Denmark Cybersecurity Market Size

Denmark Cybersecurity Market Analysis

The Denmark cybersecurity market is expected to register a CAGR of 6.9% during the forecast period of 2022-2027. The Denmark cybersecurity market is primarily driven by the upswing in cyberattacks happening in various end-user industries. Further, with the growing digitalization, cyberattackers are inventing new ways to conduct cyberattacks; such factors are expected to boost the demand for cybersecurity solutions in the country.

• Cybersecurity is primarily concerned with preventing unauthorized access to computers, networks, programs, and data. The importance of cybersecurity has recently grown as organizations, governments, and individuals collect, store, and send huge volumes of confidential information and data across networks.
• With the growing digitization across the end-user sectors in the country, cyberattacks also increased over the past few years. With new destructive practices in cyberspace, further cyberattacks can be carried out relatively easily, at low cost, and with a quite low risk for the attacker. This has led to increased demand for cybersecurity solutions to prevent these cyberattacks across end-user industries in this region.
• Companies in Denmark are accelerating data migration to the cloud, crafting new digital systems, and increasing the number of endpoints within their network architecture. Their developing dependence on third-party suppliers and service providers has presented attackers with new avenues into supply chains.
• To overcome these attacks, the country is making significant strides to strengthen the country's cybersecurity space. In September 2021, a new scheme was introduced in Denmark. D-seal (Digital Security) is the world's first labeling scheme that combines IT security and responsible data use in a single label. The D-seal objective is to increase digital trust for customers and consumers while driving digital accountability in businesses. To earn the D-seal, an organization must meet numerous IT security, data protection, and ethics criteria and pass a yearly audit.
• The governments of Sweden, Norway, and Finland are working together to implement 5G networks ahead of Europe. Denmark has also recently released its action plan to roll out 5G to facilitate and accelerate companies' digitization, especially for IoT automated production and intelligent transportation.
• Denmark's Government increased its cyber and information security efforts via the 2018-2023 Defense Agreement to invest DKK 1.4 billion in cyber and information security over the next few years to include better protection against cyberattacks by expanding the Centre for Cyber Security's sensor network for authorities and businesses.
• Denmark is one of the most prominent digitally advanced countries. This means that IT criminals have several opportunities to try to access or block the data of both citizens and businesses. The number of targeted ransomware assaults has indeed increased significantly.
• The market studied is dominated by major players, such as IBM Corporation, Cisco Systems Inc, Dell Technologies Inc., and many more, with a strong client base. These players are constantly providing increased and enhanced offerings. The market poses high barriers to the entry of new players. However, several new entrants have gained traction in the market.
• The COVID-19 pandemic positively impacted the market studied. Due to lockdown measures, most businesses were forced to interact digitally with their customers. A significant influx of customer data has increased the number of incidents and gateways for data breaches.