Spain Cybersecurity Market Size

Spain Cybersecurity Market Analysis

The Spain Cybersecurity Market size is estimated at USD 2.27 billion in 2024, and is expected to reach USD 3.21 billion by 2029, growing at a CAGR of 7.16% during the forecast period (2024-2029).

The country is undergoing the digitalization of different business and operational sectors, exposing more entities to data breaches and cyber-attacks, creating demand for more services in the market. The companies are coming forward with new security offerings to provide a secure and protected experience.

• Like the rest of the world, Spain is undergoing digitalization, following the global Industry 4.0 trends. The industries and different business sectors are integrating with digital platforms, expanding their reach through the internet. This also makes many aspects of the supply chain vulnerable, creating demand for data protection and cybersecurity from the rampant cyber attacks reported in the country.
• According to Kaspersky's report on mobile malware, 1.55 percent of the Spanish users were attacked by mobile banking trojans, compared to 0.71 % of the users hit by the attacks in Turkey. Also, according to Sophos State of Ransomware Report 2021, 44 % of the organizations in Spain were hit by ransomware attacks 2021, which is more than the global average of 37 %. These statistics demand huge scope in the market for the companies to avail of more cybersecurity solutions.
• However, the market faces a scarcity of skilled workforce to tackle the cybersecurity requirements and growth. The heavy influx of bigger multinational business companies in the country takes away potential cybersecurity talent, creating a deficit of human capital for the rest of the potential market. According to ISC's 2021 Cybersecurity Workforce Study, the number of cybersecurity professionals in Spain accounted for 124,226, compared to 1,142,462 professionals in the US and about 51,349 in Brazil. Talent development is the need of the hour to match the increasing demand and cyber attacks.
• The COVID-19 pandemic witnessed an increase in the online traffic and digital participation of the country's population, increasing the risks of cyber-attacks and data breaches. According to the Spanish National Institute of Cybersecurity, the government has experienced more than 150,000 cyber attacks since the pandemic's beginning. This requires some serious measures for cybersecurity, creating considerable demands in the market for new entrants and flourishment of the existing players.