Finland Cybersecurity Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 325.78 Million |
| Market Size (2029) | USD 455.89 Million |
| CAGR (2024 - 2029) | 6.95 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Finland Cybersecurity Market Analysis
The Finland Cybersecurity Market size is estimated at USD 325.78 million in 2024, and is expected to reach USD 455.89 million by 2029, growing at a CAGR of 6.95% during the forecast period (2024-2029).
- In recent years, the demand for cybersecurity in Finland has experienced a significant surge. This growth is driven by various factors, ranging from increasing cyber threats to the rapid digital transformation of industries. As cyber-attacks become more sophisticated and frequent, businesses, government entities, and individuals recognize the necessity of robust cybersecurity measures.
- For instance, in May 2024, Finland made a notable move to enhance its cybersecurity framework by presenting a proposal (HE 57/2024 vp) to Parliament. The proposal seeks to enact the EU Directive (EU) 2022/2555, emphasizing a unified approach to cybersecurity across the Union. This legislative push underscores Finland's commitment to elevating cybersecurity standards, particularly in critical sectors, with a sharper emphasis on risk management and incident reporting.
- Also, the Finnish government has taken proactive steps to tackle cybersecurity challenges, enacting strict regulations and initiatives to bolster the nation's cyber resilience. Their National Cyber Security Strategy serves as a blueprint for combating cyber threats and fortifying the digital infrastructure. Adherence to the EU's GDPR has also pushed organizations to ramp up their cybersecurity efforts, aiming to sidestep the substantial penalties linked to data breaches. Beyond safeguarding sensitive data, these regulations play a pivotal role in instilling trust in digital services, both for businesses and consumers.
- Finland's government plans to boost its cybersecurity spending by 30% in 2024, explicitly targeting AI-based cyber threats. This increase is set to elevate the budget to an estimated EUR 280 million (USD 306.13 million). The funds will bolster the nation's cyber AI capabilities, which are still in progress and will be finalized in the 2024 budget.
- Furthermore, as Finland's economy grows and undergoes digital transformation, businesses are turning to digital solutions for innovation and efficiency. Yet, this shift also heightens their vulnerability to cyber threats. Cybersecurity investments are pivotal, safeguarding operations and fostering trust among stakeholders. E-commerce is imperative for platforms to secure online transactions to retain customer trust. Hence, bolstering cybersecurity is paramount for Finland's digital economy's enduring growth.
Finland Cybersecurity Market Trends
Retractable Safety Syringes Segment Expected to Witness Significant Growth During the Forecast Period
- In recent years, Finland's demand for cloud security has surged, reflecting the global trend toward increased reliance on cloud computing. As organizations in Finland adopt cloud services for their scalability, cost-efficiency, and flexibility, robust cloud security measures become increasingly critical.
- The rapid adoption of cloud services across various sectors is a primary driver of Finland's growing demand for cloud security. Organizations are migrating to cloud platforms to leverage benefits such as reduced IT costs, enhanced collaboration, and greater agility. For instance, finance, healthcare, and retail industries increasingly use cloud services for data storage, application hosting, and customer relationship management. However, this transition to the cloud also brings new security challenges, including data breaches, unauthorized access, and data loss. As a result, there is a heightened need for robust cloud security solutions to protect sensitive information and maintain regulatory compliance.
- Furthermore, Finland's strong emphasis on research and development (R&D) and technological innovation is also driving the demand for cloud security. Finland companies and research institutions are at the forefront of developing advanced cloud security technologies.
- For instance, in May 2024, Orca Security, a cloud security firm, strategically invested in several European, Middle Eastern, and African (EMEA) nations, with a notable emphasis on Finland. This move aims to bolster their cloud security offerings in response to escalating demand.
- Furthermore, Finland is grappling with a surge in data breaches. According to Surfshark's report, over 120,000 personal data records were compromised in the country's data breaches during Q1 2024. Notably, the most significant breach occurred in Q1 2023, with a staggering 434,000 records exposed. These incidents have prompted a heightened focus on data security, leading many companies to bolster their investments and fueling the demand for cloud security services in Finland.
North America Expected to Hold Significant Market Share During the Forecast Period
- The BFSI sector in Finland is experiencing an unprecedented surge in cybersecurity demand. As digital transformation accelerates and the threat landscape evolves, safeguarding financial data and transactions has become more critical than ever.
- The BFSI sector is increasingly under siege from cybercriminals, drawn by the sector's trove of valuable financial data. Finland's financial institutions have witnessed a surge in both the frequency and complexity of cyber-attacks. These attacks, ranging from phishing to ransomware and banking trojans, are designed to breach defenses and steal sensitive data. Noteworthy breaches and fraudulent activities have underscored the urgency for stringent cybersecurity protocols to avert financial losses and safeguard reputations.
- Also, Finland's online banking services are on the rise. In 2023, a report by Statistic Finland revealed that 90% of Finnish internet users had engaged with online banking in the preceding three months. Notably, 94% of individuals in the capital and 93% in major cities utilized these services, with a slightly lower adoption rate of 85% in rural areas. However, this surge in online banking usage has also heightened cybersecurity concerns for the banking sector. Consequently, financial institutions are swiftly embracing cyber defense solutions, propelling the market forward.
- In addition, advanced technologies are bolstering cybersecurity in the BFSI sector. Financial institutions harness AI and ML to swiftly identify and combat cyber threats. This proactive approach, empowered by AI and ML, not only spots anomalies and potential threats but also aids in their swift mitigation. For example, AI-powered fraud detection scrutinizes transaction patterns, promptly flagging suspicious activity and minimizing fraud risks. With the ongoing evolution of cybersecurity solutions, financial institutions are better equipped to tackle new and evolving threats.
Finland Cybersecurity Industry Overview
The Finland cybersecurity market is fragmented, featuring major players such as IBM Corporation, Microsoft Corporation, Palo Alto Networks, and Fortnite. These market participants embraced strategies like partnerships and acquisitions to bolster their solution offerings and attain a sustainable competitive advantage.
• June 2024: For the second year in a row, Nixu, a DNV company, was honored with Microsoft's Security Partner of the Year award. This recognition underscores Nixu's robust suite of cybersecurity solutions, all harnessed through Microsoft technology. Nixu's enduring client relationships, deeply integrated with Microsoft's product suite, have been pivotal in clinching this accolade. This strategic collaboration not only bolsters both entities' competitive edge but also significantly impacts the cybersecurity landscape in Finland.
• January 2024: The National Coordination Centre of Finland's Transport and Communications Agency, NCSC-FI, initiated an application round. This round targets microenterprises and SMEs registered in Finland and offers financial aid. The aid is earmarked explicitly for implementing cutting-edge cybersecurity solutions and innovations.
Finland Cybersecurity Market Leaders
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IBM Corporation
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Palo Alto Networks, Inc.
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Microsoft Corporation
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Fortinet Inc.
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Aves Netsec
*Disclaimer: Major Players sorted in no particular order
Finland Cybersecurity Market News
- June 2024: Nixu, a European cyber security service provider under DNV, inked three pivotal agreements with Lockheed Martin Corporation. The aim is to bolster Finland's cyber resilience. These three-year collaborations involve a consortium of academic and business partners, focusing on enhancing resilience and threat intelligence.
- February 2024: Nokia announced the integration of its NetGuard Cybersecurity Dome software with a telco-centric GenAI assistant in Finland. This move aims to equip communication service providers (CSPs) and enterprises with enhanced capabilities for swiftly detecting and resolving cyber threats. The integration is a strategic response to the rising trend of cyber criminals leveraging GenAI to orchestrate more sophisticated attacks, mainly targeting critical infrastructure.
Finland Cybersecurity Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
-
4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Consumers
- 4.2.3 Threat of New Entrants
- 4.2.4 Competitive Rivalry within the Industry
- 4.2.5 Threat of Substitutes
- 4.3 An Assessment of the Impact of Macroeconomic Trends
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Increasing Adoption of Network Security Solutions by SMEs
- 5.1.2 Growing Digital Transformation and the Adoption of IoT Devices
- 5.1.3 Increase in Adoption of Data-intensive Approach and Decisions
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5.2 Market Challenges
- 5.2.1 Lack of Skilled Cybersecurity Professionals
- 5.3 Key Use Cases
- 5.4 Regulations and Cybersecurity Standards
- 5.5 Analysis of Pricing and Pricing Model
6. MARKET SEGMENTATION
-
6.1 By Offering
- 6.1.1 Solutions
- 6.1.1.1 Application Security
- 6.1.1.2 Cloud Security
- 6.1.1.3 Consumer Security Software
- 6.1.1.4 Data Security
- 6.1.1.5 Identity and Access Management
- 6.1.1.6 Infrastructure Protection
- 6.1.1.7 Integrated Risk Management
- 6.1.1.8 Network Security Equipment
- 6.1.1.9 Other Solutions
- 6.1.2 Services
- 6.1.2.1 Professional Services
- 6.1.2.2 Managed Services
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6.2 By Deployment
- 6.2.1 Cloud
- 6.2.2 On-Premise
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6.3 By End-User Industry
- 6.3.1 IT and Telecom
- 6.3.1.1 Use Cases
- 6.3.2 BFSI
- 6.3.2.1 Use Cases
- 6.3.3 Retail and E-Commerce
- 6.3.3.1 Use Cases
- 6.3.4 Oil Gas and Energy
- 6.3.4.1 Use Cases
- 6.3.5 Manufacturing
- 6.3.5.1 Use Cases
- 6.3.6 Government and Defense
- 6.3.6.1 Use Cases
- 6.3.7 Other End-users
- 6.3.7.1 Use Cases
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles*
- 7.1.1 IBM Corporation
- 7.1.2 Palo Alto Networks, Inc.
- 7.1.3 Microsoft Corporation
- 7.1.4 Fortinet Inc.
- 7.1.5 Aves Netsec
- 7.1.6 Trellix
- 7.1.7 Barona Oy
- 7.1.8 F-Secure
- 7.1.9 SSH Communications Security
- 7.1.10 Hoxhunt
8. VENDOR SHARE ANALYSIS
9. RANKING OF VENDORS AT A COUNTRY LEVEL
10. INVESTMENT ANALYSIS
** Subject To AvailablityFinland Cybersecurity Industry Segmentation
The Finland cybersecurity market's scope encompasses the revenues derived from solutions and services utilized across end-user industries. The analysis draws from a blend of secondary research and primary sources, providing a comprehensive view of the market. The market also covers the major factors impacting its growth in terms of drivers and restraints.
The scope of the study has been segmented based on offerings (solutions (application security, cloud security, data security, identity access management, infrastructure protection, integrated risk management, network security, and other solution types) and services (professional services and managed services)), deployment (On-premise, and cloud), and end-user vertical (IT and telecommunication, BFSI, retail and e-commerce, oil gas and energy, manufacturing, government and defense, and other end-user industries). The market sizes and forecasts regarding value (USD) for all the above segments are provided.
| By Offering | Solutions | Application Security |
| Cloud Security | ||
| Consumer Security Software | ||
| Data Security | ||
| Identity and Access Management | ||
| Infrastructure Protection | ||
| Integrated Risk Management | ||
| Network Security Equipment | ||
| Other Solutions | ||
| By Offering | Services | Professional Services |
| Managed Services | ||
| By Deployment | Cloud | |
| On-Premise | ||
| By End-User Industry | IT and Telecom | Use Cases |
| By End-User Industry | BFSI | Use Cases |
| By End-User Industry | Retail and E-Commerce | Use Cases |
| By End-User Industry | Oil Gas and Energy | Use Cases |
| By End-User Industry | Manufacturing | Use Cases |
| By End-User Industry | Government and Defense | Use Cases |
| By End-User Industry | Other End-users | Use Cases |
Finland Cybersecurity Market Research FAQs
How big is the Finland Cybersecurity Market?
The Finland Cybersecurity Market size is expected to reach USD 325.78 million in 2024 and grow at a CAGR of 6.95% to reach USD 455.89 million by 2029.
What is the current Finland Cybersecurity Market size?
In 2024, the Finland Cybersecurity Market size is expected to reach USD 325.78 million.
Who are the key players in Finland Cybersecurity Market?
IBM Corporation, Palo Alto Networks, Inc., Microsoft Corporation, Fortinet Inc. and Aves Netsec are the major companies operating in the Finland Cybersecurity Market.
What years does this Finland Cybersecurity Market cover, and what was the market size in 2023?
In 2023, the Finland Cybersecurity Market size was estimated at USD 303.14 million. The report covers the Finland Cybersecurity Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Finland Cybersecurity Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Finland Cybersecurity Industry Report
Statistics for the 2024 Finland Cybersecurity market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Finland Cybersecurity analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
