Sweden Cyber Security Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sweden Cyber Security Market Analysis
The Sweden Cybersecurity Market is anticipated to grow with a CAGR of 6.5 % during the forecast period (2022 - 2027). The most crucial applications in the IT environment are cyber security solutions since they guard against unauthorized access and improper behavior and safeguard data, computers, programs, and networks. The rapid development of new technologies and trends has led to an increase in cybercrime in recent years. Cybercriminals can use any small security weakness to access sensitive data belonging to customers or companies, which they then sell on the black market or in foreign nations.
- The establishment of a National Cybersecurity Center, headed by the Swedish Civil Contingencies Agency (MSB), Swedish National Defense Radio Establishment (FRA), Swedish Armed Forces, and Swedish Security Service (SPO), was announced by the Swedish government in December 2020. The Swedish Post and Telecom Agency (PTS), the Swedish Criminal Investigation Service (RKP), the Swedish Defense Materiel Administration (FMV), the Swedish Certification Body for IT Security (CSEC), and the Military Intelligence and Security Service will all help them. The center will be fully developed by 2023.
- Cyber security firms are developing AI-powered security solutions to assist businesses in automating their IT security. By enabling automated threat detection and mitigation, these solutions let IT professionals spend less time and effort detecting malicious behaviors. These technologies provide real-time monitoring, new threat detection, and autonomous response. This lowers the cost of security incident response by enabling the security teams to study the breach information that has been filtered and to identify and address cyberattacks more quickly.
- Today's digital revolution heavily depends on gadget connectivity for data exchange and self-control. A high-performance network is needed to do this successfully, and 5G (or possibly 6G) technology is well suited for the task. Given how dependent a smart city is on telecommunications and how everything is connected, many governments have declared 5G networks essential to the country's infrastructure. Their security is becoming a matter of national security. In other words, "security by design" is necessary for a safe 5G network since it addresses security issues early.
- Most of these threats have intensified because of the opportunities during the COVID-19 outbreak. The fact that some small and medium-sized businesses adopt a "Bring Your Device" (BYOD) strategy (as opposed to a "Corporate Owned Personally Enabled" (COPE) strategy) and permit employees to access corporate data using their devices (phones, tablets, or laptops) may be one of the causes of the rise in cyberattacks. The same level of cybersecurity is not provided when working from home as in an office setting. Users are more vulnerable to cyberattacks while accessing corporate files and data on a personal computer or laptop (even with the security of an MDM system). For instance, employees might not use antivirus or anti-malware.
- Over the past few years, the security systems have focused on making it difficult for attackers to reach critical data. Some would say that even this has not happened. As a result, the ordinary user is increasingly wary of the security of the Internet. Solutions that may have worked a few years ago are irrelevant now. Organizations need several resources to identify and recover from cyberattacks and be highly prepared. In many cases, the organization might need to shut down its operations for days to recover from a breach or attack. With poor planning and inadequate infrastructure, the time to recover from an incident may be considerably high.
Sweden Cyber Security Market Trends
This section covers the major market trends shaping the Sweden Cybersecurity Market according to our research experts:
Cloud Segment is one of the Factor Driving the Market
- The adoption of on-demand security services is driven by the growing recognition among businesses of the significance of saving money and resources by transferring their data to the cloud rather than creating and maintaining new data storage.
- Cloud platforms and ecosystems are expected to accelerate the pace and scope of digital innovation over the coming years due to their numerous advantages. As IT provision has shifted from on-premise to outside the company's boundaries, security has been a crucial factor at every stage of the cloud adoption cycle. SMEs prefer cloud deployment because it frees them up to concentrate on their core skills rather than investing their limited cybersecurity funds in security infrastructure.
- Security is a crucial component of the cloud architecture since using public cloud services expands the organization's trust boundary outside of it. Implementing cybersecurity procedures by businesses has been considerably streamlined by the rising use of cloud-based solutions. As cloud services like Google Drive, Dropbox, and Microsoft Azure become more widely used and essential to business operations, businesses must cope with security risks, including losing control over critical data. As a result, on-demand cybersecurity solutions are being more frequently implemented.
- Additionally, the increased adoption of cloud-based email security services is driving the adoption of services integrated with other security platforms, such as IPS and NGFW. This trend is demotivating enterprises to spend on on-premise and dedicated email or web security solutions. Cloud-based solutions also benefit from lower capital expenditure requirements, thus, making the business much more compelling. Deploying cloud-based services can significantly reduce the Capex requirement as the companies need not invest in hardware components.
- Cloud solutions also enable better prediction of the cost of an application, and companies don't need to incur as much upfront cost to incorporate the technology. Also, hardware and IT support savings make cloud-based solutions much more affordable.
Manufacturing is One of the Factor for Market Growth
- As the manufacturing sector progresses toward a digital transformation, it has become vulnerable to cyber-attacks with the advent of Industry 4.0. Thus, the industry needs companies to realign their security systems.
- Every sector in the manufacturing industry, including the automotive, logistics, the various engineering disciplines, power systems, the consumer goods industry, and chemicals, has adopted digital technologies to increase overall operational efficiency and reduce production costs. M2M communication and networking have been on the rise due to the industries working toward data collection and are using it for analytics to avoid downtime and keep the manufacturing industry operational round the clock.
- These industries are potentially exposed to the risk of cyber attacks, as the root cause is the dependency on connectivity. The industry value chain relies on complex, often interconnected digital assets and constant data exchange to carry out any operation effectively. Cyberattacks actively target the sector, yet the maturity of cyber defense responses is lagging compared to other highly targeted sectors, such as healthcare and banking.
- Many manufacturing companies see increased cyber-related incidents associated with the control systems utilized to manage industrial operations. These systems could range from programmable logic controllers and embedded systems to distributed control systems and industrial IoT devices.
- Collectively, such control systems make up the operational technologies (OT) that allow facilities to operate. While connectivity's advantages include increased productivity levels, faster identification and remediation of quality defects, and better collaboration across functional areas, they can multiply the smart factory's potential vulnerabilities.
Sweden Cyber Security Market News
- May 2022 - Cisco announced that it had released the Cisco Cloud Controls Framework (CCF) to the public. Cisco CCF is a comprehensive set of national and international security compliance and certification requirements aggregated in one framework.
- March 2022 - YesWeHack, Europe's Bug Bounty platform, and Telenor Sweden have teamed up to find potential weaknesses in its vital telecom infrastructure and safeguard customer data. Telenor is investing in security capabilities across its organization and with its suppliers and third-party partners to protect customer data and the safety of its essential infrastructure. Regardless of the operating or economic model, it guarantees the same level of control over the infrastructure and data.
Sweden Cyber Security 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 Value Chain Analysis
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4.3 Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitutes
- 4.3.5 Intensity of Competitive Rivalry
- 4.4 Impact of Covid-19 on the Market
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Increasing Demand for Digitalization and Scalable IT Infrastructure
- 5.1.2 Need to tackle risks from various trends such as third-party vendor risks, the evolution of MSSPs, and adoption of cloud-first strategy
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5.2 Market Restraints
- 5.2.1 Lack of Cybersecurity Professionals
- 5.2.2 High Reliance on Traditional Authentication Methods and Low Preparedness
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5.3 Trends Analysis
- 5.3.1 Organizations in Sweden increasingly leveraging AI to enhance their cyber security strategy
- 5.3.2 Exponential growth to be witnessed in cloud security owing to shift toward cloud-based delivery model.
6. MARKET SEGMENTATION
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6.1 By Offering
- 6.1.1 Solution
- 6.1.1.1 Application Security
- 6.1.1.2 Cloud Security
- 6.1.1.3 Data Security
- 6.1.1.4 Network Security
- 6.1.1.5 Other Solutions
- 6.1.2 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
- 6.3.1 BFSI
- 6.3.2 Healthcare
- 6.3.3 Manufacturing
- 6.3.4 Government & Defense
- 6.3.5 IT and Telecommunication
- 6.3.6 Other End Users
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
- 7.1.1 Capgemini
- 7.1.2 Clavister
- 7.1.3 IBM Corporation
- 7.1.4 Cisco Systems Inc
- 7.1.5 Dell Technologies Inc.
- 7.1.6 Fortinet Inc.
- 7.1.7 Intel Security (Intel Corporation)
- 7.1.8 F5 Networks, Inc.
- 7.1.9 AVG Technologies
- 7.1.10 IDECSI Enterprise Security
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
** Subject To AvailablitySweden Cyber Security Industry Segmentation
Cybersecurity solutions enable an organization to monitor, detect, report, and counter cyber threats, which are internet-based attempts to damage or disrupt information systems and hack critical information using spyware, malware, and phishing to maintain data confidentiality. The study tracks the market based on the spending by the end-users on cybersecurity solutions as listed in the scope of the study.
The scope of the report encompasses market sizing and forecast for segmentation by offer (security and services), by deployment (cloud and on-premise), and by end-user vertical (BFSI, healthcare, manufacturing, government & defense, IT and telecommunications, and other end users). The study tracks key market parameters, underlying growth influencers, and major vendors operating in the industry, which support market estimations and growth rates over the forecast period. The study further analyses the overall impact of COVID-19 on the ecosystem.
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| By Offering | Solution | Application Security |
| Cloud Security | ||
| Data Security | ||
| Network Security | ||
| Other Solutions | ||
| By Offering | Services | |
| By Deployment | Cloud | |
| On-premise | ||
| By End User | BFSI | |
| Healthcare | ||
| Manufacturing | ||
| Government & Defense | ||
| IT and Telecommunication | ||
| Other End Users |
Sweden Cyber Security Market Research FAQs
What is the current Sweden Cybersecurity Market size?
The Sweden Cybersecurity Market is projected to register a CAGR of 6.5% during the forecast period (2024-2029)
What years does this Sweden Cybersecurity Market cover?
The report covers the Sweden Cybersecurity Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Sweden Cybersecurity Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Cybersecurity in Sweden Industry Report
Statistics for the 2024 Cybersecurity in Sweden market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cybersecurity in Sweden analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
