Romania Cybersecurity Market Size (2024 - 2029)

Romania Cybersecurity Market Analysis

The Romania Cybersecurity Market size is estimated at USD 175.15 million in 2024, and is expected to reach USD 293.67 million by 2029, growing at a CAGR of 10.89% during the forecast period (2024-2029).

• Romania, long recognized for its prowess in IT, is now experiencing a sharp uptick in the demand for cybersecurity solutions. This surge is propelled by a number of factors, including rising cyber threats, evolving government regulations, and the swift pace of digitalization among businesses and government bodies. In Romania, cyber threats have surged notably in recent years with increasing ransomware, phishing, and sophisticated advanced persistent threats (APTs), compelling organizations to prioritize cybersecurity. Notable incidents like the WannaCry and NotPetya attacks have only emphasized the urgent need for robust cyber defenses.
• Currently, Romania's critical infrastructure is under siege from cyberspace threats. An Oxford University report places Romania as the sixth most vulnerable country to cybercrime. This heightened risk stems from the growing interconnectivity between cyberinfrastructure and vital sectors like banking, transportation, energy, and national defense. As cyberspace's reach expands globally, the threats to citizens, businesses, and the government are set to escalate.
• Further, the Romanian government has undertaken various initiatives to bolster the nation’s cybersecurity capabilities. The establishment of the National Directorate of Cyber Security (DNSC) reflects a commitment to creating a secure digital environment. Public-private partnerships are encouraged to enhance government and private sector collaboration.
• For instance, in February 2024, the Romanian government strengthened the nation's cyber security and defense legislation under the Ministry of Research, Innovation, and Digitalization (MCID). This initiative was solidified with the government's approval of the Methodological Norms, as outlined in Article 25 of Law no. 58/2023, which focuses on Romania's cyber defense and security.
• While the Romanian cybersecurity sector is promising, it grapples with notable challenges. A pronounced skills gap underscores the shortage of trained cybersecurity professionals, a hurdle that must be overcome to fuel the sector's growth. Moreover, many small and medium-sized enterprises (SMEs) in Romania struggle to afford robust cybersecurity measures, exposing them to potential cyber threats. However, in the long term, the adoption of cybersecurity solutions is expected to grow, driving the overall market.

Romania Cybersecurity Industry Segmentation

The Romania 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, consumer security software, 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 are provided in terms of value (USD) for all the above segments.