Market Size of Belgium Cybersecurity Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 11.14 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Belgium Cybersecurity Market Analysis
The Belgium Cyber Security Market is expected to register a CAGR of 11.14 % during the forecast period. The adoption of cybersecurity solutions is expected to increase with the increasing penetration of the internet throughout Belgium. Also, the expanding wireless network catering to mobile devices has enhanced data vulnerability.
- Cybersecurity solutions are security measures designed to reduce the risk of interruption or unauthorized access to information and communication technology (ICT) systems.
- Cybersecurity adoption is likely to expand with increased internet penetration in Belgium. While it was common to consider cybersecurity a responsibility for the IT department, it is now becoming an increasingly important component of top-level strategic planning.
- The Belgian organizations have various development options for the presence and development of digital services and technology. However, governments, consumers, and enterprises are increasingly encountering (advanced) cyber threats, which can increase the risks and limit the potential of digital services and technology.
- A key difficulty in increased cyberattacks is many firms' lack of skilled cybersecurity professionals. Compared to the demand for security specialists to manage cyber threats for financial institutions, government organizations, and private sector/industrial firms, the number of skilled cybersecurity professionals is low, particularly in Belgium.
- Due to COVID-19, many firm employees are working remotely, and there is an increased cyberattack due to remote work's security vulnerability and the change to virtualized IT environments, such as cloud computing's infrastructure, data, and network. After the pandemic, the cybersecurity market is likely to continue its rapid growth.
