Market Trends of Canada Cybersecurity Industry
This section covers the major market trends shaping the Canada Cybersecurity Market according to our research experts:
Government Policies to Dominate the Market Growth
- The Canadian government has been active lately in upgrading cybersecurity capabilities in the country. Several measures have been taken to bolster the growth of cybersecurity and benefit the economy. This includes investments, upgraded regulatory norms for existing and new businesses for digital transformation, and other measures shaping Canada's cybersecurity ecosystem.
- One of the key obstructions in the development of cyber security in Canada has been the lack of skilled professionals. The Canadian government has been investing in developing new talent to join the field to address the same. The growing economy is well supported by adopting AI and other new-age technologies, which requires coordination among private and public sectors to develop the market. The government facilitates the same through schemes and committees to mediate strategic developments.
- For instance, according to canada.ca, in February 2022, the government of Canada allocated CAD 80 million to National Cybersecurity Consortium (NCC) to lead the Cyber Security Innovation Network (CSIN). The program will leverage Canada's network of academia, not-for-profit, private, and other sectors to enhance commercialization, research, and development and develop skilled cyber security talent.
- Similarly, the government constantly updates the regulations to strengthen and influence the country's cybersecurity. For instance, in June 2022, the Canadian government introduced Bill C-26, An Act Respecting Cyber Security (ARCS), a legislative proposal to amend Telecommunications Act, bringing it in line with other sectors. The legislation also introduced the Critical Cyber Systems Protection Act (CCSPA) to secure Canada's critical infrastructure and help organizations better prepare, prevent, and respond to cyber incidents.
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Cloud Security to Have a Major Share in the Market
- The development of cloud platforms and digitalization leveraging cloud technology has made it important for Canadian companies to address the vulnerabilities it brings to businesses. Hence, businesses and organizations opt for cloud security services offered by the companies. The rising digitalization requires a resilient cloud security layer to ensure secure and informed service access.
- The development of the cloud infrastructure and coverage of different services helps businesses expand according to the regulations led by the enforcement agencies. For instance, in September 2021, according to aws.amazom.com, the Canadian Centre for Cyber Security (CCCS) added more Amazon Web Services (AWS) services, making a total of 120 AWS services covered under the assessment of the AWS Canada (Central) Region. This assures customers to use AWS, with more confidence of more AWS services meeting the Government of Canada's security control requirements.
- Further, in September 2021, according to a survey by IBM Corporation, 81% of the respondents, including business and government IT decision-makers, agreed that the federal government needed to increase technology/cloud modernization spending. They expect it to help overcome the disruptions caused by the COVID-19 pandemic. Cloud infrastructure development would surely attract large-scale digitalization, requiring cloud security.
- Similarly, companies partner to provide better services to the clients by sharing expertise and resources, developing the cloud security ecosystem in Canada. For instance, in July 2022, Think On, Inc. announced a technology partnership with Lorica Cybersecurity to introduce next-generation encrypted data analytics solutions on the ThinkOn cloud computing platform. The partnership aims to deliver solutions aligned with ThinkOn's priorities, including privacy, security, and data sovereignty in the cloud.
- Also, the development of Cloud facilities in the country is helping in the all-around development of the cloud ecosystem, strengthening the overall market for cloud security too. For instance, in September 2021, Google Cloud opened a new cloud region in Toronto, Canada. The rising demand for Software-as-a-Service (SaaS) companies leveraging the cloud infrastructure also demands stringent cloud security, creating high service demands.
