during the forecast period (2024-2029).

The market is evolving with the increasing digitalization trends in different sectors of private and public domains. New reforms to safeguard the data and operations due to increasing cyber-attacks are shaping the market, encouraging more companies to offer cybersecurity-as-a-service.

• Canada is welcoming different technologies like 5G to upgrade its existing networking infrastructure. This paves the way for digitalization at a larger scale, increasing data processing and, in turn, the vulnerability that follows with it. Hence, the market witnessed several new entrants offering services to support the movement for businesses of all sizes.
• The frequency of cyber-attacks has increased in the past few years, given the evolving global economic and geopolitical conditions. For instance, Sophos State of Ransomeware Report 2021 shows that around 39% of Canadian firms dealt with ransomware in 2021. The report also highlighted that 65% of the survey respondents, who were unaffected by the attacks, expect a ransomware attack in the future. Such conditions create high demand for cybersecurity in the country.
• However, the market suffers from the lack of skilled professionals for cybersecurity in Canada. For instance, according to the 2021 Cybersecurity Workforce Study by ISC2, the cybersecurity workforce in Canada accounted for 123,969, compared to 1,142,462 professionals in the U.S. and 300,087 in the U.K. This highlights the lack of skilled workforce, creating significant demand for more professionals to support the market.
• Meanwhile, the COVID-19 pandemic created hurdles for lawmakers and businesses to cope with the sudden change in the market and business patterns. For instance, in June 2022, according to cbc.ca, the Newfoundland and Labrador Center for Health Information blamed the pandemic for the delay of three years, still not ready with the cybersecurity framework. Small businesses of all sizes shifted online, making their operations vulnerable to cyber security threats. This also fastened the demand and growth of the market.

Canada Cybersecurity Industry Segmentation

Cybersecurity refers to securing businesses' data and digital infrastructure from cyber attacks and breaches. The companies provide services to protect the company's data and serves from possible breaches. The protection and measures for the same vary with the organization's internal structure and technologies incorporated.

The Canada cybersecurity market is segmented by offering (security type (cloud security, data security, identity access management, network security, consumer security, and infrastructure protection) and services), deployment (cloud and on-premise), and end-user (BFSI, healthcare, manufacturing, government and defense, and IT and telecommunication).