Market Size of Austria Cybersecurity Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.86 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Austria Cybersecurity Market Analysis
The Austria Cybersecurity Market is expected to register a CAGR of 9.86% during the forecast period. The adoption of cybersecurity solutions is expected to increase with the increasing penetration of the internet throughout Austria. Also, the expanding wireless network catering to mobile devices has improved data vulnerability.
- Cyber attacks are attempts based on the internet to damage or disrupt information systems and hack critical information using spyware, malware, and phishing. Cybersecurity solutions help enterprises to detect, monitor, report and handle cyber threats to maintain data confidentiality.
- The Austrian Strategy for Cybersecurity 2021 - referred to as "the Strategy" or by its German acronym "ÖSCS 2021". It is developed to guide Austria's efforts to meet cybersecurity challenges as effectively as possible. The vision behind the strategy is to create secure cyberspace over the long term and to make Austria and the European Union more resilient against cyber threats by adopting a national approach to cybersecurity.
- According to the International Trade Administration, the cyber security market is one of Austria's fastest-growing ICT subsectors, valued at USD 590 million and expected to grow annually by 6-9% from 2020 through 2023. The cybersecurity market in Austria is increasing rapidly due to a rise in cyber attacks, cyber breaches witnessed during the remote work environment, and the development by the Australian government.
- Furthermore, the widespread adoption of advanced technologies such as AI, machine learning, and blockchain, among others, for ensuring cyber security is expected to create lucrative opportunities for market growth during the forecast period.
- Besides, the growing need to monitor and manage in-house and external threats across organizations is expected to spur market growth over the next few years. However, the need to conform to the cyber security standards, norms, and regulations can slow down the market growth through 2027.
